Wale Edun, minister of finance and coordinating minister of the economy for Nigeria has said the country will showcase the reforms by President Bola Tinubu to attract investments at the World Economic Forum’s 54th annual meeting,
He revealed this in an exclusive interview with Arise News on Monday while speaking about what Nigeria will do at the event held in Davos, Switzerland.
“We intend to showcase what we have done to encourage investments,” Edun said.
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“At a time when there is geopolitical tension, it is important for people to find solutions. And I support the fact that the theme for this year’s WEF annual meeting is ‘Rebuilding Trust’. It is a work in progress where everyone has to work hard,” he added.
He noted that Africa’s biggest economy is on a drive to grow the economy quickly by increasing investment for Nigerians.
Foreign investments into Nigeria dropped to $654.7 million in the third quarter of 2023, the lowest level since the National Bureau of Statistics (NBS) started collating the data in 2013.
This shows that the country is finding it increasingly hard to attract investments despite reforms implemented by the current administration to lure back foreign investors in a bid to boost economic growth.
The total foreign investments into the country declined for the second straight quarter by 36.5 percent to $654.7 million in Q3 from $1.03 billion in the previous quarter. It also declined on a year-on-year basis by 43.6 percent from $1.16 billion in Q3 2022, the latest data released on Friday by the NBS show.
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“Other investment ranked top, accounting for 77.6 percent ($507.6 million) of total capital importation in Q3, followed by portfolio investment with 13.3 ($87.1 million) and foreign direct investment with 9.13 percent ($59.8 million),” the NBS said in the capital importation report for Q3.
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