"Nigeria's Economy Set for a $30 Billion Boost as International and Domestic Investors Pledge Investments Across Diverse Sectors"
The Federal Government has secured an investment commitment of $30bn since we came into power eight months ago
The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, revealed that Nigeria's economy is set to receive a boost with over $30 billion in investments from both international and domestic investors. Mrs. Uzoka-Anite shared this information during a Ministerial Press Briefing organized by the Ministry of Information and National Orientation.
Highlighting the progress made in the past eight months since the current government took office, she stated, "The Federal Government has secured commitments of $30 billion in investments. These pledges encompass a diverse range of sectors, with some investments already in progress."
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Elaborating on the nature of the investments, she explained, "The committed funds will be injected over a period of five to eight years, involving contributions in the form of equipment, direct investments in manufacturing, and facility development."
The minister emphasized the positive outcomes of Nigeria's diplomatic engagements, attributing a significant portion of the investments to President Bola Tinubu's visits to India and discussions with key stakeholders in the oil and gas sector. She highlighted the success of bilateral engagements, citing examples such as the G20 summit in India, where a $14 billion Foreign Direct Investment (FDI) inflow to Nigeria was announced and is now in the process of being actualized.
Furthermore, Mrs. Uzoka-Anite mentioned securing $10 billion in investment commitments for the oil and gas sector. She pointed out that collaborations with countries like India, Germany, the Netherlands, the UAE, and South Africa have opened doors for investment opportunities and the establishment of collaborative regulatory frameworks.
Providing specific examples, the minister mentioned a leading steel manufacturer in India expressing interest in investing $7 billion in Nigeria's steel sector. Additionally, representatives from the oil and gas-free zone pledged an extra $10 billion in investments. The Nigerian Bottling Company, having already invested $1.3 billion over the past decade, plans to inject an additional $1 billion in the next five years.
Addressing concerns about Shell's investments in Nigeria, Mrs. Uzoka-Anite clarified that Shell is not withdrawing but rather expanding its investments. She also highlighted commitments from other major companies like Coca-Cola and Unilever, further demonstrating confidence in Nigeria's business environment.
The minister concluded by underlining collaborative efforts between her ministry, customs, the Central Bank of Nigeria, and the Ministry of Finance to automate the export permit process, ensuring increased transparency. She emphasized that policy reforms, including fuel subsidy removal and foreign exchange unification, have contributed to bolstering investor confidence, fostering economic growth, job creation, and improved access to capital.
