FG attracts $30bn foreign investments in Eight months

FG attracts $30bn foreign investments in Eight months

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By Akinsuroju Olubunmi

FG attracts $30bn foreign investments in Eight months.

FG attracts $30bn foreign investments in Eight months

The Federal Government has announced that it has successfully secured investment commitments totaling $30bn from foreign investors within the past eight months.

Doris Anite, the Minister of Industry, Trade, and Investment, revealed this during a ministerial press briefing organized by the Ministry of Information and National Orientation to update the public on ongoing economic policies and reforms.

Anite attributed the influx of investments to President Bola Tinubu’s visits to India and engagements with investors in the oil and gas sector. She highlighted the positive impact of fuel subsidy removal and foreign exchange unification in attracting investments, fostering economic growth, job creation, and access to capital.

Notable investment commitments include a $14bn Foreign Direct Investment (FDI) inflow announced and realized at the G20 summit in India. Additionally, a leading steel manufacturer from India has expressed interest in investing $7bn in Nigeria’s steel sector, while investments totaling $10bn have been pledged for the oil and gas free zone.

Anite also mentioned the Nigerian Bottling Company’s $1.3bn investment over the past decade, with plans for an additional $1bn investment in the next five years.

The minister highlighted efforts to automate the export permit process in collaboration with customs, the Central Bank of Nigeria, and the Ministry of Finance to ensure transparency and accountability.

Nigeria is currently negotiating its accession to the Africa Continental Free Trade Area Agreement (AFCFTA), which is poised to be the largest free trade area globally, with potential benefits including diversification of exports, improved market access, enhanced trade opportunities, and increased foreign direct investment.

Despite these achievements, Nigeria witnessed a 43.55% decline in capital importation in the third quarter of 2023, according to the National Bureau of Statistics. This decline underscores the ongoing challenges in attracting foreign direct investments despite the government’s efforts.

FG, Foreign Investments

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