Nigeria’s economy is set to receive a major boost as the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, revealed that both international and local investors have pledged to commit over $30 billion to various sectors. The minister made this announcement during a press briefing organized by the Ministry of Information and National Orientation on Thursday.
According to Uzoka-Anite, the investment commitments were the result of the country’s successful bilateral engagements with several countries, such as India, Germany, Netherlands, UAE, South Africa, and others. She said these engagements have opened up avenues for investment and the establishment of joint regulatory protocols.
“A notable example is the G20 summit in India, where a $14 billion worth of FDI inflow to Nigeria was announced and actualized. Since then, we have seen the Confederation of Indian Industries visiting Nigeria to further explore identified investment opportunities. These engagements with India, Germany, Netherlands, UAE, South Africa, and others have opened up avenues for investment and the establishment of joint regulatory protocols,” she said.
The minister also disclosed that Nigeria received an expression of interest from one of the leading steel manufacturers from India, who pledged a $7 billion investment in the country’s steel sector. She added that the government was working to create an enabling environment for investors and businesses to thrive in Nigeria.
“We are committed to improving the ease of doing business in Nigeria and providing incentives and support for investors. We are also implementing various policies and initiatives to diversify the economy, promote industrialization, enhance export competitiveness, and attract foreign exchange earnings,” she said.
Uzoka-Anite’s statement comes at a time when Nigeria’s economy is recovering from the impact of the global pandemic, which caused a recession in 2020. According to the National Bureau of Statistics, the economy grew by 0.11% in the fourth quarter of 2020, after two consecutive quarters of contraction. The growth was driven by the non-oil sector, which expanded by 1.69%, while the oil sector declined by 19.76%.
The International Monetary Fund (IMF) has projected that Nigeria’s economy will grow by 2.5% in 2021, while the World Bank has forecasted a 1.1% growth. Both institutions have urged the government to implement structural reforms and fiscal consolidation to enhance the recovery and ensure long-term sustainability.
Some of the reforms that the government has embarked on include the removal of fuel subsidies, the unification of the exchange rate, the introduction of the African Continental Free Trade Area (AfCFTA) agreement, and the passage of the Petroleum Industry Bill (PIB).
The minister expressed optimism that these reforms, coupled with the investment commitments, would boost the economy and create jobs for Nigerians. She also called on the private sector and other stakeholders to partner with the government to achieve the desired outcomes.
Source: Tribune
