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Nigeria’s Economy Attracts Massive Foreign Investment Commitments Worth $30 Billion Within Eight Months

The Federal Government of Nigeria has secured investment commitments worth $30 billion from various international and domestic investors since assuming power eight months ago, according to the Minister of Industry, Trade, and Investment, Doris Uzoka-Anite. Speaking at a Ministerial Press Briefing organized by the Ministry of Information and National Orientation on Friday, Mrs Uzoka-Anite revealed that these investments are already underway across different sectors of the Nigerian economy.

“The Federal Government has secured an investment commitment of $30 billion since we came into power eight months ago. It means the investors are going to bring in the money or make a promise to bring in the investment. So, the money, investment, proposal, and everything else is done,” she said.

The minister emphasized that some investments have already commenced, with the funds expected to be injected into the economy over five to eight years. These investments will take various forms, including equipment, direct investments in manufacturing, and the establishment of facilities.

Bilateral Engagements Yield Significant Investment Announcements and Partnership Opportunities

Mrs Uzoka-Anite highlighted the fruitful outcomes of Nigeria’s bilateral engagements, which have led to significant investment announcements and partnership opportunities for Nigerian trade. A notable example is the G20 summit in India, where a $14 billion Foreign Direct Investment (FDI) inflow to Nigeria was announced and is currently being actualized.

Furthermore, the minister reported securing an additional $10 billion in investment commitments for the oil and gas sector. Following these achievements, the Confederation of Indian Industries visited Nigeria to explore identified investment prospects in greater depth. Interactions with countries such as India, Germany, the Netherlands, the United Arab Emirates, and South Africa have created opportunities for investment and the development of collaborative regulatory frameworks.

Major Investments in Steel, Oil and Gas, and Manufacturing Sectors

The minister disclosed that Nigeria received an expression of interest from a leading steel manufacturer in India, committing $7 billion to the country’s steel sector. Additionally, she mentioned hosting representatives from the oil and gas-free zone, who pledged an additional $10 billion in investments.

Mrs Uzoka-Anite also highlighted the Nigerian Bottling Company’s investment of $1.3 billion over the past decade, with plans for an additional $1 billion investment in the next five years.

Enhancing Transparency and Investor Confidence

The minister emphasized collaborative efforts between the ministry, customs, the Central Bank of Nigeria, and the Ministry of Finance to automate the export permit process, increasing transparency and enabling better oversight and auditing to ensure that exports are duly repatriated.

She reiterated the commitment to enhancing transparency by automating the export permit process, enabling better oversight and auditing to ensure that exports are duly repatriated.

Mrs Uzoka-Anite also highlighted that policy reforms such as fuel subsidy removal and foreign exchange unification have bolstered investor confidence, fostering economic growth, job creation, and improved access to capital.

Addressing Concerns about Shell’s Investments

In response to concerns about Shell’s investments in Nigeria, the minister clarified that Shell is not withdrawing but rather expanding its investments. According to her, other companies like Coca-Cola and Unilever have also pledged to deepen their investments in Nigeria, indicating confidence in the country’s business environment.

“I hosted the Managing Director of Shell, who came to see me and explained to me the investment plan of Shell. I can tell you they are not leaving; they are rather expanding and increasing their investment in Nigeria. They are selling their offshore assets and increasing their investment in gas and onshore assets,” she said.

With these significant investment commitments, Nigeria’s economy is poised for growth and development, creating job opportunities and improving access to capital.

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