The federal government has declared that investors have committed to investing almost $30 billion in the nation.
The Investment Pledges are in a Variety of Sectors, the Minister of Industry, Trade, and Investment declared. She mentioned that nations like Germany, the Netherlands, and India have committed to investing varying amounts in various industries.
According to reports from the Ministry of Industry, Trade, and Investment’s Doris Uzoka-Anite, a number of foreign and domestic investors have committed to investing more than $30 billion in Nigeria’s economy.
At a press meeting hosted by the Ministry of Information and National Orientation on Friday, Uzoka-Anite made this announcement. She noted that the investments are already under progress but did not identify the sectors that will benefit.
“The Federal Government has secured an investment commitment of $30bn since we came into power eight months ago. It means the investors will bring in the money or a promise to bring in the investment. So, the money, investment, proposal, and everything else is done.
“Some have already started building, and the investments will come in over five to eight years. Some of the monies will come from equipment, direct investments into manufacturing, and the facilities. So that fund is here already.”
She emphasised the significance of cooperation opportunities and investment announcements for Nigerian trade.
The minister credited President Bola Tinubu’s diplomatic trips and meetings with players in the oil and gas sector, particularly in India, for the investments.
The minister claimed that Nigeria has made significant investment announcements and partnerships that will boost Nigerian commerce as a result of its successful bilateral relations. She continued by saying that they have pledged $10 billion in investments in the oil and gas industry.
The Confederation of Indian Industries travelled to Nigeria, according to the trade minister, in order to find potential business opportunities. She mentioned that chances for investment and the creation of cooperative regulatory frameworks have been made possible by relationships with nations including South Africa, Germany, India, the Netherlands, the United Arab Emirates, and South Africa.
According to the minister, Nigeria has received an expression of interest from a top steel manufacturing company, which committed $7 to the country’s steel sector.
She added that other people have promised to invest roughly $10 billion in the oil and gas industry.
Uzoka-Anite revealed further that the goal of the minister’s, customs, ministry of finance, and Central Bank of Nigeria’s automation of the export permission procedure is to improve transparency. If the sum is realised, according to analysts, it will improve the naira’s performance against the US dollar as it continues its downward trend in both the official and black markets.
About 20 German companies are prepared to open stores in Nigeria, a few months after the well-known pharmaceutical and healthcare manufacturing company GSK departed the country.
The corporations conveyed their desire to allocate resources and technical expertise towards augmenting domestic manufacturing and elevating Nigeria’s export goods. This came about as a result of a conversation that took place between representatives of the Nigeria Investment Promotion Commission and a private sector consortium made up of 22 companies from Germany and Europe who were on an exploratory mission to evaluate possible investment prospects in Nigeria.
