Relief as FG Announces $30 Billion Investment Commitments From International, Local Investors
- The federal government has announced that the country has received about $30 billion in investment commitments from investors
- The Minister of Industry, Trade and Investment announced that the investment pledges are into various sectors
- She noted that countries like India, Germany, and the Netherlands have agreed to inject various sums into different sectors
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, has said that several international and domestic investors have pledged to invest over $30 billion in the Nigerian economy.
Uzoka-Anite disclosed this on Friday, February 16, 2024, during a press briefing organised by the Ministry of Information and National Orientation, noting that the investments are already underway but did not disclose the beneficiary sectors.
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Tinubu's trips yielding results
She said:
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“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 reiterated the importance of investment announcements and partnership opportunities for Nigerian trade.
The minister attributed the investments to President Bola Tinubu’s diplomatic travels and engagements, especially to India with stakeholders in the oil and gas industry.
Germany, India, UAE, others to pledge to invest
Per the minister, Nigeria’s bilateral engagements have been fruitful and have resulted in crucial investment announcements and partnership opportunities for Nigerian trade.
She added that they secured $10 billion in investment commitments for the oil and gas sector.
The trade minister explained that the Confederation of Indian Industries visited Nigeria to identify investment prospects.
She noted that the interactions with other countries, such as Germany, India, the Netherlands, the UAE, and South Africa, have created opportunities for investment and the development of collaborative regulatory frameworks.
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.
Analysts predict relief for naira
She also said that others pledged about $10 billion in investments into the oil and gas sector.
Premium Times reported that Uzoka-Anite said the Nigerian Bottling Company has invested $1.3 billion in the last 10 years and plans another $1 billion investment in the next five years.
Uzoka-Anite disclosed further that efforts between the minister, customs, the Central Bank of Nigeria, and the Ministry of Finance to automate the export permit process are to increase transparency.
Analysts say that if actualised, the said amount will enhance the naira’s performance of the US dollar as it continues its downward trajectory in both the official and parallel markets.
20 German firms move to begin operations in Nigeria
Legit.ng reported that months after popular drugs and healthcare manufacturing giant GSK left Nigeria, about 20 German firms are ready to open shops there.
The companies expressed interest in investing resources and technical knowledge to enhance local production and improve Nigeria's export commodities.
The development follows a discussion between officials of the Nigeria Investment Promotion Commission and a private sector group comprising 22 firms from Germany and Europe on an experimental mission to analyse the potential investment opportunities in Nigeria.
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Source: Legit.ng
