The Federal government has secured about N2.2tn investment communication from foreign and local investors for the non-oil sector of the economy in the next 12 months. Mr. Olusegun Aganga,minister, Trade and Investment said this during a press briefing to mark president Goodluck Jonathan’s 100 days in office. He noted that of this amount, about N600 billion would be invested by local investors in the manufacturing and agro business industries. Aganga recently declared at a stakeholders’ meeting in Lagos that local investors in manufacturing and agri business had indicated plans to invest N1.5tn in the sector.
“At its maiden interaction with the Nigerian Business Community, the ministry secured form commitment of investments worth N1.52tn in the next one year from about 20 companies only in the non-oil sector of the Nigerian economy. We plan to work with these companies to realize their expansion programmes and to extend the survey to other companies.
“About N34billion of investment commitment was also secured from about 18 companies in the agribusiness and agro-industries sector. We are currently working with the sector on a government policy that will lead to significant investments and create jobs in the next few months.” He added, “We have had over 30 major investor meetings in Nigeria, the United kingdom and Australia, which have produced firm investment commitments in the health, manufacturing, agriculture, oil and gas and mining sector, for instance, we have a proposal that can lead to an investment of $100m immediately, and $3bn to $4bn of investment in the short to medium them.”
Aganga stated that the ministry, in partnership with the World Bank, European Union, united Nations industrial Development Organisation, and the United kingdom Department for international Development, had begun a business and investment climate reform programme as part of its renewed efforts to increase the inflow of Foreign Direct Investment into the country.
He said, “We have commenced a business and investment climate reform programme with support from the UK Department for International Development, United Nations Industrial Development Organisation, European Union and the World Bank.
The reform programme covers relevant laws, policies, incentives, the use of free trade and economic zones, including areas indentified by the World Bank and DFID in the Survey on doing business in Nigeria. This will lead to an improvement in the country’s investment climate and competitiveness index. “The ministry is currently reviewing all trade bilateral and multilateral agreements to identify the opportunities, which have not been explored in the past. A committee has been set up to review Nigeria’s trade policy in line with the commitment to creating a friendly environment for business and investment.