In a significant development poised to reshape Nigeria’s economic landscape, the Federal Government has successfully secured $30 billion in Foreign Direct Investment (FDI) commitments. This milestone investment is anticipated to catalyze accelerating the nation’s economic growth.
The revelation was made by Dr. Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, during a press briefing held in Abuja. Dr. Uzoka-Anite highlighted the fruitful bilateral engagements that have resulted in substantial investment announcements and partnership opportunities for Nigerian trade. Notably, she cited the announcement and subsequent realization of a $14 billion FDI inflow to Nigeria following the G20 summit in India.
Furthermore, significant investment commitments of $10 billion have been secured for the oil and gas sector. These engagements with various countries including India, Germany, Netherlands, UAE, and South Africa, among others, have paved the way for substantial investment opportunities and the establishment of joint regulatory protocols.
Dr. Uzoka-Anite emphasized that the influx of these investment funds into the economy is expected to generate several million job opportunities, thus contributing to the nation’s employment growth and economic prosperity.
Trade Facilitation and Policy Reforms
In addition to securing investments, the Ministry is actively working to enhance trade opportunities for Nigerians through the establishment of a fully automated Centre of Excellence within the Trade Intelligence Unit. This initiative aims to gather and analyze trade intelligence effectively, fostering a conducive environment for trade and investment.
The Minister also highlighted the re-launch of the Nigerian Trade Policy 2023-2027, which seeks to stimulate the domestic economy by connecting Nigerian SMEs to the global value chain. Furthermore, negotiations for Nigeria’s accession into the Africa Continental Free Trade Area (AfCFTA) Agreement are underway, with the potential to significantly boost exports, enhance market access, and attract more foreign direct investment.
Ensuring Global Competitiveness
While pursuing these investment opportunities, Dr. Uzoka-Anite underscored the importance of ensuring that Nigerian-made goods meet global standards to compete effectively in the international market. She emphasized the need for quality assurance and adherence to standards to avoid becoming dependent on imports from other nations.
Regarding the oil and gas sector, the Minister clarified that Shell Petroleum Development Company is not exiting Nigeria but rather selling its onshore assets while investing in gas and offshore assets. Additionally, stringent measures have been implemented to ensure that oil and gas companies demonstrate evidence of export proceeds repatriation before further export permits are granted.
To further bolster economic growth, the administration has launched the National Talent Exports Programme (NATEP) aimed at creating job opportunities through talent exchange/export, business process outsourcing, and job outsourcing. Additionally, efforts are underway to revamp and relaunch the Diaspora investment initiative in collaboration with the Nigeria Diaspora Commission (NIDCOM) to attract diaspora funds into investment platforms within the country.
In conclusion, these initiatives reflect the government’s commitment to fostering economic growth, attracting investments, and creating sustainable employment opportunities for Nigerians, thereby positioning the nation for long-term prosperity and development.