FG secures investment commitments of over $30 billion across various sectors – Minister

The federal government has secured over $30 billion in investment commitments across various sectors of the economy.

Dr. Doris Anite, Minister of Industry, Trade and Investment (FMITI), said this during her presentation at the Ministerial Sector News Conference to mark President Bola Tinubu’s first year in office on Tuesday in Abuja.

The News Agency of Nigeria (NAN) reports that her presentation was titled “Unlocking Trade and Investment to Achieve Renewed Hope Agenda” – Key Achievements and Contributions of the Ministry.

Anite said Nigeria’s investment landscape is currently witnessing significant foreign capital inflows, which is in line with Tinubu’s Renewed Hope agenda.

She further said that the ministry is taking decisive and concerted steps to attract capital investments that will transform domestic enterprises and industries into global players.

“We have concluded stakeholder meetings with our domestic private equity and asset management firms in connection with the launch of the Investment Mobilization Initiative, aimed at increasing local and foreign investment as a catalyst for economic growth.”

The minister said that in order to increase capital accumulation in the private equity market, a fund for the Nigerian diaspora had been established.

“According to the World Bank, the Nigerian diaspora remits between $20 billion and $25 billion annually, but these remittances are not intentionally directed to private equity funds.

“Accordingly, my ministry’s investment initiative creates a platform to channel, mobilize and leverage some of these funds into a productive economy.

“Our private equity and asset management firms are adept at attracting investment, and the Ministry’s support provides assurance that the Government supports these investments.

“The government will provide an enabling environment, remove roadblocks and red tape to ensure these investments thrive.”

Anite said the willingness to invest was not just limited to the Nigerian diaspora, but the ministry had also reached out to all fund providers.

She said the ministry also received support from development financing partners.

“I have no doubt that thanks to the success of this initiative, Nigeria will see rapid business growth and a strong financial and capital market.

“Nigeria will also witness the creation of a strong economic and industrial base that will catalyze a trillion-dollar Gross Domestic Product (GDP) economy.”

Anite said the ministry would host the Nigeria Investment Summit, a platform to connect domestic and global investors with Nigeria.

“We are creating and reducing investment risk in Nigeria and will showcase this at the launch of our digital dealership, which will showcase investment opportunities and help facilitate investment.”

She said this became necessary because most contracts issued in Nigeria had other jurisdictions as the place of arbitration, mainly England.

“We have observed that this is because most businesses experience delays in the arbitration and legal process for enforcing contracts.

“This bureaucracy will be eliminated thanks to automated commercial courts, which will increase investor confidence and increase investment flows.” #FG secures investment commitments worth over USD 30 billion in various sectors – Minister

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