The Tinubu government has secured over $30 billion in investment commitments across sectors: Minister

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

Doris Anite, Minister of Industry, Trade and Investment (FMITI), said this during her presentation at the ministerial press conference held in Abuja on Tuesday to mark the first year in office of President Bola Tinubu.

Her presentation was titled ‘Unlocking Trade and Investment to Achieve the Renewed Hope Agenda – Key Achievements and Contributions of the Ministry.

Ms. Anite stated that Nigeria’s investment landscape is currently seeing a significant inflow of foreign capital, which is in line with Tinubu’s Renewed Hope program.

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

The Minister said that to boost private equity capital formation, the Nigeria Diaspora Fund had been launched.

“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.

“Therefore, my ministry’s investment initiative creates a platform to channel, mobilize and leverage part of these funds for a productive economy.

“Our private equity and asset management businesses are adept at attracting investment and the support from the Ministry provides confidence that the Government is supporting this investment drive.

“The government will provide favorable conditions, remove roadblocks and bureaucracy to ensure the development of these investments,” the minister said.

Ms Anite said the investment interest was not limited to the Nigerian diaspora, but the ministry was also reaching out to all fund providers.

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

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

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

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,” the minister said.

(NAN)