Nigeria’s Investment Climate Improving—FG

September 1, 2021
Sustained Investment

By Ashemiriogwa Emmanuel

The federal government has said that Nigeria’s investment climate was continually improving and that the country was gradually revitalizing its relationship with foreign investors.

The Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo, said this while speaking at the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Diplomatic Luncheon held recently in Abuja.

He added that the commitment made by foreign investors to invest in the country was an indicator that Nigeria’s economy was coming back strongly.

“Investors from Europe, China, Morocco and the United Kingdom (UK) are making strong commitments and this administration is working tirelessly to ensure that these commitments turn into projects that positively affect our nation,” he said.

Represented by his media aide, Mr Ifedayo Sayo, Mr Adebayo disclosed that in the first half of 2021, the value of investment announcements stood at $10.1 billion, 100 per cent higher than in 2020.

Despite the harsh economic environment that was laced with the challenging events of last year, the Minister said the nation was coming back strong as it is evident in the improved ranking of Nigeria on ease of doing business by the World Bank.

While he cited that the development was a result of the efforts made by the FG to create an enabling environment for foreign direct investment, Mr Adebayo said that the government acknowledges the importance of attracting and retaining patient investment into the economy.

The Minister further said that it accounts for the ministry’s commitment to the strategic relationship that existed with the chamber.

“I would like to reiterate my ministry’s commitment to the strategic relationship that exists with the chamber and to continue working with the leadership towards our collective objectives.

“This is even more germane with the implementation of the Africa Continental Free Trade Agreement (AfCFTA).

“AfCFTA will enhance Africa’s capacity to unlock growth and create jobs by building our industrial capacity, enlarging our productivity, and making us more competitive globally.

“NACCIMA is pivotal in ensuring Nigerian businesses remain competitive in this new environment,” he added.

He, thereafter, encouraged the association to remain focused on building a sustainable trade infrastructure within and across Africa in other to help the Nigerian business community thrive.

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