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There are indications that Nigeria’s economy is on the right path, as the Ministry of Industry, Trade and Investment, on Tuesday disclosed that foreign investors are making commitment to investing in the country.
Otunba Adeniyi Adebayo, Minister of Industry, Trade and Investment, who spoke at the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Diplomatic Luncheon in Abuja, stated that Nigeria was open for business and that the country’s investment climate was continually improving.
The minister said although 2020 was challenging for all economies, Nigeria was coming back strong.
He noted that in the first half of the year investment announcements were at $10.1 billion, an increase of 100 per cent from 2020.
“Investors from Europe, China, Morocco and the UK are making strong commitments and this administration is working tirelessly to ensure that these commitments turn into projects that positively affect our nation,” the minister said.
He said the Federal Government recognised the importance of attracting and retaining patient investment into the economy, adding that this accounted for the ministry’s commitment to the strategic relationship that existed with the chamber.
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“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 said.
The minister said improved ranking of Nigeria on ease of doing business by the World Bank was a result of the efforts government was making to create an enabling environment for foreign direct investment.
He listed some of the efforts as Executive Order 001, a directive that promotes transparency and efficiency in business environment and Revised Nigeria’s Bilateral Investment Treaty (BIT) model to include specific provisions for investment facilitation and actualisation.
Adebayo noted that investors’ rights were now balanced with obligations to ensure that Nigeria attracted Responsible, Inclusive, Balanced and Sustainable (RIBS) investments.
He said an online investment guide called “iGuide Nigeria” was also launched to provide investors with real-time information on the processes and basic costs of setting up and doing business in Nigeria.
The minister said government developed a compendium of the Investment Incentives in Nigeria, and also launched the Book of States, a document that showcases the comparative advantages and key investment opportunities in each of Nigeria’s states.
He commended NACCIMA for putting the event together even as he encouraged it to remain committed to building a sustainable trade infrastructure within and across Africa for the benefit of the Nigerian business community.