Nigeria records $24.1 billion foreign investment in 2 years

Yewande Sadiku, the Executive Secretary, Nigerian Investment Promotion Commission (NIPC), said Nigeria recorded a total of $24.1 billion foreign investment in the last two years.

Mrs Sadiku, who made this known at a news conference in Abuja on Thursday, said that the commission’s main objective was to promote and position the country to attract foreign investments.

“The foreign capital inflow that came into the country in 2016 was 5.4 billion dollars, and the bulk of it is portfolio investment, while in 2017, it was 12.5 billion dollars.

“In the first quarter of 2018, the inflow was 6.3 billion dollars and this is more than all inflows that came in 2016 and in third quarter in 2017,’’ she said.

According to Mrs Sadiku, the commission has a One-Stop Investment Centre as a strategy to streamline investment procedures, provide prompt, efficient and transparent services and coordinate investment-facilitating agencies.

“The centre provides statistical data and information on the Nigerian economy, investment climate, legal and regulatory framework as well as sector and industry specific information.

“All these are to aid existing and prospective investors in making informed business decisions,’’ Mrs Sadiku said.

According to her, there is the need for the states to be receptive to attract investors.

Mrs Sadiku said that the commission was working with state governments to improve national competitiveness, adding that it would achieve its broad objectives without the involvement of the states.

“The states must be receptive to attract investors because investors go to where they can get attention and a friendly environment,’’ Mrs Sadiku said.

Mrs Sadiku said the commission had concluded plans to build a database which would showcase opportunities that abound in the states.

According to her, Nigeria has abundant opportunities for investment in priority sectors of agriculture, power, manufacturing, solid minerals, critical infrastructure and waste management.

Mrs Sadiku said the commission would build online investment to allow investors access investment opportunities from anywhere.

To this end, she noted that the commission would organise a summit which would hold from May 21 to May 23, in order to attract long term investment into agriculture, transport, power, gas, manufacturing, processing and information and communication technology.

“It will offer a platform for discussing investment needs and goals without the need for investors to travel to various locations in Nigeria to see projects,’’ Mrs Sadiki said.

(NAN)