FG recorded $83bn investment inflow in 15 months —Minister

THE Minister of Industry, Trade and Investment Okechukwu Enelamah, has disclosed that the Federal Government recorded investment inflow of over $83 billion in 15 months between January 2017 and March 2018.

Enelamah revealed this at the opening of session of Direct Investors Summit in Nigeria organised by Nigerian Investment Promotion Council (NIPC) in Abuja.

He said that government had been experiencing a huge interest from investors in the last 15 months.

Giving the breakdown of total investment commitment of $83bn between January last year and March this year, the minister said the country secured a total investment of $66bn in 2017 while the balance of $17bn investment was secured in the first quarter of this year.

Enelamah stated that the investments were secured in three key sectors of the economy, including oil and gas, manufacturing and real estates.

He added that the summit was apt as it would help to translate the $83bn investment commitment into actual investments.

According to him “The commitment of the Federal Government to unlock investments in the country is total. This government has taken a number of steps to genuinely engage stakeholders” noting that, “as a country, Nigeria has had a fair share of adversity in the past but this government has identified the challenges and is solving them through partnerships.”

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In her address, the Executive Secretary, Nigeria Investment Promotion Commission, Yewande Sadiku, said that government was committed to attracting fresh investments in key sectors of the economy, noting that the summit was targeted to bring together investors and government officials in order to unlock potential investments.

Sadiku said the commission now had a seamless collaboration with the states to enable it monitor closely investments inflow into the country, as a one stop center.

She said the commission is working with key stakeholders to see more Nigerians invest in the country, adding that the current efforts of the NIPC in working more closely with the states is to increase the level of investment inflow into the country, and to ensure seamless collaboration and proper tracking.

In a special session at the summit for state governors, the Governor of Kaduna State,  Malam Nasir El Rufai; Osun State Governor, Ogbeni Rauf Aregbesola;  Anambra State Governor, Willy Obianor as well as Ogun State Governor, Ibikunle Amosun said there is need to promote the ease of doing business so as to attract investments.

They said the economic diversification agenda may not yield rapid success except there is a strong commitment on the part of the Federal government to assist in tackling the problems of insecurity, power and poor infrastructure.