Minister announces $30 billion commitment to Nigeria’s economy

The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, has disclosed that several international and domestic investors have pledged to inject over $30 billion into Nigeria’s economy.

Speaking Friday at a Ministerial Press Briefing organised by the Ministry of Information and National Orientation, Mrs Uzoka-Anite noted that these investments are already underway across various sectors.

“The Federal Government has secured an investment commitment of $30bn since we came into power eight months ago. It means the investors are going to bring in the money or a promise to bring in the investment. So the money, investment, proposal, and every other thing is done.

“Some have already started building and the investments will come in over a period of five to eight years. Some of the monies will come in the form of equipment, direct investments into manufacturing, and into the facilities. So that fund is here already,” she said.

Emphasizing the outcomes of Nigeria’s bilateral engagements, the minister reiterated significant investment announcements and partnership opportunities for Nigerian trade.

While giving a breakdown, she attributed these investments to President Bola Tinubu’s diplomatic visits to India and engagements with stakeholders in the oil and gas sector.

“Our bilateral engagements have been fruitful and have led to significant investment announcements and partnership opportunities for Nigerian trade. A notable example is the G20 summit in India, where a $14bn worth of FDI inflow to Nigeria was announced and being actualised,” she said.

The minister added that they also secured $10 billion in investment commitments for the oil and gas sector.

She said that following this achievement, the Confederation of Indian Industries visited Nigeria to delve deeper into identified investment prospects. These interactions with countries such as India, Germany, the Netherlands, the UAE, and South Africa, among others, have created opportunities for investment and the development of collaborative regulatory frameworks.

She said that Nigeria received an expression of interest from a leading steel manufacturer in India, committing $7 billion to the country’s steel sector. Additionally, she mentioned hosting representatives from the oil and gas-free zone, who pledged an additional $10 billion in investments.

She also said the Nigerian Bottling Company has invested $1.3 billion over the past decade, with plans for an additional $1 billion investment in the next five years.

The minister emphasised collaborative efforts between the ministry, customs, the Central Bank of Nigeria, and the Ministry of Finance to automate the export permit process for increased transparency.

She reiterated the commitment to enhance transparency by automating the export permit process, enabling better oversight and auditing to ensure that exports are duly repatriated.

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She also highlighted that policy reforms such as fuel subsidy removal and foreign exchange unification have bolstered investor confidence, fostering economic growth, job creation, and improved access to capital.

Shell

In response to concerns about Shell’s investments in Nigeria, the monister clarified that Shell is not withdrawing but rather expanding its investments.

According to her, other companies like Coca-Cola and Unilever have also pledged to deepen their investments in Nigeria, indicating confidence in the country’s business environment.

“I hosted the Managing Director of Shell who came to see me and explained to me the investment plan of Shell. I can tell you they are not leaving, they are rather expanding and increasing their investment in Nigeria. They are selling their offshore assets and increasing their investment in gas and in onshore assets,” she said.