Aganga projects N15trn FDI for 2014


Aganga_Segun_365283244The Nigerian economy will attract about $96 billion (about N15. 4 trillion) foreign direct investment in non-oil sectors next year.

Minister of Industry, Trade and Investments, Olusegun Aganga, made this projection yesterday in Abuja, during a two-day workshop on Leveraging on Sustained Economic Gains for Successful Enterprise Nation for editors and correspondents covering the sector.Meanwhile, the ministry has generated $7.4 billion (N1.2 trillion), as revenue for the Federal Government in 2013.

While reviewing the scorecard of his ministry for the outgoing year and expectation for 2014, Aganga said the industrial revolution plans put in place by his administration have started yielding positive results as foreign investors will be investing $96 billion in the country next year.

He said: “These investments will go into petrochemical, fertiliser and telecommunica-tion sector.Sources “We have $96 billion foreign investments in the pipeline and they are coming from United States of America, $1.4 billion through General Electric; South Africa, $3 billion; China, $9.3 billion; United Arab Emirate, $4 billion, among other countries.

“We called it pipeline investments because not all of them may materialise.”He added that government has embarked on far-reaching reforms aimed at improving the business climate and making the country the preferred investment hub in Africa and globally.

He said: “Today, Nigeria has a very strong macroeconomic environment and this has made the economy attractive to both domestic and foreign investors.“UNCTAD has rated Nigeria the No. 1 investment hub in Africa and 4th globally with 35 per cent returns on invest-ment.”

He vowed to sustain the progress made in the outgoing year, saying “we want to sustain what we have achieved by doing what we ought to do because of competitors in the region and globally.Foreign observer “In view of this, we invited Organisation for Economic Cooperation and Development, OECD, to review our investment climate and tell us how to do better.

“They have reviewed and presented their findings to President Goodluck Jonathan in London and in Abuja.“The objective is that we want to attract investments from OECD countries as they control 60 per cent of global investments.”

In his welcome address, Dr. Samuel Ortom, Minister of State for Industry, Trade and Investments, said the workshop underscores the importance the ministry attaches to media, both local and international, because of their indispensable roles of shaping public opinion on issues of national relevance and agenda setting.

He argued that the partnership by the ministry with the media has been yielding positive results in terms of the growing investors’ confidence in the economy, Nigeria’s rating on global competitiveness, among others.