Politics
$30bn Investment Commitments Will Drive Economic Growth, Create Jobs— Minister
The Federal Government has revealed that Nigeria currently has 30 billion dollars investment committment from various investors as it outlined key initiatives taken towards accelerating economic growth, and create jobs.
The accelerated recovery of Nigeria’s economic growth according to the government is hinged on four Renewed Hope eight-point agenda, namely, economic growth and job creation, access to capital, improved business environment, and poverty reduction.
This was disclosed at the second edition of the Ministerial Press Briefing Series (MPBS) featuring the Minister of industry, Trade and Investment Dr. Doris Uzoka-Anite, at the National Press Center in Abuja, where the Minister of Information and National Orientation, Mohammed Idrus explained that the forum is aimed at creating a platform for direct engagement between government officials, promoting transparency and accurate reporting to the Nigerian public.
“We are gathered here to build trust and ensure the people of Nigeria are informed,” declared Minister of Information and National Orientation, Mohammed Idris, at the event. “This platform allows you, the media, to directly engage with senior officials and hold us accountable.”
Minister Idris emphasized his Ministry’s commitment to transparency and access to information, highlighting the crucial role journalists play in informing the public. He reiterated the series’ commitment to ensuring wide coverage through traditional and digital platforms.
“We understand the need for patience and trust,” added Minister Idris, “but we are committed to realizing the President’s vision of Renewed Hope. We will keep you informed every step of the way”, he said.
Highlighting the steps taken towards reviving Nigeria’s economy so far, Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, further explained that the 30 billion dollars investment commitments will be redeemed over the course of five to eight years.
Acvirding to her, investments, commitments, and pledges were also received from oil and gas free zone, that last week, some of them committed an additional 10 billion dollars in investments.
“I hosted the managing director of SHELL who explained to me about the investment plans of shell.
“ I know a lot of us are aware that shell is leaving; he came to explain to me what they mean by that. And I can tell you that they are not leaving.
“Rather, they are expanding and increasing their investments in Nigeria; they are selling their onshore assets and increasing their investment in gas and offshore assets.” she said.
Uzoka-Anite, who envisaged more investments into the country, said it would not have been possible without the commitment of President Bola Tinubu led administration.
She said that with increased investments comes job opportunities and economic growth, which wss part of the priority of the government.
The the Minister also revealed that the Ministry is actively involved in negotiating Nigeria’s accession to the Africa Continental Free Trade Area (AFCFTA), recognizing its potential for export diversification, market access expansion, and increased foreign direct investment.
Dr. Uzoka-Anite emphasized her efforts during the recent 13th AFCFTA Trade Minister’s meeting to secure Nigeria’s position on crucial matters like digital trade and illegal transshipment.
“Several initiatives target reforms in the commodity trading landscape, fostering better outcomes for farmers and miners. Upgrading NCX operations, robust outreach programs, and establishing a National Job Centre are among the efforts underway. Notably, the Skill-UP Artisans program (SUPA) aims to empower 10 million artisans with tech-enabled skills and industry-standard certifications, addressing skills gaps and reducing reliance on labor imports”, she highlighted.
Collaborating with the Nigeria Diaspora Commission, the Ministry is revamping its Diaspora investment initiative. Dr. Uzoka-Anite highlighted successful bilateral engagements, like the G20 summit in India that yielded $14 billion in pledged FDI inflows to Nigeria. Ongoing collaborations with India, Germany, Netherlands, and others create further investment opportunities and joint regulatory frameworks.
In attendance were Senior Special Assistant to the President on Information and Strategy Mr Bayo Onanuga, Permanent Secretary of the Ministry of Information and National Orientation Dr Ngozi Onwudiwe, as well as Chief Executive Officers of agencies under the two Ministries.
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