Investors Set To Commit $32bn Into Nigeria’s Economy

The Minister of Trade Industry and Investment, Doris Anite, on Tuesday said the federal government has secured investment commitment of $32bn under the administration of President Bola Tinubu.

The minister said the interest from investors in the Nigerian economy was as a result of the ease of doing business environment which the government has provided.

She said, “Nigeria’s investment landscape is now witnessing a significant influx of foreign capital, aligning with the Renewed Hope agenda. Led by the commitment of His Excellency, President Bola Ahmed Tinubu, we have secured Investment commitments of over $32 bn across multiple sectors of the economy.

“Over 16,000 jobs have been created in the past year, through programs and interventions by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), such programs include National Business Skills Development Initiative (NBSDI), Conditional Grant Scheme (CGS), and General Enterprise Development Training (GEDT).

“Also. the federal government, under the auspices of the ministry, generated N430m in the first quarter of 2024 from the Lagos International Trade Fair Complex, which is significantly more compared to the N17.9m accrued in the same period in the previous year”.

Anite noted that there is a paucity of equity capital which is the real investment capital that will unlock ideas into unicorns.

Anite said “The Nigeria diaspora remit between $20-25bn annually according to the World Bank, but these remittances have not been channelled intentionally to private equity.

“Therefore, the investment initiative by my ministry is creating the platform to target, mobilize and utilize some of these funds into the productive economy”.

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