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Nigeria’s Economy Getting Stronger, Says Minister

Oluwasina Phillip

Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo on Tuesday declared that the nation’s economy was coming back strongly with foreign investors making a commitment to invest in the country.

Speaking at the Nigerian Association of chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) diplomatic luncheon in Abuja, he said, “Nigeria is open for business and our investment climate is continually improving. The year 2020 was challenging for all economies but Nigeria is coming back strong.

“In the first half of this year investment announcements were at $10.1bn; an increase of 100% in 2020. Investors from Europe, China, Morocco and the UK are making strong commitments and this administration is working tirelessly to ensure that these commitments turn into projects that positively affect our nation.”

In a statement by his media aide, Ifedayo Sayo, the Minister said the Federal Government recognised the importance of attracting and retaining patient investment into our economy, saying this accounted for his Ministry’s commitment to the strategic relationship that exists with the Chamber and to continue working with the leadership towards our collective objectives of attracting more investments to the nation’s economy.

“I would like to reiterate my Ministry’s commitment to the strategic relationship that exists with the Chamber and to continue working with the leadership towards our collective objectives. This is even more germane with the implementation of the Africa Continental Free Trade Agreement (AfCFTA).

“AfCFTA will enhance Africa’s capacity to unlock growth and create jobs by building our industrial capacity, enlarging our productivity and making us more competitive globally. NACCIMA is pivotal in ensuring Nigerian businesses remain competitive in this new environment, ” he said.

The Minister listed efforts being made by the Federal Government to create an enabling environment for foreign direct investment to include:

  • Improved Nigeria’s World Bank Ease of Doing Business ranking from 170 to 131.
    •Promogulated Executive Order 001, a directive that promotes transparency and efficiency in the business environment and facilitates timely obtainment of government approvals for businesses in areas such as visa processing and business registrations.
    •Revised Nigeria’s Bilateral Investment Treaty (BIT) model to include specific provisions for investment facilitation and to support investors in actualizing their investments. Investors’ rights are now balanced with obligations to ensure that Nigeria attracts Responsible, Inclusive, Balanced and Sustainable (RIBS) investments.
    •Launched an online investment guide called “iGuide Nigeria ”, which provides investors with real-time information on the processes and basic costs of setting up and doing business in Nigeria.
    *Developed a Compendium of the Investment Incentives in Nigeria, and also launched the Book of States, a document that showcases the comparative advantages and key investment opportunities in each of Nigeria’s States.
  • He commended NACCIMA for putting the event together even as he encouraged it to remain committed to building a sustainable trade infrastructure within and across Africa for the benefit of the Nigerian business community.

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