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Investment commitments to the Nigerian economy reached some $200 billion between 2016 and 2018, Okey Enelamah, minister of Industry, Trade and Investment, said at the weekend.
He, however, admitted that the ability to convert those promises into tangible investments remains key.
“If you look at the investment commitments that were announced last year for the country at every level, which is tracked by the Nigeria Investment Promotion Council, it is over $90 billion. The year before it was over $70 billion, and the year before then it was over $60 billion,” Enelamah said, speaking on some of the achievements of his ministry within four years.
“This shows us that Nigeria has a potential and is attractive. Now the challenge for us as a country and definitely for the ministry is how much of these will we convert,” he said.
Enelamah said, for instance, the RUYI group, one the largest and most successful Chinese textile and garment companies, committed to invest $2bn and is also partnering with the government on the planned industrial parks.
Nigeria, Africa’s biggest economy, still struggles to expand its manufacturing base, which contributes less than 10 percent to economic output, and to create the needed jobs.
“I do believe that we are well on our way but we must commit to the enabling environment because what the investors need is the right environment so that when they put in their investments it will not suffer loss,” he said.
Government hopes to increase manufacturing output to 20 percent of GDP within a few years through industrial parks and Special Economic Zones, a project that has been in the works for a while now, he said.
Giving update, the minister again raised optimism on the Project MINE (Made in Nigeria for Export) which is … Read More...