Amid reports of countless companies and investors exiting Nigeria, Doris Anite, the Minister of Industry, Trade, and Investment (FMITI), revealed that Chief Bola Ahmed Tinubu’s government has garnered investment commitments exceeding $30 billion across diverse sectors of the economy.
She made this revelation during a ministerial sectoral news conference commemorating Chief Bola Tinubu’s first year in office.
Anite’s presentation, titled “Unlocking Trade and Investment to Achieve Renewed Hope Agenda- Key Achievements and Contributions of the Ministry,” emphasized Nigeria’s investment landscape and its alignment with Tinubu’s Renewed Hope agenda.
Anite highlighted the ministry’s proactive measures to attract capital investments aimed at elevating the nation’s domestic enterprises and industries to global prominence.
She underscored the initiation of the Nigeria Diaspora Fund to bolster private equity capital formation, tapping into the substantial remittances of $20 to $25 billion annually from Nigerian diasporans.
This investment initiative aims to channel funds intentionally into the productive economy, leveraging the expertise of Private Equity and Asset Management firms, with government support ensuring an enabling environment devoid of roadblocks and red tape.
The minister stated, “The Nigeria diaspora remits between 20 to 25 billion dollars 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, mobilise and utilise some of these funds into the productive economy.
“Our Private Equity and Asset Management firms are adept at attracting investments, and the support from the Ministry is an assurance that the government is backing this investment drive.”
Speaking further, she articulated, “Government will provide the enabling environment, remove the roadblocks and red tape to ensure these investments thrive.
“I have no doubt that with the success of this initiative, Nigeria will witness a boom in the formation of businesses and a strong financial and capital market.
“We have observed that this is so because most businesses experience delays in the arbitration and legal process for enforcing contracts.
“This red tape will be removed with the automated commercial courts, and this will boost investor confidence and increase investment flows,” she added.
(NAN)
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