News & Events

30

Jun 2014

Nigeria among top 3 for FDI

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Olusegun Olutoyin Aganga, Nigeria's Minister of Industry, Trade and Investment

Olusegun Olutoyin Aganga, Nigeria’s Minister of Industry, Trade and Investment

Nigeria remains one of the top three destinations for Foreign Direct Investment, FDI, in Africa, despite current challenges, the United Nations Conference on Trade and Development, UNCTAD, has said.

UNCTAD said this just as the United Nations Industrial Development Organisation, UNIDO, gave its nod in Vienna, yesterday, for the establishment of an Investment and Technology Promotion Office, ITPO, in Nigeria.
According to the UNCTAD report released last night, FDI inflows into Africa rose by four percent to $57 billion, with Nigeria’s inflow standing at N5.6 billion in 2013.

The report said only seven countries in Africa went above the $3 billion FDI inflow point. They are Nigeria, South Africa, Mozambique, Egypt, Morocco, Ghana and Sudan.
The Commissioner for Industry and Private Sector Promotion, ECOWAS, Mr. Kalilou Traore, who spoke during the UNIDO forum on Strategies and Instruments for Inclusive and Sustainable Industrial Development, said the recently launched Nigeria Industrial Revolution Plan was a model for Africa, noting that foreign investments would always thrive in the right environment.

The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, who also acknowledged the massive investments by Nigerian companies in the country despite the current challenges, noted that ITPO would help to promote Nigeria’s local and foreign direct investment and technology, in addition to boosting job creation, technology transfer and industrial development.

He said: “There are only a few countries in the world where UNIDO has set up ITPO to promote investment into the area of technology.
“Its establishment in Nigeria will have a big positive impact on the economy.”

SOURCE: VANGUARD NEWS

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20

Jun 2014

Nigeria ranks top investment destination in Africa – Report

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A U.S-based economic advisory firm, Frontiers Strategy Group, said investment interest in Nigeria by international organisations and multinationals had continued to grow despite rising insurgency in the country.

This is contained in a report entitled “Frontier Market Sentiment Index”, issued by the Wall Street Journal, monitored in Abuja.

The report said that out of 11 African countries in a survey conducted by the firm, Nigeria ranked first as the most preferred economy for investment by the multinationals, which included European and American firms.

According to the report, Nigeria emerged the number one frontier-market economy in Africa in terms of attracting the most attention from European and American multinationals.

Olusegun Olutoyin Aganga, Nigeria's Minister of Industry, Trade and Investment

Olusegun Olutoyin Aganga, Nigeria’s Minister of Industry, Trade and Investment

It stated that the country led other African nations with 29.57 per cent and was followed by Kenya with 23.17 per cent.

It quoted Mr Matt Lasov, Global Head of Advisory and Analytics of the U.S. firm as saying, “we collect data about which countries the companies are watching for potential future investment.

“Over time, that gives us a clear picture of their market priorities; which countries they are including in their future plans and which they are dropping.’’

The report said that security situation in Nigeria and Kenya was least considered by the multinationals in their preference for both countries as top business destinations in Africa.

“Rising insurgency in both countries apparently has not discouraged multinationals from venturing into business dealings as opportunities in the countries probably outweigh security risks,’’ the report said.

It stated that Angola was rated third preferred investment economy by the multinationals, with 21.9 per cent and was followed by Ghana with 18.73 per cent.

“The top three African countries’ rating may not come as a surprise to many. Firstly, Nigeria is Africa’s largest economy and it is still growing; Kenya is East Africa’s largest economy.

“Angola’s oil wealth had in recent times made its economy bigger, with crisis-hit Portugal relying on the Southern African country as it seeks foreign investments to put its economy back on track.

“The corporate world’s fascination with Africa shows clearly in the rates of change of sentiment,” the report said.

It, however, said that Nigeria remained the clear leader out of the African countries with twice the number of companies in the index considering investing in the West African country.

“Nearly three in 10 companies have Nigeria on their watch list,” it said.

SOURCE: News Agency of Nigeria

18

Jun 2014

Nigeria attracts N28tr private investment in four years – FG

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A total of N28 trillion has been invested into Nigeria’s economy by the private sector between 2010 and 2013.

This is over 100 per cent more than the Federal Government’s target of N13trillion for the period.

Minister of Information, Mr. Labaran Maku, disclosed this while briefing State House correspondents on Wednesday at the end of the weekly Federal Executive Council meeting.

He was joined at the briefing by the Minister of Tourism, Culture and National Orientation, Chief Edem Duke.

Maku said the figure was one of the highlights of the report of the implementation of first development plan of the country’s Vision 20:20 presented to the council by the Ministry of National Planning for review.

He said the report which would soon be presented to the public showed clearly that the present administration had achieved significantly the goals set out in the first implementation plan.

Nigeria's President, Goodluck Ebele Jonathan

Nigeria’s President, Goodluck Ebele Jonathan

He said, “One of the highlights of what we saw today was that under this period because of the present reforms that were really encapsulated ‎in the take-off of the first national implementation, we have overshot by more than 100 per cent the inflow of private sector investments in the economy.

“We targeted N13 trillion investment plan by the private sector to be able to reach our goals in the first plan.

“But the initial report we saw today was that the private sector actually invested over N28 trillion in the economy in the period between 2010 and 2013 which was over 100 per cent above the initial target of N13 trillion.

“What the report shows is that the Nigerian economy is growing by leaps and bounds and that inspite of the challenges we have had in the Northern part of the country, investments are continually flowing into the economy.

“The economy is growing and we have moved from 30th position in the global economy to 26th position by the end of 2013. We are now 26 from 30 when we started in 2010.”

Maku said the report further showed that by the time the government would implement the second plan between 2013 and 2017, the country will be moving closer to the 20th position on the global economy by the size of GDP.

He added that by the time the government implements from 2017 to 2020, Nigeria would have realised its dream of being among the 20 largest economy of GDP.

Maku also disclosed that President Goodluck Jonathan would on Tuesday perform the ground-breaking of the Centenary City being designed to mark the 100 years of the nation’s amalgamation.

He said all resources required for the city would be provided by the private sector while the Federal Government would facilitate by providing land for the project.

Duke said Nigeria will be playing host to Africa between July 2 and July 5 when it will be hosting the African Fashion Summit.

He said 25 countries had confirmed participation with 30 fashion journalists from 17 countries.

Judges, he added, would be drawn from Canada, Italy and South Africa for the event that will attract about 1,000 delegates.

SOURCE: PUNCH NEWS

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