News & Events

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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