FG targets $16bn foreign investment in 2013

The Federal Government of Nigeria has said that it was targeting 16 billion dollars in foreign direct investment, (FDI) into the country in 2013 to further create jobs and wealth for the nation. Dr Olusegun Aganga, Minister of Trade and Investment, said this in Abuja at the closing ceremony of the 8th National Conference on Investment (NCI) organised by the Nigerian Investment Promotion commission (NIPC).
The minister disclosed that Nigeria had so far realised 8.9 billion dollars from foreign investment which represent a 40 per cent increase from the 2010 achievement. Aganga said that the government was determined to improve the country’s investment environment so that it could take its rightful position as a major player in the global economy.
He said that the present administration was not comfortable with the current investment competitiveness ranking of Nigeria and called for synergy between the federal and state governments to improve the country’s investment environment. The minister said that NIPC was working with the states of the federation to ensure that they established their own One Stop Investment Centres (OSIC). There is ongoing collaboration between the NIPC and some States of the federation, to establish One-stop Investment Centres and investment promotion outfits in the different states.
“This is to ensure that OSIC facilities are available at the grass roots,” the minister said. Aganga noted that the NCI, since inception, had made remarkable progress, especially by ensuring harmony between the federal and state governments in the area of investment incentives. He added that the federal and state governments were working together to develop a sector-specific investment policy document as part of efforts to provide a level playing field for genuine investors. In their goodwill messages, The Minister of Agriculture, Dr Akinwunmi Adesina, and his Works counterpart, Mr Mike Onolememen, pledged the collaboration of their ministries with the Ministry of Trade and Investment to further improve the nation’s economy.
The Secretary to the Government of Federation (SGF) Chief Anyim Pius Anyim, who declared the conference closed, said the present administration was determined to transform the economy through the growth of small and medium enterprises (SMEs). He said the future of the country was tied to the growth and development of SMEs so that more jobs and wealth could be created. Anyim said the government planned to provide critical infrastructure such as power, roads and water to facilitate economic growth and improve the living standards of Nigerians. The SGF appealed to financial institutions to help the government to achieve this by providing adequate funds for the development of the SMEs.