Nigerian investors to spend 1.5 trillion naira on investment

Mr Olusegun Aganga, Nigerian Minister for Trade and Investment

Nigerian investors to spend 1.5 trillion naira on investment
By Jack Acheme, Lagos

Local investors in Nigeria will in the next one year spend a total of 1.5 trillion naira in various non-oil sector of the nation’s economy, as government approves multiple Visas for foreign investors.

The Minister of Trade and Investment, Mr Olusegun Aganga, at a one-day Agric-business and Agro-industrial seminar organised by the ministry, said the investment commitment from the organised private sectors was as a result of a stakeholders meeting held recently in Lagos, south west Nigeria, with focus on what government and the organised private sector can do differently to improve the economy.

Aganga said that 166 non-oil indigenous firms had finalised plans to invest 1.5 trillion Naira in the Nigerian economy within the next 12 months.

The Minister stated that the 1.5 trillion Naira commitment by the local investors “is an indication that things are moving in the right direction, and shows the confidence they have in the economy.

Ensuring economic growth

The investment figure, which is a conservative one, was arrived at after an analysis of the survey forms filled by the companies during the ministry’s maiden meeting with the Organised Private Sector (OPS) and captains of industry two weeks ago.

The meeting according to him was a major step forward in the efforts aimed at job creation and economic growth.

“During our meeting with the Organised Private Sector, we asked them to fill a survey form to indicate the sectors they want to invest in, and more importantly, the expected investment they intend to bring into that sector going forward. The objective was to know the level of investment we can get from the companies in Nigeria before we talk about Foreign Direct Investments,” Aganga said.

The investors

Report says that of the total 1.5 trillion Naira, the President, Dangote Group, Alhaji Aliko Dangote, is expected to invest 900 billion Naira in the production of fertiliser and petro-chemicals.

The Nigerian Bottling Company (NBC) Plc pledged to invest 45 billion Naira; Guinness Nigeria Plc, 225 million dollars; Odua Investment Company Limited, 37 billion Naira; and Chairman, Ikeja Hotels Plc, Mr Goodie Ibru, 6 million dollars; among others.

According to the survey, the manufacturing, real estate, agro-allied and automotive sectors will get 1.06 trillion Naira, 198.5 billion Naira, 67.8 billion Naira and 45 billion Naira investments respectively, while tourism, trade and commerce, transport and others will make up the rest.

Aganga commended the Nigerian investors for their confidence in the Nigerian economy.

He said that the trade ministry especially, will work with each one of them on how to make it easier for them to invest the proposed 1.5 trillion Naira and invest more in their expansion programme.

Multiple visas for foreign investors

As part of innovation and response to complaints, which was raised by investors on difficulties, which prospective investors faced when trying to obtain entry visas to come to Nigeria, the federal government has approved for foreign investor coming to Nigeria, to have multiple visas.

Aganga explained that the visas could be obtained before or at the point of entry into the country.

“One of the idea that is important is that when  investors come into the country, they are able to have multiple visas or they have visa at the point of entry. I’m delighted to announced that the Ministers of Foreign Affairs, Internal Affairs and the Trade and Investment have met, discussed and taken the complaints further to the government and it has been approved’’  Aganga declared.

He added that by this development, genuine foreign investors coming to Nigeria can now obtain their visas on arrival.

At the end of the one-day workshop, stakeholders are expected to come out with a roadmap for the implementation of the Nigerian Agric-business and Agro-industries Development Initiative

Shakira