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Making Nigeria Investment Haven

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13 years ago

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On assumption of office on May 29, 2011, President

Goodluck Jonathan created the Ministry of Trade and Investment to boost the fulfilment of his embryonic Economic Transformation Agenda.

The new ministry was carved out from the Ministry of Commerce and Industry, with an expanded mandate of creating the enabling environment to stimulate domestic investments and attract foreign direct investments.

The raison d’être behind the creation of the  Ministry was to enhance job creation, wealth generation and all-inclusive economic growth in the country.

A year after the ministry’s creation, stakeholders and industry watchers say that the government’s action is, to a large extent, getting the desired results.

Commenting on the ministry, Gov. Babangida Aliyu of Niger commended the Federal Government for its establishment, saying that it had since been providing quality service delivery.

He noted that the Mr Olusegun Aganga, Minister of Trade and Investment, had also brought his wealth of experience to bear on the affairs of the ministry.

“His (Aganga’s) appointment by President Jonathan, first as the Minister of Finance, and now as Minister of Trade and investment, has resulted in the introduction of policies and reforms which have helped to put Nigeria on a sound footing to attract local and foreign direct investment across all sectors of the economy,” Aliyu noted.

Aganga’s most favourite slogan since his assumption of office has been the popular “Investment Golden Rule’’, which states that “investment flows in, settles and ultimately grows where it is treated well and appreciated.”

As part of efforts to make Nigeria the preferred investment destination, Aganga said that the ministry had embarked on the reform of the country’s investment climate, working in tandem with UK’s Department for International Development (DFID) and the World Bank.

He has also inaugurated committees on “Doing Business’’, “Competitiveness’’ and “Investor Care’’, while establishing the “Competitiveness Council’’.

In addition, the ministry has made concerted efforts to strengthen the One-Stop Investment Centre (OSIC) of the Nigerian Investment Promotion Commission.

Just recently, the Corporate Affairs Commission (CAC) officially inaugurated its start-to-finish 24-hour business incorporation service.

What this means is that it now takes just one day for anyone to register or incorporate a business.

Aganga stressed that the target was to ensure that companies were registered within two hours, while instituting a vibrant and transparent companies’ registry.

“We want a registry where services will be user-friendly; we want to show local and international investors that Nigeria means business,’’ he said.

To ensure the scheme’s effectiveness, the minister directed that a complaints register should be opened to accommodate the complaints of those who were not able to get their companies registered within 24 hours.

All the same, these investment climate reform programmes have been yielding the desired results, going by the latest statistics released by the UN Conference on Trade and Development (UNCTAD).

The statistics placed Nigeria as Africa’s biggest destination for Foreign Direct Investment (FDI) in 2011, with a total FDI inflow of 8.92 billion U.S. dollars (about N1.3 trillion)

According to the 2012 World Investment Report, subtitled “Towards a New Generation of Investment Policies”, released by UNCTAD in Geneva in November, Nigeria received 8.92 billion dollars in FDI, thereby placing it as first in Africa.

In the report, South Africa was ranked second with a total FDI inflow of 5.81 billion U.S. dollars.

Besides, reports from the Ministry of Trade and Investment indicated that Nigeria secured over N6.8 trillion investment commitments from local and foreign investors within the last one year.

Aganga explained that the investment commitments were secured from over 70 investors’ meetings held at home and abroad.

The minister said that such meetings held in 2011 alone showed a total commitment of N3.9 trillion over the next three years.

International relations experts and diplomats have attributed the growing interest in Nigeria by both local and foreign investors to the large untapped investment opportunities existing in the country.

Speaking during his visit to Nigeria, Mr Simon Smits, Kingdom of the Netherlands’ Vice-Minister of Foreign Trade, noted that the opportunities in Nigeria far out-weighed the challenges.

“What I have observed during the past few days of my visit to Nigeria is that when I discussed with business people from Nigeria and The Netherlands, they agreed that the opportunities in Nigeria out-weigh the challenges,’’ Smits said.

Similarly, a renowned economist, Mr Charles Robertson, said in a recent interview with Reuters that Nigeria was currently the best investment destination globally, with prospects for high returns on investments.

“We know Nigeria is not risk free. But look around the world and find another economy with a population of 160 million and with such a great potential. It’s a struggle to find them,’’ Robertson said.

Sharing similar sentiments, Mr Ketan Makwana, the Special Adviser on Youth, Commerce and Culture to the Cabinet Office of the British Prime Minister, said in a recent interview that foreign nationals should disregard insinuations that Nigeria was not safe for investment, visitation, or residency.

“Nigeria is most definitely an emerging economy, with more of its population seeking entrepreneurship as a way of life. I am one of those who believe that you cannot comment on something except you have experienced it yourself.

“I will advise foreigners to disregard the erroneous impression that Nigeria is not safe. Ignore what you hear, come and experience it yourself. Then, you can make a decision. Nigeria has almost become a second home to me,’’ Makwana added.

Economic analysts, nonetheless, appeal tothe government toi sustain the drive for foreign direct investment in the country, while providing  to necessary logistics support for the Ministry of Trade and Investment.

“The ministry is well-positioned to boost the country’s economic growth,” some of them noted.

Aregbesola is of the  NAN.

 

Isaac Aregbesola

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Association Woos Govt, Coys On  Boat Operators  Employments

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1 week ago

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June 12, 2026

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The leadership of Bonny Maritime Boat Association has called on Rivers state Government and oil companies operating in the state to provide sustainable employment to unemployed boat Operators.
The Association also want the government, companies and other relevant employers of labour to provide trainings for boat Operators to enhance their skills
Safety Officer of the Association, Comrade Kingdom Kingsley made this known in  a  telephone interview with  The Tide.
He noted that most of the boat Operators and owners plying Bonny route lacks jobs due to the fleets of boats introduced by Bonny Road Transport that had taken over the passengers to the Island
He noted that passengers are no longer patronizing boats owned by the Association, thereby rendering the operators redundant
“Most of our operators can not afford to feed their families due to no jobs, we don’t want to indulge in crime, government should fix our members with  sustainable jobs to take care of their immediate needs”
He called on oil companies operating in the state to engage their skilled boat Operators in their companies to reduce the sufferings faced by the Association.
The Safety Officer called on the state government  to made funds available to unemployed youths in the state to start up business than roam the streets.
He noted that provision of funds to youths would reduce crime rates and reposition their mindsets for a better life
“The  youths of Rivers state are suffering, have no job to feed their families, thereby indulging in criminality daily”
“The youths need empowerment,  jobs,  recreational facilities and better things of life as citizens of this Nation”, Kingsley said.
CHINEDU WOSU
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FG Approves $1 Bn AFCFTA Credit Facility For Nigerian Exporters

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1 week ago

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June 12, 2026

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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this  during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
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NIWA Harps On  Avoidance Of Leaking Boats

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1 week ago

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June 12, 2026

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The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
 NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
 Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said  the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU
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