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Making Nigeria Investment Haven

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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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NPA Assures On Staff Welfare 

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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