Business
Nigeria’s Investment Portfolio Rises To N8.5trn
The Minister of Trade and Investment, Dr Olusegun Aganga, said last week in Abuja that the Federal Government had attracted foreign direct investment commitments of over N8.5 trillion.
Aganga announced this while briefing State House correspondents on the outcome of the Federal Executive Council (FEC) meeting presided over by President Goodluck Jonathan at the Presidential Villa.
He said the investment commitments, which cut across the major sectors of the economy, would roll in five years.
Aganga said the meeting was briefing by his ministry and the Ministry of Environment on the progress and challenges in the past one year.
He said that over N8.9 billion of foreign direct investment were attracted into the country in 2012, according to a report by UN Conference on Trade and Development (UNCTAD).
He said the report placed Nigeria as the first in Africa.
According to the minister, Nigeria currently exports 117 products to 103 countries.
Reviewing the performances of the 16 parastatal agencies under his ministry, Aganga said that the Corporate Affairs Commission (CAC) in Abuja and Lagos operate 24 hours service.
He said the Standard Organisation of Nigeria had reduced the influx of substandard products into the country from 85 per cent to 60 per cent.
Aganga also said that the Bank of Industry gave out over N122 billion in loans which created more than 633,000 jobs with an additional 5,000 jobs created in the textile industries.
He said that trade accounted for 18.1 per cent of national GDP and that government would soon launch industrial revolution plan that would link industries to innovations.
On her part, the Minister of Environment, Hajia Hadiza Mailafia, said the ministry was faced with challenges of erosion and pollution control among others in 2012.
She said the South East region was the worst hit in terms of erosion.
The minister said of the 15 erosion projects awarded in 2012, two had been completed, while 13 are at various stages of completion.
Mailafia said the ministry made appreciable progress in the areas of renewable energy and pollution control.
She noted that there are three million dump sites spread across the country and 26 waste recycling management facilities set up in collaboration with the private sector.
The minister said government had approved funding for the total clean-up of the areas in Zamfara affected by lead poisoning.
She identified improved funding, capacity building and advocacy as the challenges facing the ministry.
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