Business
Making Nigeria Investment Haven
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
The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with a firm, Sweetcrude Ltd., has announced detailed selection criteria for the inaugural “Champions of Nigerian Content Awards”, designed to honor outstanding contributions to local content development in Nigeria’s oil and gas sector.
The Tide learnt that the event, scheduled to hold 21st May, 2025, at the NCDMB’S content tower headquarters in Yenagoa, capital of Bayelsa State, will recognize individuals and organizations that have demonstrated exceptional commitment to advancing Nigerian Content in 2024.
The Tide further gathered that the ceremony will coincide with the Nigerian Oil and Gas Opportunity Fair (NOGOF), which promises to spotlighting industry excellence and contributions to national economic transformation.
A statement by the Board’s Directorate of Corporate Communications and Zonal Coordination says the event has 12 Award Categories, which include, “Nigerian Content Icon of the Year”, “Nigerian Content Lifetime Achievement Award”, “Nigerian Content International Upstream Operator of the year”, and the “Nigerian Content Independent Upstream Operator of the year”.
Others are, “Nigerian Content Midstream Operator of the year”, “Nigerian Content Downstream Operator of the year”, “Nigerian Content International Service Company of the year”, Nigerian Content Indigenous Service Company of the year”, and the “Nigerian Content Innovator of the year”.
Also included are, “Nigerian Content Financial Services Provider of the year”, “Nigerian Content Media Organization of the year”, and “Women in Leadership Award for Promoting Gender Equality and Empowerment”.
According to the NCDMB, the criteria for oil and gas operators will include key and empirical benchmarks such as Production output for crude oil and gas volumes, Compliance with Nigerian Content Plans (NCPs) and Nigerian Content Compliance Certificates (NCCCs).
Other criteria are adherence to NOGICD Act reporting requirements, such as submission of Nigerian Content Performance Reports and Employment & Training Plans.
The Board’s statement added that similar criteria will apply to financial institutions, media organizations, and individuals, ensuring a transparent and merit-based selection process.
“Winners for the Nigerian Content Icon of the Year, Innovator of the Year, and Women in Leadership Award will also be selected based on measurable performance indicators.
“The Advisory Committee of Industry Titans will Oversee the process to uphold the prestige of awards. The Committee consist of distinguished experts set up to oversee nominations and validate winners”, the NCDMB said.
Members of the committee, according to the Board, include: Pioneer Executive Secretary of the NCDMB, Dr. Ernest Nwapa; Secretary-General, African Petroleum Producers Organization, Dr. Omar Farouk; and former Zonal Operations Controller, DPR, Mr. Woke Akinyosoye.
The Statement quoted the Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe, as emphasizing that the awards aim to becoming the oil and gas sector’s equivalent of the Oscars, celebrating genuine impact rather than mere participation.
“This recognition is reserved for those who have gone beyond compliance to drive tangible growth in Nigerian Content.
“With a focus on credibility, compliance, and measurable impact, the Champions of Nigerian Content Awards is poised to set a new standard for excellence in Nigeria’s energy sector”, the NCDMB Executive Scribe said.
By: Ariwera Ibibo-Howells, Yenagoa
Nigeria’s apex Banking institution, Central Bank of Nigeria (CBN), has declared that Federal Government’s debt servicing increased to N696billion in January 2025.
The CBN’s recently published Economic Report revealed a precarious fiscal position, which worsened in January 2025 as debt servicing obligations exceeded total retained revenue by a wide margin.
According to the report, the Federal Government’s debt servicing obligations for the month stood at N696.27bn, while total retained revenue amounted to only N483.47bn, indicating that debt service alone consumed about 144 per cent of all government earnings.
This development highlights the growing debt burden and dwindling fiscal space facing Africa’s largest economy.
According to the report, despite slight improvements in some revenue categories, the retained earnings were grossly inadequate to cover obligatory debt repayments, exposing the government’s continued reliance on borrowing to meet basic obligations.
The report further revealed that retained revenue in January 2025 only recorded a marginal 0.89 per cent increase when compared with the N479.21bn generated in the corresponding month of 2024.
”FGN retained revenue declined in the review period, owing largely to lower receipts from Federal Government Independent Revenue and FGN’s share of exchange gain.
“At N0.48tn, provisional FGN retained revenue was 69.19 and 70.40 per cent below the levels recorded in the preceding period and monthly target, respectively”, it revealed.
While this points to stagnation rather than growth, the marginal rise was wiped out by the overwhelming debt service obligations.
The retained revenue components showed that the Federation Account contributed N167.69bn, while the VAT Pool Account delivered N90.73bn.
By: Corlins Walter
The Federal Government has announced plans to commence the payment of the outstanding N35,000 wage award arrears owed workers in the Federal Civil Service.
A statement issued by the Office of the Accountant-General of the Federation (AGF), which was signed by the Director of Press and Public Relations, Bawa Mokwa, said the outstanding arrears will be paid in instalments, with workers set to receive N35,000 per month for five months.
It clarified that the first tranche of the wage award arrears would be released immediately after the April salary payment.
“The wage award arrears was not paid with the April 2025 salary; it will come immediately after the salary is paid”, the statement read.
The Federal Government had earlier disbursed wage awards to federal workers for five months as part of efforts to cushion the impact of economic reforms. However, five months’ arrears remained unpaid.
The AGF office further reiterated the government’s commitment to fully implementing all policies and agreements relating to staff remuneration and welfare, noting that such efforts were geared towards enhancing productivity and operational efficiency across ministries, departments, and agencies.
The N35,000 wage award was introduced in 2023 as a palliative measure to support workers following the removal of the petrol subsidy and other economic adjustments.
In January this year, the Federal Government assured workers that it would clear the arrears of the N35,000 wage award, just as it also said the government had resumed the payment of the wage award.
The government also reiterated its commitment to addressing issues in the National Minimum Wage agreement reached with the Organised Labour in 2023.
The Minister of Labour and Employment, Nkeiruka Onyejeocha, had disclosed the government’s commitment towards implementing agreements with trade unions during separate meetings with the leadership of the Trade Union Congress and Congress of University Academics, in Abuja.
The Nigeria Labour Congress had criticised the Federal Government over the delay in the payment of the minimum wage for certain workers in the federal civil service.
Also, the Federal Government had earlier blamed the delay in payment on the prolonged approval of the 2025 budget.
By: Corlins Walter
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