The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo yesterday said the economy was coming back strongly adding that foreign investors are making a commitment to invest in the country.
Adebayo, during a meeting with Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA in Abuja, said, “Nigeria is open for business and our investment climate is continually improving.
“The year 2020 was challenging for all economies but Nigeria is coming back strong.”
He said investments announcements totalled $10.1 billion in first half of the year, representing an increase of 100 per cent in 2020.
But investment announcements don’t necessarily translate to actual investments.
He said,”Investors from Europe, China, Morocco and the UK are making strong commitments and this administration is working tirelessly to ensure that these commitments turn into projects that positively affect our nation.”
In a statement by his media aide, Ifedayo Sayo, the minister said the federal government recognised the importance of attracting and retaining patient investment into economy, adding that this accounted for his ministry’s commitment to the strategic relationship that exists with the chamber.
He said both parties will continue to work together towards a collective objectives of attracting more investments to the nation’s economy.
Adebayo said,”I would like to reiterate my ministry’s commitment to the strategic relationship that exists with the chamber and to continue working with the leadership towards our collective objectives.
“This is even more germane with the implementation of the Africa Continental Free Trade Agreement (AfCFTA).
“AfCFTA will enhance Africa’s capacity to unlock growth and create jobs by building our industrial capacity, enlarging our productivity and making us more competitive globally.
According to him, NACCIMA remained pivotal in ensuring Nigerian businesses remain competitive in the new environment.
The minister also highlighted efforts being made by the federal government to create an enabling environment for foreign direct investment.
These according to him include the Executive Order 001, which is a directive that promotes transparency and efficiency in the business environment and facilitates timely obtainment of government approvals for businesses in areas such as visa processing and business registrations.
Others are the revised Bilateral Investment Treaty (BIT) model to include specific provisions for investment facilitation and to support investors in actualizing their investments among others.