Nigeria Secures $14 Billion in Investments for Non-Oil Driven Sectors

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Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--The Nigerian government has secured $14 billion to be invested in sectors of the country's economy that are not related to oil. Olusegun Aganga, the Minister of Trade and Investment, said that the investments would be made within the next year. About $4 billion will be invested in the solid minerals sector by international investors, and about $10 billion from local investments will go to the manufacturing and agribusiness sectors.

About 20 companies made firm commitments of nearly $10 billion in this first government interaction with the domestic business community, said the minister. The investments will be made only in non-oil-driven sectors, and the government will work with the companies to realize expansion plans and extend the investment survey to other companies.

In the agribusiness sector, $220 million was secured from 18 companies. The minister said that the government was working with the sector on the development of a government policy that would lead to significant investments and create jobs in the next few months, Aganga said.

The ministry, in partnership with the World Bank, European Union, United Nations Industrial Development Organization and the United Kingdom Department for International Development, started a business investment climate reform program as part of renewed efforts to increase the inflow of foreign direct investment into Nigeria.

All bilateral and multilateral trade agreements are under review to identify opportunities that have not yet been explored. A committee has been created to review Nigeria's trade policy, in line with the commitment to create a friendly environment for businesses and investment.

The minister said the last review had been undertaken in 2002, and some of the existing trade rules and regulations were outdated; this often resulted in the ad hoc and sometimes conflicting approach to implementation.

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