The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, has said Nigeria secured an investment commitment of over $30 billion since the inception of President Bola Tinubu’s administration.
Speaking at the Ministerial Sectoral Update marking President Bola Tinubu’s first year in office, on Tuesday in Abuja, Uzoka-Anite stated that the Federal Government is set to establish commercial courts across the country to try business cases.
Highlighting Nigeria’s investment landscape, Uzoka-Anite revealed that the country has secured investment commitments exceeding $30 billion across various sectors.
“Led by the commitment of His Excellency Mr. President, we are attracting capital investments that will transform our homegrown enterprises and industries into global players,” she stated.
The minister also discussed efforts to boost private equity capital.
“The Nigeria Diaspora Fund is a key initiative aimed at mobilizing and utilizing remittances of between $20 to $25 billion annually into the productive economy,” she said. This initiative has garnered strong support from private equity and asset management firms, which are now assured of government backing to remove roadblocks and red tape to ensure investment success.
According to her, the administration has initiated significant reforms to the Nigerian Commodity Exchange aimed at ensuring food security and boosting the agricultural and mining sectors.
Highlighting the expected impact of these reforms, she said, “These reforms at the Nigerian Commodity Exchange will create a future where the hard work of our farmers and miners translates into equitable opportunities in national and international markets.”
She added that the changes are expected to minimise food inflation, enhance production and boost private-sector investment, contributing to economic empowerment, especially among smallholder farmers and miners.
On the success of Nigeria’s bilateral engagements during the year, she said, “We have successfully negotiated and executed multiple trade and investment agreements, further strengthening our bilateral relations and market access with countries such as Qatar, the UK, India and the UAE.”
According to her, the ministry is concerned about the rejection of export products from Nigeria, to streamline this, the ministry is establishing One-Stop Export Processing Centers across geopolitical zones.
“These centres will house all government agencies and private institutions that warehouse, test, certify, package, and document goods for export,” Uzoka-Anite explained.
The centres will also ensure that all exports are backed by inward letters of credit, thereby strengthening Nigeria’s currency and economy.
She also disclosed that there has been a remarkable increase in revenue for the Lagos International Trade Fair Complex, stating that so far ₦430 million has been generated from the facility, adding that Nigeria is set to host the next trade fair which was last hosted in 2010.
This development, she said, aims to send a strong message that Nigeria is a big player for investors.
The minister further explained that the federal government has invested $3.5 million to unlock the textile and apparel industry, and is set to flag off the ‘light up ‘campaign to boost the power situation for Small and Midsize Enterprises.
Uzoka-Anite emphasised the ministry’s commitment to creating an enabling environment for investments and driving economic growth. “Our private equity and asset management firms are adept at attracting investments, and with the support of the ministry, there is now an assurance that the government is backing this investment drive,” she said.