The Minister of Industry, Trade, and Investment (FMITI), Doris Anite, stated that despite allegations of several businesses and investors leaving Nigeria, Chief Bola Ahmed Tinubu’s administration has secured investment commitments surpassing $30 billion in a variety of economic sectors.
During a ministerial sectoral press conference honouring Chief Bola Tinubu’s inaugural year in office, she revealed this information.
Nigeria’s investment environment and its alignment with Tinubu’s Renewed Hope agenda were highlighted in Anite’s presentation, “Unlocking Trade and Investment to Achieve Renewed Hope Agenda- Key Achievements and Contributions of the Ministry.”
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Anite emphasised the ministry’s aggressive efforts to draw in capital investments with the goal of bringing the country’s indigenous businesses and industries to a global level of prominence.
She emphasised that the Nigeria Diaspora Fund was established in order to support the establishment of private equity capital by utilising the significant remittances of $20 to $25 billion that Nigerian diasporans send home on a yearly basis.
Through the use of asset management and private equity firms’ experience, this investment programme seeks to deliberately direct assets into the productive sector. Government support is provided to ensure that an environment free from obstacles and red tape is created.
The minister stated, “The Nigeria diaspora remits between 20 to 25 billion dollars annually, according to the World Bank, but these remittances have not been channelled intentionally to private equity.
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“Therefore, the investment initiative by my ministry is creating the platform to target, mobilise and utilise some of these funds into the productive economy.
“Our Private Equity and Asset Management firms are adept at attracting investments, and the support from the Ministry is an assurance that the government is backing this investment drive.”
Speaking further, she articulated, “Government will provide the enabling environment, remove the roadblocks and red tape to ensure these investments thrive.
“I have no doubt that with the success of this initiative, Nigeria will witness a boom in the formation of businesses and a strong financial and capital market.
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“We have observed that this is so because most businesses experience delays in the arbitration and legal process for enforcing contracts.
“This red tape will be removed with the automated commercial courts, and this will boost investor confidence and increase investment flows,” she added.
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