The United Nations’ Conference on Trade and Development (UNCTAD) has
disclosed that despite its challenges, Nigeria remains the number one recipient
of foreign direct investment (FDI) in Africa for the second year running.
This is as President Goodluck Jonathan on Monday also declared that
despite Nigeria’s challenges, it is progressively marching towards her goal of
becoming one of the 20 biggest economies of the world.
The president stated this while speaking at the opening ceremony of the
16th Honorary International Investors Council (HIIC) meeting at the Banquette
Hall of the Presidential Villa, Abuja.
Jonathan, who was represented by Vice President Namadi Sambo, stated
that “our determination to ensure that Nigeria becomes one of the world’s 20
most industrialised nations is growing stronger”, adding that his
administration has significantly improved on the nation’s investment climate.
“Let me reaffirm that our efforts under the transformation agenda are
yielding impressive results. Today, Nigeria is one of the strongest economic
performers in Africa. For the second year, the United Nations’ Conference on
Trade and Development has declared Nigeria as the number one recipient of
foreign direct investment FDI in Africa.”
“Besides current security challenges, Nigeria’s position as the
preferred destination for foreign direct investment in Africa has been
maintained. Within the last two months, we have played hosts to several
business delegations from all over the world including a Chinese delegation of
100 businessmen, 75 Kenyan businessmen, 18 Swiss investors and second largest
business enterprise in China, a Fortune 500 company, which pledged to invest in
our transmission and power generating sector.
“The visit by the US commerce secretary accompanied by a powerful
delegation, the delegation from Pakistan and the team from Netherlands are also
worthy of note.”
Jonathan, who took an introspective review of the nation’s economic
performance, stated that he is very encouraged that measures put in place by
this administration “are steadily contributing to the attainment of the broad
objective of our administration’s transformation agenda.”
The president, however, added that though challenges remain, “We must
not relent in our efforts to sustain a predictable and stable policy
environment. We would continue to eliminate as much as possible distortions and
privileges to create a sustainable level playing ground for all investors.
“In May, this year, Nigeria hosted global leaders at the World Economic
Forum on Africa. Besides the record attendance, prospective and sizeable
additional investments into Nigerian economy were pledged. The Nigerian
industrial revolution plan which was launched recently is expected to increase
the size of our manufacturing sector from 4% of the GDP today to 10% of the GDP
by the year 2017.”
According to him, the strategic industrial revolution plan, which was
launched earlier in the year, focuses on four main areas of light
manufacturing, agro-businesses, petrochemicals and solid minerals and metals.
He added that this will help to develop the non oil sector, fast-track
the nation’s industrial development and create millions of jobs for Nigerians.
“In the agricultural sector, our reform efforts are producing
substantial outcomes in the agricultural transformation agenda (ATA). Through
the growth enhancement scheme, we have provided subsidised farming inputs to
over 4 million farmers. Last year alone, over 250,000 farmers were engaged in
producing 1.1 million metric tones of rice, during the dry season.
“Many young women across our country were also trained and provided
with farming starter kits for fishery, snail keeping livestock etc. The recent
GDP rebasing results revealed that the services industry constitute about 51%
of our GDP and employs many more Nigerians than we previously thought.”
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