Nigeria records 100% rise in investment announcements at $10.1b
The federal government has disclosed that Nigeria’s economy recorded $10.1billiom investment announcement in the first half of this year.
Otunba Adeniyi Adebayo, Minister of Trade and Industry, made this known at Lagos International Trade Fair, held at the Tafawa Balewa Square, organised by the Lagos Chamber of Commerce and Industry (LCCI).
Adebayo explained that the $10.1billion announcement was a-100 per cent increase over that of last year.
He said: “The year 2020 was challenging for all economies but Nigeria is coming back strong. In the first half of this year, investment announcement was $10.1 billion.
“And increase of 100 per cent of the year 2020. Investors from Europe, China, Morocco and the United Kingdom are making strong commitments and this administration is working tirelessly to ensure these commitments turn into projects that positively affect our nation.
“To push our trade activities and prospects, we must support locally manufactured goods. It is in this regard our government signed Executive Order 003 in 2017 and several campaigns have been launched to create necessary awareness and momentum.
“Once again, I want to use this medium to call for collaboration between Federal Government agencies and State governments towards this end.
“The cooperation of all of us as patriotic Nigeria as well as that of our friends around the world will be required to achieve our targets including I want to extend my appreciation to the members of LCCI for their consistent coordination of such an event annually.”
The minister explained further that trade plays a significant role in the economic growth of a nation intent on building wealth and improving its foreign reserves position.
“Trade is central to ending poverty, raising peoples’ standards of living, accelerating economic growth and improving productivity. It is a key driver of GDP growth, and, of course, employment creation,” Adebayo said.
He noted that the relevance of Lagos hosting the trade fair is rather obvious. Aside being Nigeria’s financial hub, it is also home to the major Exchanges; the Nigeria Exchange Plc (NGX Plc), Financial Markets Dealers Quotations (FMDQ), National Association of Securities Dealers (NASD) and the Lagos Commodities and Futures Exchange (LCFE).
Lagos also accounts for over 80 per cent of the country’s foreign trade flows and generates over 50 per cent of Nigeria’s port revenue.
According to him, Lagos International Trade Fair is a great platform to amplify the country’s trade discussions and ensure that the business community is well positioned for the Africa Continental Free Trade Area (AfCFTA).
