Nigeria has received commitments for almost $30 billion in investments from a variety of companies, according to Minister of Industry, Trade, and Investment Dr. Doris Uzoka-Anite.
This information was disclosed by Uzoka-Anite on Friday during the Ministerial Media Briefing in Abuja.
She stated that it is expected that the investments will pay off over a period of five to eight years.
She said that our oil and gas-free zone also produced investments, commitments, and pledges; just last week, some of them committed an additional $10 billion in investments.
“I hosted the managing director of SHELL who explained to me about the investment plans of Shell.
“I know a lot of us are aware that Shell is leaving; he came to explain to me what they mean by that. And I can tell you that they are not leaving.
“Rather, they are expanding and increasing their investments in Nigeria; they are selling their onshore assets and increasing their investment in gas and offshore assets.” She said.
Uzoka-Anite, anticipating a surge in investments, attributed the achievement to the steadfast commitment of the administration led by President Bola Tinubu.
She said that with increased investments come job opportunities and economic growth, which was part of the priority of the government.
Nairametrics recently reported that capital inflows into Nigeria experienced a substantial increase, showing a surge of 66.27% compared to the third quarter of 2023.
According to a documented report by NBS, the numbers rose from a previous $654.65 million in Q3 2023 to $1.09 billion in the final quarter of the year, signalling a robust recovery and a positive response to the economic strategies President Bola Tinubu’s administration deployed to enhance the nation’s investment appeal.
Echoing the optimistic outlook on Nigeria’s investment climate, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, noted a renewed interest among portfolio investors looking to re-engage with the Nigerian market.
Earlier also, the Federal Minister of Information and National Orientation, Mohammed Idris, recently said that these diplomatic endeavours have secured over $15 billion in Foreign Direct Investment (FDI) commitments across diverse sectors of the Nigerian economy
