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Nigeria to rake in N14.67tn investments in 2017



Nigeria to rake in N14.67tn investments in 2017

If all things go well, Nigeria will rake in about N14.67tn into its economy from both foreign and local investors before the end of the 2017 fiscal year.

This is according to statistics obtained from the Ministry of Budget and National Planning, at the weekend.
Details of the projection showed that, when compared with 2016 investment of N13.6 trillion, an increase of N1.1 trillion, about 0.1 per cent will be recorded in 2017.

A further breakdown of the figure indicates that the private sector is expected to attract about N10.8 trillion, an increase of N596bn over the N10.2tn investment, in 2016.
Through the Federal Government investment drive, a total investment of N2.05tn will come in 2017, as against the N1.6tn it made in 2016.

Also, state governments will be expected to attract a total amount of N1.85tn investment within the same period under review.

Officials of the Ministry say for the Federal Government to achieve this it has already started providing some incentives to support industrialists by way of reviewing its local fiscal and regulatory policies geared towards developing more industrial cities, parks and clusters nearer to the ports for easy transportation of consignment in and out of the country.

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According to a source, the Executive Secretary, Nigerian Investment Promotion Council (NIPC), Ms Yewande Sadiku, had been having a series of meetings with stakeholders since February 2017 to prepare them for the new policy direction.

She was quoted as having told them that “NIPC is working assiduously to promote the required synergy between investors and critical stakeholders in various sectors of the Nigerian economy.”
Sadiku reportedly promised that the agency would work hard to promote the ease of doing business within the area of its jurisdiction as part of its contributions to the recovery efforts.

However, most investment analysts said the recession has challenged Nigeria into diversifying its economy, as there are many foreign investors looking for enabling environments in which to put their money.
Mr. Simon Duruaku, the managing director Ducatex Nigeria, a service provider said: “The sign of recovery from the recession is there, but government should not take anything for granted, because the oil and gas sector can still slip into price crisis anyway.
“Expectation is that Nigeria should capitalise on the goodwill it recently enjoyed while selling the $1 billion Eurobond to float Industrial Reviving Bond, which I believe many foreign investors will go for, given the country’s potential.”

Others called for quicker approach in revitalising the export processing zones by reviewing local fiscal and regulatory incentives.
They also called for waivers on the equipment and machinery imports required for agro-industry, and for establishment of special economic zones to provide dedicated infrastructure to support industrial productivity base.

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