The Nigerian Government has blamed the prevailing insecurity for Nigeria’s fall from the top 10 preferred investment destinations in Africa.
A report emerged this week showing that the country dropped to 14, as Egypt continued to top Africa’s investment destinations, in a ranking, carried out by RMB, a division of FirstRand Bank Limited.
Reacting to the development, the Minister of Industry, Trade and Investment, Niyi Adebayo, said several factors including the state of security are responsible.
Adeniyi while speaking on Thursday at the weekly Ministerial briefing, organized by the Presidential Communication Team at the Presidential Villa Abuja, said the government is doing all that is necessary, to return Nigeria to its position.
Asked what is responsible for the fall, he said: “The reasons for that are various, the major line being the security problem that we have in the country.
“You are well aware, the Federal Government is making every effort to resolve the security problem so that we will go back to the position of being the preferred investment destination.
“However, having said that, the feedback that I have begun to get lately from some of the people, the foreign governments that I have been meeting, is that our position is getting better because there seems to be a big interest now again in investing in Nigeria.
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“So, I’m sure as time goes on, we will begin to see an improvement in that situation.”
The minister noted that the government is currently reviewing Nigeria’s Industrial Revolution Plan, NIRP, to reflect economic realities, towards the implementation of the African Continental Free Trade Agreement, AfCFTA.
He said the review was necessary because of the new trade agreements signed by the FG, and how Nigeria can take advantage of it, including policies, that will make Nigeria reach net zero emissions by 2050.
Adeniyi also revealed that local production and backward integration industrial processes are part of the administration’s strategies, to boost job creation in Nigeria.
The NIRP was launched in 2014 by ex-President Goodluck Jonathan, as a national roadmap for real industrialization, to add NG5 trillion to the annual manufacturing revenues in five years, and accelerate industrial capacity expansions and reforms.
(Editor: Ifeanyi Mark)
