Nigeria currently has $30bn investment commitments, says minister

The federal government says the country currently has about $30 billion in investment commitments from various investors.

Doris Uzoka-Anite, minister of industry, trade and investment, disclosed this at the ministerial media briefing in Abuja organised by the ministry of information and national orientation on Friday.

According to Uzoka-Anite, the commitments will be redeemed within five to eight years.

She said investments, commitments, and pledges were also received from oil and gas free zones.

“I hosted the managing director of Shell who explained to me about the investment plans of Shell,” Uzoka-Anite said.

“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.”

Speaking on the outcomes of Nigeria’s bilateral deals, the minister highlighted successful bilateral engagements, like the G20 summit in India that “yielded $14 billion in pledged FDI inflows to Nigeria”.

Reiterating significant investment announcements and partnership opportunities for Nigerian trade, she attributed them to President Bola Tinubu’s diplomatic visits to India and engagements with stakeholders in the oil and gas sector.

“Our bilateral engagements have been fruitful and have led to significant investment announcements and partnership opportunities for Nigerian trade,” she said.

The minister added that last week, the government secured $10 billion in investment commitments for the oil and gas sector.

She said following this achievement, the Confederation of Indian Industries visited Nigeria to delve deeper into identified investment prospects.

“These interactions with countries such as India, Germany, the Netherlands, the UAE, and South Africa, among others, have created opportunities for investment and the development of collaborative regulatory frameworks,” she said.

Uzoka-Anite said Nigeria received an expression of interest from a leading steel manufacturer in India, committing $7 billion to the country’s steel sector.

She also said the Nigerian Bottling Company has invested $1.3 billion over the past decade, with plans for an additional $1 billion investment in the next five years.

The minister emphasised collaborative efforts between the ministry, customs, the Central Bank of Nigeria (CBN), and the ministry of finance to automate the export permit process for increased transparency.

She reiterated the commitment to enhance transparency by automating the export permit process, enabling better oversight and auditing to ensure that exports are duly repatriated.

Uzoka-Anite, who envisaged more investments into the country, said it would not have been possible without the commitment of the federal government led by Tinubu.

She said with increased investments come job opportunities and economic growth, which is part of the priority of the government.