FG Seeks Increased Flow of Foreign Investment

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The federal government has stated that it is working towards increased foreign direct investments ( FDIs) in flow in the country, noting that with the current state of the economy, all hands are on deck to seek areas where Nigeria can attract the much needed foreign exchange to carry out developmental projects for economic prosperity and sustainability.

The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, during a business seminar organised by Japan External Trade Organisation (JETRO), assured investors of a safe and business friendly environment for their investments, noting that the federal government was doing all it can to improve the ease of doing business in the country.

The minister, who was represented by the Executive Secretary, Nigerian Investment Promotion Commission (NIPC), Ms. Yewande Sadiku, stated that there are more investment opportunities Nigeria and Japan can explore considering the size of Japan, while adding that Nigeria is seeking increased trade and investment inflows from Japan.

According to him: ”There is a lot more that both countries can do together. The federal government is doing all it can to improve the ease of doing business in the country, it is as a result of this, the federal government inaugurated the Presidential Enabling Business Environment Council (PEBEC) chaired by the Vice President. This council has been focused on making life more convenient for businesses in the country.”

Also speaking at the event, the Director General, JETRO Paris, Mr. Susumu Kataoka, added that  at the Tokyo International Conference on Africa Development, the Prime Minster of Japan, announced its commitment to invest about $30 billion in Africa for the sustainable development in Africa especially in infrastructure, human resources development, technology,  improvement of living conditions and regional stability.

He said the international conference had since started  to create certain dynamism among the Japanese companies, saying that more Japanese companies are getting more interested in doing new businesses in Nigeria or expanding their activities in other African countries.

“This is why I am here with the delegation of Japanese companies who are not yet fully based in this country, but are showing their interest in investing in this country. The Japanese private sector is now motivated in doing businesses here in Nigeria with a huge potential especially in terms of your population and the volume of the economy. The purpose of our visit here is to know the business environment  and this seminar is step to further deepen the existing relationship between both countries.

In her capacity as Executive Secretary, Sadiku said Africa is yet to get its fair share of investment in flow, pointing out that the continent share is miniscule when compared to many developed economies of the world.
She said although Nigeria accounts for 11 per cent of FDIs into Africa, but stressed that the amount is a far cry when compared to the potential of Africa.

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