To Get Personalised contents and be able to add items to your favourites, please Sign In or Sign Up          

166 indigenous firms to invest N1.5tn in economy

News » Business

166 indigenous firms to invest N1.5tn in economy

By Layi Adeloye


About 166 indigenous firms in the non-oil sector have concluded plans to invest N1.5tn in the economy within the next 12 months.

The Minister of Trade and Investment, Mr. Olusegun Aganga, confirmed the development during a meeting with major operators in the agribusiness sector of the economy in Lagos on Tuesday.

He said the fact of the planned investment emerged at the last stakeholders meeting in Lagos between the ministries of Trade and Investment and Foreign Affairs, and industrial stakeholders.

He said the sum, a conservative estimate, was arrived at after an analysis of the survey forms filled by the companies at his maiden meeting with the Organised Private Sector and captains of industry.

Of the amount, the Dangote Group will invest N900bn in the production of fertiliser and petrol-chemicals.

The Nigerian Bottling Company Plc pledged to invest N45bn; Guinness Nigeria Plc, $225m; Odua Investment Company Limited, N37bn; the Chairman, Ikeja Hotels Plc, Mr. Goodie Ibru, $6m; among others.

According to the minister, the manufacturing, real estate, agro-allied and automotive sectors will get N1.06tn, N198.5bn, N67.8bn and N45bn investments respectively, while tourism, trade and commerce, transport and others will make up the rest.

Aganga, who commended indigenous investors for their confidence in the economy, added that the Federal Government was committed to providing the conducive environment to enable the private sector play a pivotal role in the transformation of the country’s economy.

He said that at the end of the workshop on agribusiness, stakeholders would also come out with a road map for the implementation of the Nigerian Agribusiness and Agro-industries Development Initiative.

This, according to him, will be a major step forward in efforts aimed at job creation and economic growth.

On the proposed N1.5tn investment, the minister said, “During our meeting with the OPS, we asked them to fill a survey form to indicate the sectors they want to invest in, and more importantly, the expected investments they intend to bring into that sector going forward. The objective was to know the level of investment we can get from the companies in Nigeria before we talk about Foreign Direct Investments.

“The result of that survey has just been released. It showed that the local companies will invest N1.52tn in the Nigerian economy within the next 12 months. And this is in the non-oil sector alone.”

According to Nigeria’s Vision 2020 document, the country needs to invest N34tn in growth areas in the next four years. Of this, the Federal Government will account for N10tn; states, N9tn; and the private sector (both local and international), N15tn.

The overall macroeconomic target for the medium term is for Nigeria to achieve a target Gross Domestic Product of N50tn ($333bn) by 2013, as well as growth in GDP per capita from $1,075 in 2009 to $2,008.75 by 2013.

“The Federal Government, through the Ministry of Trade and Investment, is fully committed to partnering these companies by removing any barrier that will impede the investment, which will be pro-growth and pro-jobs,” Aganga said. - Nigerian news, business news, doing business in, naija, Nigeria, West Africa

Article Credit:

Updated 7 Years ago

Find Us On Facebook