The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, painted a positive picture of Nigeria’s investment climate, announcing a remarkable $30 billion in investment commitments from diverse investors. This encouraging news emerged during a ministerial media briefing held in Abuja on Friday.
Dr. Uzoka-Anite elaborated that these commitments are anticipated to be realized within a timeframe of five to eight years, injecting significant capital into the nation’s economy. Notably, she highlighted investments, pledges, and commitments received from oil and gas free zones, with an additional $10 billion pledged just last week.
Among the key players making significant commitments, Dr. Uzoka-Anite mentioned Shell. She clarified the company’s intentions, stating, “I hosted the managing director of Shell who explained to me about the investment plans of shell. 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.”
Expressing optimism for further investments, Dr. Uzoka-Anite attributed this positive trend to the unwavering commitment of the President Bola Tinubu-led administration. She emphasized the crucial link between increased investments, job creation, and economic growth, all of which align with the government’s key priorities.
Key points:
- Nigeria has secured $30 billion in investment commitments.
- Investments will be realized over 5-8 years.
- Oil and gas free zones pledged an additional $10 billion.
- Shell is not leaving, but rather expanding and shifting investments to gas and offshore assets.
- Dr. Uzoka-Anite sees more investments coming and credits the Tinubu administration for this positive trend.
Source: People Gazette