The Nigerian Investment Promotion Commission (NIPC) has disclosed that Foreign Direct Investment (FDI), worth billions of dollars had led to the creation of over 10,000 jobs in the country.
This disclosure was made by the NIPC Governing Council, Chairman, Hon. Babangida Nguroje, while giving a breakdown of the successes the commission has achieved under the current administration.
According to Nguroje, the commission, through its policy, had created an enabling environment to attract genuine investors into the country.
Nguroje also made known that Nigeria was among the top three most favourable countries in Africa in terms of ease of doing business.
“We are satisfied that the current administration has provided opportunities for all investors to bring their businesses into the country as well as boost the micro economy as one of the most critical sectors.”
These achievements, he stated, had become possible because of the determination of the current administration to clear all hurdles that created stumbling blocks for both local and foreign investments across Nigeria.
Why this matters: The importance of foreign investments cannot be overemphasized. It doesn’t only serve the profit interests of foreign investors but also plays a key role in the economic growth of the country.
Contrary to NIPC’s report of laudable foreign investments in the country, the latest capital importation data released by the National Bureau of Statistics (NBS), has it that there has been a sharp decline in foreign investments into the country, as the FDI in the second quarter of 2019 dropped to $5.82 billion compared to $8.48 billion recorded in the first quarter.
The downside of this report suggests that investors are losing confidence in the country’s economy which could lead to an economic downturn that may hike the unemployment rate.