Nigeria working to attract more foreign direct investments to prepare for AfCFTA – Trade Minister

Nigeria’s Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, has said that Nigeria is actively working to attract more foreign direct investments into key industries to meet the demands of the African Continental Free Trade Area (AfCFTA).

This was disclosed by the Minister on Thursday at the virtual Nigerian-British Chamber of Commerce (NBCC) Global Investment Conference, themed “The future of Trade and Investment in Africa.”

READ: Coronavirus second wave won’t stop African Free Trade Agreement

This morning, the Honourable Minister @NiyiAdebayo_ , spoke at the virtual Nigerian-British Chamber of Commerce(NBCC) Global Investment Conference, themed “The future of Trade and Investment in Africa”.

Also Read

• Nigerian stocks gain 6.35% in one week, as bulls takeover
• Naira falls to N1,381/$1 as FX reserves hit $51.7 billion
• Top 10 most populous countries in Africa in 2026

The conference focused on three broad elements that will spur economy… pic.twitter.com/DqvUp6zl0J

— FMITI Nigeria (@TradeInvestNG) September 17, 2020

The event covered 3 key areas that will boost trade between Nigeria and the UK. They are: The African Continental Free Trade Area, Foreign Direct Investment and Economic Risk and Accessing finance for increased trade and investment.

READ: Nigeria received capital inflows worth of $33.27 billion in 17 months

“As we gear up to meet the demands of the enlarged continental market which will be fostered by AfCFTA, we are actively working to attract more foreign direct investments into key industries,” the Minister said.

The Minister added that Nigeria’s investment priorities are:

1. Promoting digital economy, “considering its potential for growth, job creation and mitigating the impact of Covid-19.”
2. Domesticating production through various sectoral backward integration plans.
3. Exploring opportunities to boost renewable energy financing across the country.

Explore the Nairametrics Research Website for Economic and Financial Data

He urged that Nigeria should remain committed to implementing the initiatives to enable the country become a suitable environment for investment and strategic trade relationships.