Nigeria’s Trade Minister, Otunba Adeniyi Adebayo, has stated that Nigeria’s recent economic activity has shown signs of improvement and that foreign investors are making strong commitments, while the administration is working tirelessly to ensure that the commitments yield good outcomes.
He also added that the African Continental Free Trade Area, AfCFTA, would enhance Africa’s capacity to unlock growth and create jobs.
The Minister disclosed this at the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Diplomatic Luncheon in Abuja, according to the News Agency of Nigeria.
Adebayo revealed that 2020 had been a tough year for economies globally, citing that Nigeria’s economic rebound had witnessed investment announcements valued at $10.1 billion in the first half of the year, a 100% increase from the year before.
What the Minister said
“Investors from Europe, China, Morocco and the UK are making strong commitments and this administration is working tirelessly to ensure that these commitments turn into projects that positively affect our nation,” the Minister said.
“The Federal Government recognised the importance of attracting and retaining patient investment into the economy,” he said, adding that this accounted for the ministry’s commitment to the strategic relationship that existed with the chamber.
“I would like to reiterate my ministry’s commitment to the strategic relationship that exists with the chamber and to continue working with the leadership towards our collective objectives.”
He added that the FG’s commitment was even more germane with the implementation of the Africa Continental Free Trade Agreement (AfCFTA), stating that the “AfCFTA will enhance Africa’s capacity to unlock growth and create jobs by building our industrial capacity, enlarging our productivity and making us more competitive globally.”
“NACCIMA is pivotal in ensuring Nigerian businesses remain competitive in this new environment,” he said.
He added that other benefits to the improved economic climate included the improved ranking of Nigeria on ease of doing business by the World Bank, with the Executive Order 001, a directive that promotes transparency and efficiency in the business environment and revised Nigeria’s Bilateral Investment Treaty (BIT) model to include specific provisions for investment facilitation and actualisation.
In case you missed it
- The Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, earlier stated that the 5.01% GDP growth recorded in the second quarter of 2021 by Nigeria was a sign that the economic recovery was gradually picking up steam
- She added that the economic recovery was boosted by favourable international economic conditions expected as economic activities and normalcy returned across major economies, adding that the agriculture sector slowed down growth, as it grew by 1.30%.