President Goodluck Jonathan has said that foreign direct investment in Nigeria in 2012 is well over N81 billion. Jonathan, who was represented by the Minister of Trade and Investment, Mr. Olusegun Aganga, said that the increase was a result of his administration’s commitment towards revitalizing the real sector of the economy.
The President, who disclosed this at the opening of the Lagos International Trade Fair, over the weekend, stated that he has directed the Ministry of Trade and Investment to forge ahead in the introduction of a National Industrial Revolution Plan that is bound to rapidly and radically revive the ailing industrial sector. In view of the current realities in the global economic landscape, the president said, “the imperative of diversifying Nigeria’s economy away from non-oil sector has become very compelling more than ever before. “Government is aware of this and we have embarked on several initiatives geared towards the diversification of the product portfolio of Nigeria’s economy.
In this regard, government has committed over N100 billion towards revamping of textiles industries in the country, while also committing substantial amount to boosting the Nollywood entrainment industry on which the country has some comparative advantage,” he said. He observed that government is aware of the challenges that the private sector is faced with, especially as it relates to access to finance and infrastructure renewal.
In mitigating these challenges, he said that government has earmarked billions of naira in intervention fund for industry through the Bank of Industry. He stated that government is fervently committed to the reform in the power sector, adding that recent improvements in power supplies to different parts of the country bears eloquent testimony to the commitment of the government toward adequate provision of electricity for industrial, commercial and domestic uses.
“We shall not rest on our oars until the privatization process is concluded. Government is also tackling the security challenges through various strategies,” headed. Speaking at the event, the President of Lagos Chamber of Commerce and Industry (LCCI), Mr. Goodie Ibru, said the theme: ‘Promoting Trade for Sustainable Economic Transformation”, was chosen to underscore the significance of trade in the realization of the collective aspiration of rapid economic transformation.
He noted that the creation of an enabling environment to enhance competitiveness is crucial, addind that the key drivers of any economy are the entrepreneurs.