Nigerian FG has said it will increase Foreign Direct Investment into Nigeria from $1.5bn in 2022 to $5bn by 2025
The projected increase in FDI will aid improve the country’s Ease of Doing Business ranking from 131st to 100th.
The government disclosed this in its ‘National Development Plan 2021-2025: Volume I’, which was launched recently.
According to the Federal Government, the economy is not performing well due to numerous challenges affecting the business environment.
Challenges such as deficiency in energy infrastructure, transportation infrastructure, regulatory gaps such as conflicting government policies, ineffective enforcement of rules and regulations, and multiple taxation.
It requires a concerted effort in eliminating a range of business environment impediments to increase private sector activity, job creation, investment flows and productivity.
By 2025, Nigeria would have also laid the foundation for an export-led economy and increased the contribution of non-oil exports by introducing effective trade policies and strategies.
“Nigeria plans to make effective and proactive policies and strategies to advance its trade potential and create new markets for ‘Made in Nigeria’ goods and services, completely digitize and automate trade processes and increase the contribution of non-oil exports.”
The government, however, added that it would build on recent improvements in its business environment through targeted initiatives to harmonize regulations and eliminate constraints in infrastructure.
According to it, this will improve its competitiveness and strengthen trade between Nigeria, the Economic Community of West African States, and other international trading partners.