Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced the securing of $7 billion in Foreign Direct Investment (FDI) for the oil sector, aimed at bolstering the country’s economy. Speaking on Channels Television, Edun highlighted ongoing government investments in port infrastructure to facilitate trade and improve productivity. The new national single window project, an e-community and trade facilitation platform, is expected to revolutionize operations at Nigerian ports.
Edun also mentioned efforts to attract private foreign investors to various sectors of the economy. To this end, the government is working on double taxation treaties and Investment Promotion and Protection agreements to create a more favorable environment for private investment. His comments come amid recent challenges in Nigeria’s FDI landscape, with major multinational companies, such as Kimberly-Clark, exiting or reducing their presence in the country.
Despite these challenges, Edun emphasized improvements in Nigeria’s economic climate, including higher interest rates and a liberalized FX market. He assured that while some companies may leave, the government is committed to retaining and attracting more investors. Additionally, Edun noted that inflated food prices and naira devaluation are creating incentives for local production, providing opportunities for local investors to enhance productivity.
Source: Business Day