Ministry of Trade and Investment Attracts N 4.29 trillion Investments in 6 months
The Ministry of Trade and Investments has secured N 4.89 trillion worth of investment commitments from local and international investors. This amount was secured after 60 meetings in a period of 6 months by the Segun Aganga led ministry.
Local investors contributed N 2.67 trillion to the amount, whilst international investors contributed N 2.2 trillion.
Vulcan Energy, an American company plans to invest N 620 billion in Nigeria’s oil and gas sector. Also Sinopec of China and Total plan to invest N 155 billion each in the country’s foremost economic sector.
According to Mr. Aganga, “The ministry has begun collaboration with the various companies, both local and foreign, to ensure that the investments are executed within the time-frame given, especially by ensuring that there are no bottlenecks in the way of smooth business for the operators.
“The commitments have been made on a win-win basis and in order to make sure that the projects are executed and Nigerians reap their benefits in the lifetime of this administration, we are attaching experts to the various companies to monitor and evaluate the projects as they progress.”
Other investors in non-oil sectors include US based GE Corp. that plans to invest N 379.12 billion in the Healthcare and transportation sectors of the economy.
Also a consortium from Europe comprising Seagas Services Limited, Oceanmar Services Limited have undertaken to invest N 240 billion in the power, and housing sectors of the economy.
Similarly the Bakrie Group of Indonesia is slated to invest N 155 billion in the rubber and mining sectors of the economy.
The US EXIM will also pump in about N 232 billion into the Power sector of the economy.
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Anonymous
January 31, 2012 at 12:19 pm
THis surge is good . But caution needs to be in place .
Most organisations will only say this to grab the juice and expliot Nigerians before you understand .
So a standard method of this arrangemnet smust be adopted .
Just like what the thievse in NNPC have done , bring in technimont .Ofcourse Technimont cannot do any thing than reap and suck nigeria .
where is the office , its not even in the internet . but it wants to do billions of Niara/doallars job in Nigeria .
FG be careful.
Nigeria
March 7, 2014 at 10:33 pm
Why is it that importation license of refine sugar(Bulk) is restricted only to one or few individuals that wish to monopolize the industry. In order to foster good economic growth through manufacturing, opportunity should be giving to every potential investor. God save Nigeria