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FG expects $80bn investments in five years

By BusinessNews Staff on January 28, 2014

The Federal Government expects more than $80bn in investment in the next five years to spur ndustrial development in the country, the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, has said.

China Power International Development Limited, Siemens AG and General Electric Company and Brazil’s Centrais Eletricas Brasileiras SA have pledged investments worth “over $50bn alone” in the country’s power industry, according to Aganga, who spoke in an interview at the World Economic Forum in Davos, Switzerland.

According to Bloomberg, additional funds will be invested by the Dangote Group and automakers including Nissan Motor Company, Hyundai Motor Company and Toyota Motor Corporation that want to set up local assembly plants, he said.

“Easily, pipeline investment commitment is much more over $80bn over the next five years,” he said. “What encourages investors is that we have the right investment and business climate.”

Nigeria, Africa’s top oil producer and, with about 170 million people, its most populous country, is seeking increased investments in power generation and manufacturing to support its industrialization plan. Economic growth is forecast to accelerate to seven percent this year.

[Punch]

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