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N28tn invested by private sector between 2010 and 2013 – FG

By BusinessNews Staff on June 20, 2014

The federal government yesterday disclosed that Nigeria had surpassed its investment projection by over 100 per cent between 2010 and 2013.

The Minister of Information, Labaran Maku, made the disclosure while briefing State House correspondents after the weekly Federal Executive Council (FEC) meeting which was presided over by Vice-President Namadi Sambo.

According to Maku, who briefed journalists alongside the Minister of a Tourism and National Orientation, Edem Duke, the council meeting was devoted to the continued review of the first national implementation plan of the vision 2020.
The minister stated that one of the revelations of the ongoing review of the first national implementation plan, was the discovery that the country recorded an investment inflow of well over N28 trillion as against the projected inflow of N13 trillion. According to him, the plan was designed to last between 2010 and 2013.

He stressed that the plan was aimed at facilitating the implementation of the transformation agenda of the Jonathan administration.

“This is not only in terms of sector reviews which show clearly what has been achieved in the areas of Agriculture, economy, industry, inflow of investments etc, one of the highlights of what we saw today is that under this period, and because of the current reforms that were really encapsulated in the first national implementation plans we surpassed by more than 100 percent, the inflow of private sector investment in the economy.

“We proposed or targeted that we needed N13trillion investment by the private sector to enable us reach our goals in the first plan, but the initial report we have gotten so far indicated that the private sector actually invested N28trillion in the economy in the period between 2010 and 2013, which was over 100 per cent above our projected target.

“What the report shows is that the Nigerian economy is growing in leaps and bounds and that inspite of the challenges we have had in the northern part of the country, investments are continually flowing into the economy, the economy is growing and we have moved from 30th position in the global economy to 26th position by the end of 2013,” Maku said.

Announcing with delight, he said Nigeria was now occupying number 26 among the top economies in the world as against the number 30 position where the nation started in 2010.

“This shows that by the time we implement the second plan which we are already working on between 2013 and 2017, we will be moving closer to the 20th position on the global economy by the size of GDP. And by the time we cross over from 2017 to 2020 all things being equal, this nation will realise it’s dream of being among the 20 largest economies of the world in terms of GDP by 2020.
“The report we are reviewing is showing clearly that in terms of infrastructure, particularly roads and railway, we are achieving lot, a lot of progress is being made.

“The details will be announced in the next two weeks and this will cut across ‎sectors. Reforms that have taken place in all the key sectors and how those reforms have impacted on the economy in terms of growth in GDP‎, investments, job opportunities that have been created.

“We were almost double digits about 2010 but now we are slightly below eight per cent in terms of consumer inflation. And this also shows that the micro-economic policies of government are working and the idea of bringing down inflation is to stabilise economic growth and eventually bring down interest rate. This will come as we drive the implementation of the transformation agenda forward.

“It is so evident and heart warming that if we continue the progress we have made in the last three years. We are sure this country is moving, and we will ensure it continues to move not only as the number one economy in Africa but to join the league of advanced economies,” the minister said.
He however disclosed that Jonathan would inaugurate the Abuja Centenary City construction next week as part of plans to mark the nation’s 100 years of existence.

According to him, resources required for the project would be coming from the private sector as government was only making available the land for the city.

Maku also disclosed that FEC got a report from the Ministry of Culture, Tourism and National Orientation, to host a summit on a world fashion industry from July 3 to 5, 2014.

According to the minister, after the world Economic Summit, the World fashion Organization’s African Reception summit will take place betwee 3rd to 5th of July, 2014, in Abuja.

On the hosting right, the minister said “they (organisers) have decided that Nigeria will be not just be the host but will be housing a world fashion University with a capacity of graduating 1000 students annually, while the garment industry would be providing jobs for about 800 people annually.

“The business will also harness the talents that abound in Nigeria, thanks to the investment environment which the current administration has created.”

He added that the project would in no small measure assist in reviving the moribund textile industry in Nigeria.

On his part, Duke disclosed that 25 nations would be participating, along with 30 international journalists with an estimated 1000 other participants who would grace the event.

“Our fashion designers have made impact globally and the World Fashion Organisation decided to embark on an African fashion event, out of five countries that bid, Nigeria was considered,” the minister said.

He disclosed that designers would be awarded certificates, while the institution is expected to graduate 1,000 ‎students annually, and the garment industry would employ 1,800.

“This will help to stimulate the textile industry which has been moribund and which before now was a major employers of labour.

“25 countries have confirmed participation, 30 fashion journalists from 17 countries, judges from Canada, Italy and South Africa and one thousand delegates are expected,” Duke added.

[This Day]

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