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Foreign direct investment has increased – Aganga

By on June 21, 2013

Minister of Trade and Investment, Dr Olusegun Aganga, said there was significant increase in foreign direct investment in the economy, adding that the petrochemical sub-sector attracted over $20 billion investments with over $8 billion contribution by the Dangote Group.

Aganga said the investments in petro-chemical had encouraged value addition into the oil and gas sector and generate employment.

The minister said in the last six months, the telecommunication sector had attracted over $6.9 billion dollars, noting that there had been influx of foreign investments from Brazil, Canada and Netherland, while Turkey had signed an agreement to build an industrial park in the country.

He said some of the investors have, however, been asking for increased incentives to invest in the rural areas, while some complained of skill-gaps.

Aganga decried the situation where many Nigerians were unable to take advantage of the investment opportunities in the country because of lack of access to fund.

He said government must designed programmes for local investors to access long term finance to encourage re-distribution of wealth.

Present at the meeting were Vice President Namadi Sambo, Ministers of Finance, Dr Ngozi Okonjo-Iweala, Aviation, Stellaa Oduah, Power, Prof. Chinedu Nebo, Agriculture, Dr Akinwumi Adesina, Petroleum Resources, Diezani Allison-Maadueke and Internal Affairs, Abba Moro.

Some foreign investors at the meeting were Hruki Hayashi, Simon Hayford, Olivier Suinat, Guillaume Roux, Jacques des Grottes, Andrew Brown and David Haworth.Nigerian business men at the meeting include, Aliko Dangote,  Emmanuel Ijewere, Femi Otedola, Umar Murtallab and  Sam Jonah.

The HIIC which is coordinated by Baroness Lynda Chalker, was inaugurated in 2004 as a Presidential advisory council to attract global financial players in to the Nigerian economy.

The Council is charged with the responsibilities of looking in to Nigeria investment environment, advice on areas to improve on and attract businessmen across the world to take interest in investing in Nigeria.