Investors to pump $8.4billion into Nigeria’s economy
NIPC Executive Secretary Yewande Sadiku who made the announcement during a media briefing in Abuja said the country’ s unemployment level is the second highest globally. Sadiku noted that the $8.4 billion is pledged for the first quarter of the year, while over 23.19 million Nigerians, according to the National Bureau of Statistics report, were unemployed…
Investors are set to pump a total of $8.41 billion into Nigeria’s economy.
According to the Nigerian Investment Promotion Commission (NIPC), more jobs will be created since the investors are targeting various sectors in the country.
NIPC Executive Secretary Yewande Sadiku who made the announcement during a media briefing in Abuja said the country’s unemployment level is the second highest globally.
Sadiku noted that the $8.4billion is pledged for the first quarter of the year, while over 23.19 million Nigerians, according to the National Bureau of Statistics (NBS) report, were unemployed during the fourth quarter of 2020.
However, Sadiku said although investment announcements are not actually investment, it gives an aggregate of investors’ interest in Nigeria and also help to translate those announcements to actual investment.
According to her, the Commission has been honest on the gap between announcement and actual investment demonstrating potential.
“We have also said that a more proactive all government approach to investors support across federal and state level is required to convert more announcements to actual investment,” she said.
Sadiku further noted that if the commission converts 10 per cent or 20 per cent of investment announcements, it will make a material change.
She also pointed out that one cannot get to the point of conversion if he or she don’t know what he or she is looking for.
According to the Director, Strategic Communication Emeka Offor, the investment announcement are categorised by sectors, by destination and by source.
“In the current Q1 2021 report, there is the manufacturing which takes the lead followed by construction and electricity, by destination we have Bayelsa State, we have Delta State and Akwa-Ibom and by source Nigerians are showing great resilience by coming out tops and the last quarter, Morocco comes second and UK third,” he said.
Nigerian tech space, over the years, has become the foremost preferred investment destination for investors with the country’s start-ups raising $178m in funding rounds in 2018, consistent with a report by Techpoint Africa.
The non-equity deals within the tech industry, over 30 Nigerian start-ups with pan-African operations attracted funds in additional than 50 rounds denominated in naira and dollar to scale their businesses.
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Records showed that just one company attracted investment in February. A Nigerian fintech start-up, TeamApt, received $5.5m Series A fund from a variety of investors led by a Nigerian risk capital company, Quantum Capital Partners.
Nigeria is the African headquarters for trade and investment and is positioning itself as the hub for global players agriculture and food processing, manufacturing, solid minerals and mining and, Trade.
To encourage investment in these sectors, Nigeria offers a set of incentives.
The Nigerian government’s support mechanisms include favorable regulations, an extremely competitive tax structure, a qualified labor force, and numerous investment incentives.
Nigeria represents tremendous potential with numerous investment opportunities for investors.
The country vigorously pursues its goal of becoming one of the top 20 economies in the world over the next 10 years.
With well over 200 million people, a Gross Domestic Product (GDP) of nearly 400 billion USD, Nigeria has Africa’s largest population and biggest economy.
Strong GDP growth over the past decade has developed a growing consumer class and attracted considerable investor interest.
Nigeria offers abundant natural resources and a low-cost labor pool, and enjoys mostly duty-free trade with other member countries of the Economic Community of West African States (ECOWAS).
Nigeria is the land of opportunities and possibilities. Over the past decade, the GDP has more than tripled.
Such an impressive economic growth economic growth made Nigeria a center of attraction for international investors.
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Today, Nigerian offers highly lucrative investment opportunities in a variety of sectors, such as agriculture, food processing, solid minerals mining, manufacturing, oil & gas, financial services, telecommunications and so on.
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