The Nigerian petrochemical sub-sector has attracted over $20 billion in the last 12 months with over $8 billion contributions by the business mogul and Africa’s richest man, Aliko Dangote.
Olusegun Aganga, minister of trade and investment, disclosed this while giving accounts of impacts of the activities of the Honorary International Investment Council (HIIC) on national development at the commencement of 14th meeting of the body at the Presidential Villa, Abuja on Thursday.
The HIIC which is being coordinated by Lynda Chalker was inaugurated in 2004 as a presidential advisory council to attract global financial players into the country.
Aganga, who said there was significant increase in foreign direct investment in the economy, added that the investments in petrochemical have encouraged value addition into the oil and gas sector and generated employment.
He disclosed that the country will soon launch its auto-programme with a plan by Nissan Automobile to launch an assembly plant in the country.
The minister also said that the telecommunication sector has attracted $6.9 billion in the last six months.
Aganga added that foreign investments came in from countries like Brazil, Canada and Netherlands 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 rural areas, while some complain of skill-gap.
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 design programme for local investors to access long time finance to encourage re-distribution of wealth.
Earlier, President Goodluck Jonathan had assured the international community and investors that Nigeria is winning the war against terrorism and the country’s climate is conducive for investments.
The President said that with the declaration of state of emergency in three troubled Northern states of Borno, Yobe and Adamawa on May 14, there have been significant improvements in national security.
He said the emergency rule had witnessed unprecedented support by the locals, which showed that they were also disenchanted with the level of insecurity.
Jonathan said the development had confirmed government position that the insurgencies witnessed in the country has nothing to do with religion, but activities of internationally backed terror groups determined to destabilise the nation.
He said the administration understands that security is the key to attract investments and development and will leave no stone unturned to guarantee safety of lives, property and investments.
The President thanked members of the HIIC for their efforts at attracting business and investments into the country and encouraged them to do more.
He said the nation’s economy is growing, but he would like to see it improve to an appreciable level of double digit growth.
The President informed the council that he presented a mid-term report of performance of his administration on May 29 to correct the loss “lots of misinformation” going on among the people.
He said the presentation had helped to correct the negative projection of the administration particularly through the media.
President Jonathan said that government will encourage the growth of micro and medium scale business in addressing the high rate of unemployment in the country.
On the challenge of high statistics of school drops-out in the country, Jonathan said there is a need for an interface between the Federal Government and states to end the menace.
He assured that the Federal Government would organise a forum of stakeholders from federal and state levels on the problem after resolving the political impasse within the Nigeria Governors’ Forum.
The President said that oil theft in the country had reached an alarming stage and it is affecting the economy, the image of the country and aiding insecurity.
He, however, assured the government will continue to work hard to address the problem.
Earlier, HIIC coordinator, Chalker, had said the government must take proactive action to address the problem of oil theft which she said was “diminishing income into the treasury”.
She also charged the government to double its drive on the development of infrastructure, roads, rails, power which she said “are key to solving other problems”.
Present at the meeting were Vice President Namadi Sambo, minister of finance, Ngozi Okonjo-Iweala; aviation, Stella Oduah; power, Chinedu Nebo; agriculture, Akinwumi Adesina; petroleum resources, Diezani Allison-Madueke and internal affairs, Abba Moro.
Some foreign investors at the meeting were Hruki Hayashi, Simon Hayford, Oliver Suinat, Guillaume Roux, Jacques des Grottes, Andrew Brown and David Haworth.
Nigerian businessmen at the meeting include Aliko Dangote, Emmanuel Ijewere, Femi Otedola, Umar Murtallab and Sam Jonah.
Also in attendance are the comptroller-general of Customs, Abdullahi Dikko; the CBN governor, Sanusi Lamido Sanusi; group managing director of NNPC, Andrew Yakubu and the executive secretary of the Nigeria Investments Promotion Council, Mustafa Bello.
