Daily Trust (Abuja)

Africa: Nigeria Tops Africa's FDI With U.S.$9 Billion - Aganga

Nigeria has become the leading investment destination in Africa after recording a foreign direct investment (FDI) of $8.9 billion in 2011, Minister of Trade and Investment, Mr. Olusegun Aganga said at the FBN Capital Conference which kicked off yesterday in Lagos.

The $8.9 billion represents 16 per cent of Africa's total FDI of $55 billion in 2011. Aganga who was represented by Dr. Joseph Odumodu, Director General, Standards Organisation of Nigeria (SON), said the government was committed to consolidating on the gains so far recorded by strengthening the one-stop investment centre of the Nigeria Investment Promotion Commission, a statement issued by FBN s quoted him to have said.

"Our target is to achieve a 48-hour response for all investment linked enquiries," he said.

Commending FBN Capital for organising the conference, the minister said the nation had the potential to sustain its drive towards emerging as one of the world's leading economies given the continuous cooperation of all stakeholders.

Flagging off the two-day conference in Lagos, Managing Director of FBN Capital, Mr. Kayode Akinkugbe said the initiative was a necessary follow-up to the maiden edition last year.

He said, "We aim to move the conversation on to considering the enabling factors and practical actionable initiatives that can be taken to boost Nigerian growth. "Some of these micro economic areas are: capital market, agriculture/agro-allied, real estate, power and oil & gas," he said.

The FBN Capital is the investment banking and asset management business of the First Bank Group.

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