16 November 2012

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.

Copyright © 2012 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.