Nigeria: Govt - U.S.$25 Billion FDI Boosted Economy After Recession

11 October 2019

The federal government Thursday said that the $25 billion Foreign Direct Investment (FDI) inflow boosted the economy after the nation exited recession in 2018.

It explained that Nigerians in the diaspora, who accounted for the highest net contribution to the FDI, have expressed the desire to invest in over 200 businesses and projects in different sectors of the economy, including agriculture, telecommunication, technology, real estate, health and education.

Disclosing this at a news conference in Abuja, the Chairman, Nigerians in the Diaspora Commission, Abike Dabiri-Erewa, explained that over 300 investors would participate in the 2019 Nigeria Diaspora Investment Summit scheduled for November 6-7, 2019, at the Presidential Villa, Abuja.

The summit with the theme, 'Leveraging diaspora investment for economic growth,' is supported by the Nigeria Diaspora Alumni Network, Nigeria Investment Promotion Commission, Infrastructure Concession Regulatory Commission, Bank of Industry, Nigeria Export Promotion Council, Bauchi State Government, Keystone Bank, Rwandair, among others.

Dabiri-Erewa, who is the summit convener, stated that the event recognised the important role the diaspora could play and had played in helping other countries achieve amazing economic growth and transformation.

She said, "The summit underscores the fact that Nigerians in the diaspora, who currently account for the highest net contribution to FDI inflows into the country with $25 billion remitted in 2018, represent a game-changing leverage for the country as the economy exits recession and heads towards growth.

"This year's summit could not have come at a better following the presentation of the national budget and fiscal plans for the year 2020, marking a return to the old January to December fiscal year."

According to her, the summit organisers' decision to prioritize investment in small businesses was informed by the government's current emphasis on providing support for the small business sector, and agriculture.

"Diaspora investors will be encouraged to channel their investments into these as well as the other sectors within the clusters," the NIDCOM Chairman noted.

She disclosed that the summit would focus on agribusiness; education, training and skilled workforce development; healthcare services and awareness; entertainment, hospitality and tourism; infrastructure and real estate; manufacturing, and extractive industries and others.

See What Everyone is Watching

More From: This Day

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 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 as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.