Honourable Minister of Industry, Trade, and Investment Dr. Doris Uzoka-Anite Hosts Investment Drive Stakeholder Meeting
In an interactive session, The Honourable Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, convened a pivotal meeting today, bringing together esteemed Private Equity Firms and Asset Management Firms. The gathering aimed to catalyze discussions on fostering investment in Nigeria, with a key focus on harnessing both Foreign Direct Investment (FDI) and local market opportunities.
Expressing gratitude to the distinguished participants for their engagement in this crucial dialogue, the Honourable Minister emphasized the significance of boosting investments, underscoring its pivotal role in driving economic growth. Notable attendees included the Managing Director of BOI, Dr Olasupo Olusi, MD MOFI, Dr Armstrong Takang, MD Chapelhill Denham, Bolaji Balogun, MD FBN quest, Ike Onyia, MD Verod Capital, Danladi V, MD Afrinvest, Ike Chioke, MD, Crossboundary, Efe Briamah, Permanent representative to Nigeria and Ecowas, Amb. Afolabi Oke.
Dr. Uzoka-Anite underscored Nigeria's vast investment potential across diverse sectors, fueled by its burgeoning population exceeding 200 million, including an estimated 17 million in the Diaspora. Highlighting past achievements, she mentioned Nigeria's peak FDI inflows exceeding $8.5 billion in 2011, coupled with Diaspora remittances surpassing $20 billion in 2022 and over $168 billion over the last 8 years.
Prominent inputs from private sector stakeholders highlighted their existing challenges; infrastructure deficits, financial investment management concerns, and regulatory uncertainties, all of which have affected FDI trends. In response, the Federal Government has created solutions to establish a conducive environment that fosters business ease across various sectors. This commitment aims to stimulate economic growth, facilitate job creation, and drive infrastructural development.
The Minister reiterated Nigeria's attractiveness for investment, citing recent engagements with international partners. She noted significant commitments from India, amounting to $14 billion, followed by a recent visit to Nigeria by the NIBC, further pledging increased investments. Similarly, engagements with Saudi Arabia have yielded positive responses, with a scheduled visit in March to explore investment opportunities.
In collaboration with the Ministry of Finance and other relevant stakeholders, the ministry is preparing a portfolio of investable projects, providing local and international investors with opportunities to contribute to Nigeria's economic development.
Furthermore, the Minister underscored the critical role of Private Equity Firms and Asset Management Firms in mobilizing capital and operational expertise. She assured stakeholders of the initiative's longevity, facilitated by private sector involvement, fostering credibility, transparency, and efficiency in bridging the gap between investors and businesses.
In conclusion, The Minister's engagement with private sector stakeholders underscores the government's proactive approach to mobilizing capital, leveraging expertise, and fostering partnerships to drive economic growth and prosperity.
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