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Minister says Nigeria’s economy recovering stronger, gives reason

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Nigeria's Economy
The Minister of Industry, Trade, and Investment, Otunba Adeniyi Adebayo, has claimed that the Nigeria’s economy was recovering strongly based on foreign investors commitments to invest in the country.

Adebayo on Tuesday, August 31, made this positive proclamation while speaking at the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture’s diplomatic luncheon in Abuja.

He said: “Nigeria is open for business and our investment climate is continually improving. The year 2020 was challenging for all economies but Nigeria is coming back strong.

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“In the first half of this year, investment announcements were at $10.1bn; an increase of 100 per cent in 2020. Investors from Europe, China, Morocco and the United Kingdom are making strong commitments and this administration is working to ensure that these commitments turn into projects that positively affect our nation.”

The minister noted that the federal government has recognised the importance of attracting and retaining patient investment into the economy.

According to him, this accounted for FMiTi’s commitment to the strategic relationship that existed with the chamber and to continue working with its leadership towards the collective objective of attracting more investments to Nigeria.

He said: “This is even more germane with the implementation of the Africa Continental Free Trade Agreement. AfCFTA will enhance Africa’s capacity to unlock growth and create jobs by building our industrial capacity, enlarging our productivity and making us more competitive globally. NACCIMA is pivotal in ensuring Nigerian businesses remain competitive in this new environment.”

The minister, however, lauded the NACCIMA for putting the event together just as he encouraged it to remain committed to building a sustainable trade infrastructure within and across Africa for the benefit of the Nigerian business community.

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