The foreign Direct Investment (FDI) drive of President Ahmed Bola Tinubu’s administration has yielded about N30 billion in investment commitment, Dr. Doris Uzoka-Anite, the Minister of Industry, Trade and Investment has disclosed.
The Minister made the disclosure while reeling out achievements recorded so far, within the administration of President Bola, through her ministry, at the second edition of the Ministerial Press Briefing organized by the Ministry of Information and National Orientation in Abuja.
Dr. Uzoka-Anite said even though the investments came in form of commitment, the FDIs have started flowing as actual buildings had already started, stressing that some the investments would come in form of equipment and other means.
“For us in investment, when you say commitment, it means that you have committed to bring that money or a promise. So this is a commitment so the money and investment, the proposal everything is done. They have already started building and they are continue to build. And it is over a period of 5 to 8 years. The monies, some of them will come in form of equipment, some in form of direct investment into manufacturing and into the facilities. So that fund yes, is committed and is live. It is here already” she said.
The Minister also declared that contrary to wide speculations that Shell Petroleum Development Company Limited (SPDC) is leaving Nigeria, the British oil company is actually expanding its investments in the country.
She clarified that Shell Petroleum is only divesting its onshore investments and expanding its investments in gas offshore, contrary to rumours in the social media space.
The Minister expressed optimism that by the third quarter of 2024, the numerous efforts of the President Bola Tinubu’s administration would critilalize into a huge and tangible industrial success where Nigeria would be counted among the industrialized nations in the world.
In his opening remarks, Mohammed Idris, the Minister of Information and National Orientation emphasized the fact that President Bola Ahmed Tinubu and the entire government fully understand the pains and challenges that Nigerians are going through at this time, and we are working very hard to alleviate these pains and bring lasting relief to all: individuals, households and businesses.
“Just yesterday, the President met with the 36 State Governors, as part of efforts to scale-up the collaboration required to tackle the social and economic challenges confronting us. Indeed, the State Governments are just as critical as the Federal Government in the work that needs to be done.
“We ask for your continued understanding, patience and belief in the Renewed Hope vision of Mr. President. We will keep you informed about everything we are doing to make the vision a reality,” he said.