Nigeria’s economy recovering stronger, says Adebayo

The Minister of Industry, Trade, and Investment, Otunba Adeniyi Adebayo, on Tuesday stated that the nation’s economy was coming back strongly with foreign investors making commitments to invest in the country.

Speaking at the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture’s diplomatic luncheon in Abuja, Adebayo 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.

“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.”

In a statement from the ministry, Adebayo noted that the Federal Government recognised the importance of attracting and retaining patient investment into the economy.

He said 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.

The Minister 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.”

He commended 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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