Investors are now interested in Nigeria, Udoma replies Sanusi

Following the criticism of former governor of Central Bank of Nigeria and Emir of Kano, Sanusi Lamido Sanusi over the failure of ministers to meet investors during Commonwealth Business Forum, the Minister of Budget and National Planning, Udoma Udo Udoma, has said that investors are now ready to invest in Nigeria.

The minister stated this while speaking to journalists on the sidelines of the spring meeting of the IMF/World Bank in United States of America.

Udoma noted that in spite of these positive developments, the country still has more work to do to achieve the target set by 2020, adding that a surge in the interest to invest in Nigeria is attributed to the opportunities achieved through initiatives and reforms in the ERPG.

“We cannot afford to relax until we achieve our national growth target of 7% by 2020,” he said.

Udoma said that judging from the series of meetings he has been having with private investors, it was evident that investors are interested in Nigeria.

According to him, “Many of the investors I have met are showing interest in the investment opportunities we are creating through the initiatives and reforms in the ERGP and are desirous of coming to explore them.”

Explaining the basis of their enthusiasm, the Minister said: “They have seen that this is the right time to come to Nigeria.

“They have seen how committed government is towards improving the business environment, in removing constraints to investments, in diversifying the economy, and in partnering with the private sector on infrastructure development.

“They have seen that most of our macro-indices are turning positive including a consistent decline in inflation from 18.72% in January 2017 to 13.34% by March 2018; and the sustained rise in Foreign Reserves from $24 billion in September 2016 to about $47 billion by early April 2018”. 

The Minister said the good news is that the economy is not just growing, but the growth is a little more broad-based.

“In other words, Nigeria’s growth is not only a reflection of the performance of the oil sector but also driven by growth in the non-oil sectors.

“All the key non-oil sectors (Agriculture, Industry, Solid Minerals, Building and Construction, etc.) experienced positive growth as shown by the numbers released by the NBS for the 4th quarter of 2017,” he stressed.

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