Over 90bn dollars pledged in 2018 investment commitments- Enelamah


Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah on Thursday in Abuja said investment inflow into the nation’s economy, over 90 billion dollars investment commitments were pledged in 2018.

While briefing newsmen, Enelamah further added that a Chinese company, Ruyi Group that promised 2 billion dollars investment in Kano was yet to make good its promise.


On the African Continental Free Trade Area agreement, Enelamah said Nigeria was not against the trade pact but  only ensuring the fears of major stakeholders are addressed before it keys in into the agreement.

He assured that the Federal Government will inject 125 million dollars into the  Nigeria Special Economic Zone Investment Company (NSEZCO) to boost manufacturing  activities in free trade areas under its ‘Made in Nigeria for Export’ project.

According to him, NSEZCO, which was put in place under public private partnership arrangement, would require 500 million dollars investment in the first instance.


While saying the Federal Government has already released N14.3 billion as parts of its 25 per cent  (125 million dollars ) investment commitment to the company, the minister said the remaining 75 per cent  (375 million dollars) would soon be provided by other private investors.


“N14.3 billion has been transferred to Central Bank of Nigeria’s account of NSEZCO, and the money is still there intact, waiting for other investors,” he said.


The minister dismissed insinuation in some quarters that there was an ulterior motive behind the establishment of company, saying there was nothing wrong with public private partnership arrangement in putting in place NSEZCO.


“I have zero interest in NSEZCO. You can take that to the bank. I can also tell you no individual has an interest. The only interest is that of the  Federal Government through the Ministry of Finance Incorporated and another 75 per cent held in trust for partners which they are in process of obtaining have signed agreements,” he said.


Speaking further, Enelamah said the Federal Government has embarked on projects to improve existing infrastructure in Kano and Calabar trade zones to boost their activities  while the Lagos, Funtua and Aba industrial parks would be managed by NSEZCO.

The minister, who also lauded the various reforms put in place by the Federal Government, especially in area of ease of doing business, restated the present administration commitment to support the Micro, Small and Medium Enterprises (MSMEs) to deliver on their full potentials.

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