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Buhari Woos Investors After Nigeria’s FDI Declined By 48%

Why 2022 Appropriation Act Should Be Amended -Buhari

President Muhammadu Buhari has wooed investors, as he assured that his administration is prepared to support them in their endeavours.

Speaking in Sokoto while inaugurating a new three-million-metric-tonnes-per-annum BUA Cement Sokoto Line 4 Factory, Buhari said his government would support serious investors that tend to take advantage of Nigeria’s growing economy.

“One of the key economic pillars of our administration has been to create an enabling environment for businesses to thrive. This is necessary for job creation and our economy and national security.

“In the past few weeks, I visited Ogun and Kaduna states, where I observed many private sector investments in action. And today, I am here in Sokoto to commission this multibillion-naira project. Therefore, it is very clear for all to see that our policies are working. Progress is gradually being made in all parts of the country.

“We remain prepared to support serious investors to set up businesses that will take advantage of these opportunities through value addition to take advantage of the huge market here, as well as in the greater African region and the world at large,” the President was quoted as saying.

Buhari made his commitment known to support investors, barely a week after Foreign Direct Investment (FDI) in Nigeria dropped by 48% in two years.

According to the National Bureau of Statistics (NBS), in the first nine months of 2019, the FDI contributed a total of $666.33 million to aggregate capital inflow. When compared to the same period in 2021, it was observed that the FDI fell to $340.52 million, representing a decrease of 48.9%.

BizWatch Nigeria understands that the FDI is an investment from a foreign entity in another country. Amongst other things, it is one of the major channels of generating capital inflows into Nigeria alongside Foreign Portfolio Investment (FPI).

About Author

Damilare Famuyiwa is a journalist and media consultant with over seven years experience. Trained at the Nigerian Institute of Journalism (NIJ), he has since been actively covering different beats, which include finance, showbiz, and music. You can reach him on [email protected]

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