THE Federal Government said it has concluded plans to establish Trade and Investment Councils with six advanced countries across the world as part of renewed efforts to make Nigeria the preffered investment and manufacturing hub in sub-Saharan Africa.

The Minister of Trade and Investment Olusegun Aganga, disclosed this at the weekend during the Rivers State Investors’ Forum tagged “Change that Works.”


Aganga, Investors know that Nigeria has the right kind of market that they need
He said the new initiative would act as a vehicle to channel big, transformative investments into Nigeria and strengthen the country’s balance of payment position in the global market place.

He said, “to enhance the level and quality of foreign direct investment, we have created trade and investment desks in Nigeria’s main embassies across the globe. We have also agreed with the relevant authorities to make it possible for genuine investors to get multiple entry visas in their home countries or visas at the point of entry.”

To be able to fast-track this process, the government has inaugurated the Australia-Nigeria Trade and Investment Council in Australia during the Commonwealth Heads of Government Meeting in Australia last month. The Ministry of Trade is now looking at replicating this for six other advanced economies.

Aganga said “I was in China last week on the invitation of China’s Minister of Commerce. And from our discussions, the Chinese companies are excited about the investment opportunities in Nigeria.

“We have also been able to secure firm commitments from the Chinese government to make Nigeria a preferred manufacturing hub for Africa.”

The long-term targets of the investment climate reform programme drive of the government are to increase Nigeria’s creditworthiness by 10 places in the next 10 years; increase Investment level by 300 per cent by 2015 (increase of $8.9 billion); reduce the level of poverty in Nigeria through the creation of more jobs; increase global competitiveness ranking by 75 points in 2015; improve Nigeria’s Ease of Doing Business ranking and match South Africa’s ranking in the next 5 years and to be in the top 5 in sub-Saharan Africa by 2015, Aganga said.

http://www.vanguardngr.com/2011/11/fg-plans-investment-councils-with-6-developed-nations/