Nigeria
remains one of the top three destinations for foreign direct investments (FDI)
in Africa, despite current challenges, the United Nations Conference on Trade
and Development (UNCTAD) has said.
UNCTAD
said this just as the United Nations Industrial Development Organisation
(UNIDO) gave its nod, in Vienna, on Wednesday, for the establishment of an
Investment and Technology Promotion Office (ITPO) in Nigeria.
According
to the UNCTAD report released on Wednesday,
FDI inflows into Africa rose by
four percent to $57 billion, with Nigeria’s inflow standing at $5.6 billion in
2013.
The
report said only seven countries in Africa went above the $3 billion FDI inflow
point. They are Nigeria, South Africa, Mozambique, Egypt, Morocco, Ghana and
Sudan.
Kalilou
Traore, the commissioner for industry and private sector promotion, ECOWAS, who
spoke during the UNIDO Forum on Strategies and Instruments for Inclusive and
Sustainable Industrial Development, said the recently launched Nigeria
Industrial Revolution Plan was a model for Africa, noting that foreign
investments would always thrive in the right environment.
The
minister of industry, trade and investment, Olusegun Aganga who also
acknowledged the massive investments by Nigerian companies in Nigeria, despite
the current challenges, noted that the ITPO would help to promote Nigeria’s
local and foreign direct investment and technology, in addition to boosting job
creation, technology transfer and industrial development.
The
minister said, “There are only a few countries in the world where UNIDO has set
up ITPO to promote investment into the area of technology. The establishment of
the ITPO in Nigeria will not only have a big positive impact on the Nigerian
economy, it will also help in the innovation of the industrial sector.”
“UNIDO
has bought into the NIRP and adopted Nigeria as one of the two countries in
Africa that they want to work with for the realisation of Nigeria and indeed
Africa’s industrialisation goals. This is the first time that UNIDO will be
doing this under the leadership of the new director-general.”
Li
Yong, the director-general, UNIDO, said the NIRP would play a critical role
towards the realisation of Nigeria’s inclusive and sustainable economic transformation
through industrialisation.
He
said, “UNIDO sees the Nigeria Industrial Revolution Plan as a very important
strategy for the country to achieve inclusive and sustainable industrialisation
and economic transformation.
“I
always remember the very strong statement made by President Goodluck Jonathan
of Nigeria that industrialisation is the anchor of the transformation of the
Nigerian economy.”
Abel
Ayoko, the Nigerian ambassador and permanent representative to Austria, in his
remarks, said the launching of the Nigeria Industrial Revolution Plan by
President Jonathan, had helped to significantly enhance the positive image of
the country within the comity of nations.
He
noted that it was not surprising that Nigeria, in spite of “what people call
our challenges”, has maintained its top position in terms of FDI inflow.
BusinessDay
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