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Nigeria: US$80b investment expected in 5 years

Nigeria’s Trade and Investment Minister Olusegun Aganga has said the country expects to attract more than US$80 billion in investments in the next five years to spur the West African nation’s industrial development.

The private BusinessDay newspaper Monday quoted the Minister as saying the projection is achievable, giving the conducive business environment provided by the government.  

Mr. Aganga said China Power International Development Ltd., Siemens AG, General Electric Co. and Brazil’s Centrais Eletricas Brasileiras have pledged investments worth over US$50 billion alone in the country’s power industry.

“Easily, pipeline investment commitment is much more over US$80 billion over the next five years. What encourages investors is that we have the right investment and business climate,” he added.

According to him, one of the leading automobile makers in the world, Nissan, has agreed to start producing cars in the country in April.

The minister also said talks were in progress with Toyota, Hyundai and India’s Tata Motor Ltd. to come and set up plants in Nigeria.

The government is also encouraging local companies to grow and become “another Dangote”, Mr. Aganga said.

The Dangote Group, owned by Nigerian billionaire Aliko Dangote, has interests in cement, sugar, and oil, among others.


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