Nigeria seeks $7bn FDI from oil sector – Wale Edun.
FG Secures $7bn FDI in Oil Sector – Wale Edun
- Investment Boost: Finance Minister Wale Edun announced a $7 billion FDI secured in Nigeria’s oil sector to enhance the economy.
- Port Infrastructure: Edun emphasized the government’s investment in port infrastructure and the national single window project to facilitate trade and productivity.
- Private Investment: The government is working on double taxation and investment protection treaties to attract private foreign investors across various sectors.
- Economic Climate: Despite recent FDI challenges, Edun noted improvements in Nigeria’s economic environment, including higher interest rates and FX market liberalization.
- Local Production Incentives: Edun highlighted policies promoting CNG-powered, electric, or solar government vehicles, creating opportunities for local investors.
- FDI History: Nigeria saw zero FDI in oil during Q2 2023, a significant drop from its peak in 2014, when it attracted $22.1 billion, the highest in Africa.
- Government Efforts: Edun assured continued efforts to maintain investor interest and boost economic stability amidst a challenging business environment.
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