Nigeria attracts N6.8tn local, foreign investments –Sambo

December 1, 2012 by Olalekan Adetayo, Abuja

Vice-President Namadi Sambo
| credits: File copy

Vice-President Namadi Sambo on Friday said Nigeria attracted N6.8tn local and foreign direct investments in recent times.

He attributed the feat to the investor-friendly policies of the administration of President Goodluck Jonathan.

Sambo spoke at a meeting with members of the Nigerian community resident in the United Kingdom, after a two-day meeting of the Honorary International Investors Council ended in London.

He said the various policies had made Nigeria the preferred investment destination in Africa.

“Nigeria has become the preferred destination for investment in Africa, ranked in the top five host economies for Foreign Direct Investment, and accounting for over 20 per cent of the total FDI inflows into the continent,” he said.

Sambo recalled that Nigeria had been included in the JP Morgan Emerging Markets Bond Index, signifying increasing investor confidence in the economy, while the World Economic Forum has upgraded the country’s ranking from 127 to 115 in the global competitive index.

The vice-president told the Nigerian community that three of the 10 thermal power stations under construction were being fast-tracked to add 1,055MW to the national grid by the end of the year, while designs for the construction of both Mambila and Zungeru hydro plants, which will add about 3,700MW to the grid have been completed.

He added that with the government’s intervention in the transportation sector, Nigerians have started to enjoy rail services.

This, he said, became a reality with the completion of the rehabilitation of parts of the Lagos-Kano line, while work continued on the Port Harcourt-Maiduguri line and the Abuja-Kaduna line, which had reached 46 per cent completion.

He said airport terminals were being remodelled, new ones planned for Abuja, Kano, Port Harcourt, Lagos and Enugu, while six perishable cargo terminals would be provided to enable export of agricultural produce.

Earlier, Nigeria’s High Commissioner to the United Kingdom, Dr. Dalhatu Tafida, had commended the administration for providing the resources needed to improve the high commission, resulting in many Nigerians now enjoying seamless services.