adminABUJA. — The Nigerian Federal Government’s Transformation Agenda for the economy has attracted $59,6 billion Foreign Direct Investments (FDI) into the country from all over the world since 2011-2014.
The investments cut across cement, sugar, petrochemical, automotive industry and have created jobs for Nigerians and revenues for the government.
The Minister of Industry, Trade and Investment, Olusegun Aganga, disclosed this weekend in Abuja during the ministry’s fourth media workshop with the theme ‘‘Building a greater nation through sustained transformation’’.
‘‘In 2011 FDI was $15 billion, it increased to $30 billion in 2012 and further went up to $46 billion in 2013 and $59,6 billion current year,” he said.
He attributed the achievement to President Goodluck Jonathan’s transformation projects for the economy, saying: “In 2011 when we took over, there was no comprehensive and co-ordinated industrial policy for the country.
“There was no strategy to diversify our economy and revenue base. The manufacturing contribution to our GDP was very low, at less than 4 percent. Capacity utilisation was very low, while massive jobs loss was prevalent.
“There was no emphasis on value addition. For decades, our country had specialised in exporting raw materials. We had weak industrial structures and were dependent on importation of most of our products. That was the situation in 2011 before President Jonathan’s administration came on board.
“What we did to change the situation was the introduction of Nigerian Industrial Revolution Plan, NIRP, roadmap for industrialisation and linkages to other economic sectors. “In order to reverse the ugly trend by diversifying our economic and revenue base, President Jonathan in February 2013, launched the Nigeria Industrial Revolution Plan (NIRP) as a major game-changer. This was based on the principle that no nation has successfully moved from being a poor to rich nation without a robust industrial and services sector.”— Vanguard
Online Reporter