Nigeria is committed to diversification of Economy and strengthen international trading partner, Adebayo

The minister of Industry, Trade and Investment Otunba Adebayo has said the our goal of Nigeria is to develop and strengtnen the existing relationships with the United States companies and grow such into strong partnerships for the good of the country.

The minister gave the indication in his remark at the Nigeria-US investment summit (USNIIS) 2021 in New York,United States.

Otunba Adebayo speaking on the theme of the summit “Nigeria,the Future of Global Business” noted that the nation is dedicated to improving
manufacturing and production capacity as Nigeria is aggressively focused on diversifying the country’s Economy and strengthening her reach as an international trading partner.

“As part of our real-sector transformation we are dedicated to improving
manufacturing and production capacity. We have 17 operational Special
Economic Zones (SEZs) with 4 more under construction; 14 of these are general economic zones which support export processing, large-scale
manufacturing, warehousing, logistic services, tourism, food processing and
packaging and technology development, while 3 are dedicated to oil & gas and related activities”.

The Industry, Trade and Investment minister said the nation’s Special Economic Zones are geared to support international trade.

“Approved enterprises do not require import or export licenses and they operate under one supervising Authority with the availability of one-stop approvals for business registration, operating licenses and relevant permits.

Furthermore, in cases where an enterprise within the zone supplies goods and
services to the Nigerian market, they are entitled to receive payment in foreign currency”.

Adebayo told the summit that Nigeria’s goal is to develop new or strengtnen existing relationships with U.S
companies and grow these into strong partnerships adding that the country would like to partner retailers and apparel buyers wno can contract production to centralized garment production centers in Nigeria.

“We wish to develop supply relationships with retail chains for not just raw produce but pre-packaged.”

“Our second strategic ambition is to become a key international supply chain to leverage our partner to selected nations like the United States. We intend to leverage
skilled labour market, strategic location and production and manufacturing potential to move forward as a key trading nation.

The U.S has made a strong
commitment under AGOA to open new market opportunities to African countries, and this is in line with our supply chain partnership aspirations”.

Otunba Adebayo explained that as the majority are aware, that Nigeria is the largest economy in Africa, with a steadily growing GDP of over USD 500 billion, GDP per capita is
expected to reach $2300 by the end of 2021, which he said this is over 84% higher than
the African average.

“Despite the view that Nigeria’s economy has historically
been driven by oil, recent growth has been driven primarily by the non-oil
sectors, such as financial services, telecommunications, and entertainment.

This shows that our diversification agenda is working, the oil sector now only
contributes to approx 14% of GDP

The Minister said Nigeria is open for business and the investment climate is improving explaining that last
year was a difficult one for all economies, but noted that Nigeria is coming back strong.

“In the first half of this year investment announcements were at $10.1bn, an
increase of 100% on 2020. Investors from places as diverse as Europe, China,
and the UK are making strong commitments and this administration
is working tirelessly to ensure that these commitments turn into ventures,enterprises and businesses that positively impact our nation.

According to the Minister, “One of our major objectives for this summit is to garner support from some of the
organizations for two of Nigeria’s most high-impact developmental ambitions: Driving strategic and financial investment into real-sector
transformation, and repositioning Nigeria as a major international supply
chain partner to key global economies of which the U.S. is of course one.

The Governor of the Central Bank of Nigeria CBN Godwin Emefiele also made presentation on the nation’s drive for Economic growth at the summit.

Leave a Reply

Your email address will not be published. Required fields are marked *