NIGERIA AND INCREASE IN FDI INVESTORS IN THE PAST FOUR YEARS – ONYEKABA CHIOMA ROSEMARY

Trade has contemporarily become the heartbeat of Nigeria’s economy, and has contributed largely to Nigeria becoming the largest economy in Africa. I am convinced that trade and investment are the drivers of transformation, development and wealth. The Federal Government’s policies on industry, trade and investment activities have yielded modest results in the last 4 years. Prior to 2011, some experts had this to say, ’’no government had put in place comprehensive and strategic sector specific policies to address the prevalent challenges militating against the country’s business environment. But the scenario has changed considerably now ever since the inauguration of the Jonathan Administration’’.
Despite the slowdown in economic growth globally as a result of the 2008 financial meltdown from which various governments across the world are beginning to retool and realign their economic policies, towards specific areas that will make meaningful and positive impact on the lives of their citizens, Nigeria in response came up with plans to transform its huge population and natural resource endowments into economic advantage.
Today, we are experiencing physical growth in FDI and investors’ rising interest in Nigeria. Despite the fact that we are also facing global challenges, renowned institutions and experts have continued to still express their unwavering confidence in Nigeria as the preferred destination for foreign direct investment in Africa and the world at large. The United Nations Conference on Trade and Development (UNCTAD) even ranked Nigeria the number one destination for investment in Africa for two consecutive years and top three last year.
In less than five years, Africa has risen to become the second most attractive investment destination in the world. Nigeria, South Africa and Kenya are ranked the most attractive investment destinations in Sub-Sahara Africa. Also, there is a wind of transformation going on in Nigeria’s investment landscape, which is being driven by the Minister of Industry, Trade and Investment. Therefore, we now have areas where Canadian companies can invest in Nigeria and also form partnerships in Nigeria in line with the Nigeria-Canada Bi-National Commission.
For the first time in our history as a country, the FG has developed a holistic and strategic Trade Policy, focusing on International trade, regional (Intra-African) Trade and Domestic Trade. They have also developed a new international trade policy linking Nigeria’s trade policy to its Industrial policy in order to ensure strategic expansion of trade across different product value chains, including trade in service and have launched the Nigerian Diaspora Export Programme to leverage on the huge population of Nigerians abroad to promote our abundant non-oil exports.
Trade experts  believe that reforms embarked upon by the government seem to have yielded impressive results, stressing that over the last decade, the country’s total trade has jumped from a low level of N3trillion in 2000 to N21trillion in 2013, while non-oil exports have steadily increased since 2011, rising by 7.4 per cent between 2011 and 2013. Between 2012 and 2013, the country recorded a 16 per cent increase in its non-oil export. All these cannot be attributed  to anyone else but the Federal Government’s favorable policies,  which has helped to strategically reposition trade as one of the major drivers of Nigeria’s economic growth.It has reduced resistance and improved implementation of noble trade policies that attract investments and improved Nigeria’s business climate significantly since 2010 when the last benchmarking exercise was conducted.
SOME ACHIEVEMENTS MADE WITH THE IMPROVEMENT OF THE INVESTMENT SECTOR
• PAN Steel Corporation of China took advantage of Nigeria Industrial Revolution Plan (NIRP) and invested $5 billion on New Steel Plant in Nigeria.
• Cocoa Processors Association of Nigeria (COPAN) in relation with the Organized Private Sector Programme invested $200 billion naira in Cocoa Market in Nigeria.
• 15 investors in the FCTA invested $2.8 billion (about N560 billion) to provide the needed engineering infrastructure for the Abuja Land Swap Initiative for the districts and also spent  over N64 billion on resettlement and compensation challenges.
• Foreign investors also storm the Nigerian Stock Exchange Market.
• The Federal Government also approved a new Automotive Industry Development Plan (NAIDP)  to transform the Nigerian Automotive Industry and today we can all see what I shappening there.
These and many more are visible things on-going in the investment industry. What more can Nigerians say they ask for? Give GEJ a second chance because he deserves it!