Vice President Yemi Osinbajo has revealed that the Federal Government invested a total of $10 billion (N3.61 trillion) in infrastructural development across the country in the last two years.
Osinbajo stated this while speaking at the Direct Investors’ Summit Nigeria 2018, adding that the funds were spent on roads, power and new national rail lines from 2016 to 2017.
He said investment in infrastructure has been one of the Federal Government’s initiatives to improve the investment climate in Nigeria in addition to improvements in ease of doing business through the Presidential Enabling Business Environment Council (PEBEC).
“All of these will help guarantee increased access to markets and reduce operating cost for businesses,” he said.
Osinbajo said the Federal Government’s Focus Labs were meant to identify and resolve problems impeding progress in key investment projects and that the initiative led to the discovery of $22.5 billion worth of investment projects.
He stated that about $10 billion of those projects with a potential of 500,000 jobs by 2020 have been classified as most ready to run immediately.
The Vice President said investors need to come to Nigeria as the country has one of the most youthful populations in the world with 50 per cent over the age of 20 years and 75 per cent under the age of 35.
“It is easy to see why any global company serious about its future must just have to have a plan about Nigeria as many opportunities abound,” he told the gathering of investors.
The V-P said the story of MTN is one that demonstrated how profitable it was to make business in Nigeria as the company operated in over 20 countries but made 50 per cent of its revenues from Nigeria and now planned to list on the Nigeria Stock Exchange.
Also speaking, The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, called for partnerships among key stakeholders, adding that Nigeria was serious with supporting investors.
He said in 2017, the Federal Government tracked $66 billion worth of investment announcements and in the first quarter of 2018, $17 billion worth of similar announcements have also been tracked. He urged investors to turn the announcements into real investments.