"Nigeria eyes $7bn FDI from oil sector\u00a0"

" Nigeria eyes $7bn FDI from oil sector\u00a0 \r\nWale Edun, the minister of finance and the coordinating minister of the economy, has said that a $7 billion\u00a0 Foreign Direct Investment(FDI) \u00a0has been secured in the oil sector to boost the country\u2019s economy.\r\n\r\nEdun, who appeared as a guest on Channels Television yesterday, said that the government was investing in port infrastructure to ease trading for investors, and boost the country\u2019s productivity.\r\n\r\n\u201cIn terms of figures, 7 billion dollars is estimated to come in from the oil sector with another major improvement in the economic environment, the national single window project, which really is an e-community and trade facilitation platform that will totally revolutionize what goes on at the ports,\u201d he said.\r\n\r\nHe also stated that the government has invited private foreign investors interested in investing in different parts of the economy.\r\n\r\n\u201cOne of the things that we need to do on our own side is that when you\u2019re dealing with private business, you need to have in place double taxation treaties like Investment Promotion and Protection treaties. So we\u2019re tidying up our end in terms of those agreements as far as private investment is concerned,\u201d he said.\r\n\r\nThe minister\u2019s comment follows the upheaval recently witnessed in Nigeria\u2019s FDI as major companies, especially multinationals are exiting and limiting their presence in the country with\u00a0 Kimberly-Clark , makers of Huggies being the latest.\r\n\r\nNigeria is in dire need of foreign investment to improve its illiquid economy but the business environment seems challenging to prospective investors especially with the wrong sequencing of the macroeconomic reforms.\r\n\r\nIn his defence, Edun noted that Nigeria has improved its economic climate for investors by hiking interest rates and liberalising the FX market into the Willing Buyer, Willing Seller window.\r\n\r\n\u201cCompanies will come and go but we intend to keep them. More are coming in. The president himself sells the prospect of Nigeria to investors,\u201d the coordinating minister of the economy said.\r\n\r\nEdun also stated that inflated food prices and the naira devaluation incentivize local production and create opportunities for local investors to drive productivity.\r\n\r\n\u201cThe policy of the Nigerian government is that all government vehicles must be CNG powered, or must be electric, or solar powered.\r\n\r\n\u201cAny combination of the above is a major incentive to investors to come in and benefit from guaranteed patronage by the government,\u201d he stated.\r\n\r\nThe Nigerian oil and gas industry was totally sidelined by foreign investors in the second quarter of 2023 for the first time on record with zero FDI, as the once lucrative sector attracted no capital inflow in the latest review quarter, BusinessDay earlier reported.\r\n\r\nAt its peak in 2014, Nigeria attracted the largest amount of FDI of any African country, with inflows exceeding $22.1 billion.\r\n\r\nIn the first quarter of 2023, oil FDI stood at $750, 000.\r\n\r\nThe country\u2019s National Bureau of Statistics has not published its full-year 2023 FDI reports and its 2024 first-quarter FDI reports but it doesn\u2019t take a seer to understand that the oil corporation is flailing.\r\n\r\n\u201cPrioritising political interests over transparency and due process in asset sales has led to corruption, mismanagement, and ultimately, the underperformance of the sector,\u201d Avuru earlier told BusinessDay.\r\n "

"Nigeria eyes $7bn FDI from oil sector\u00a0"

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