Nigeria has witnessed unprecedented direct foreign investment in the last 4 years than any administration in the past And they said were not making progress The Federal Government’s Transformation Agenda for the economy has attracted $59.6 billion ( equivalent to 10.8 trillion Naira) 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. 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 coordinated 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 four per cent. Capacity utilization was very low, while massive jobs loss was prevalent. There was no emphasis on value addition. For decades, our country had specialized 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.
Posted on: Tue, 13 Jan 2015 21:06:11 +0000
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