Trade and Investment
THE BENEFIT OF FOREIGN INVESTMENT
Foreign investment is integral to the Nigerian economy. As an open, well-regulated economy with a highly skilled workforce, Nigeria enjoys an international reputation for innovation. To make the most of these advantages, Nigeria uses international capital to supplement domestic savings.
Foreign investment helps Nigeria reach its economic potential by providing capital to finance new industries and enhance existing industries, boosting infrastructure and productivity and creating employment opportunities in the process.
The higher growth supported by foreign investment pays dividends for all Nigerians by increasing tax revenues to the federal and state governments.
Foreign investment has other benefits beyond injecting new capital. By bringing in new businesses with connections in different markets, it opens up additional export opportunities, boosting our overall export performance. It also encourages competition and increased innovation by bringing new technologies and services to the Nigerian market.
Trade and Investment News
The Minister of Solid Minerals Development, Dr Dele Alake, has described Nigeria as Africa’s choice mining investment destination, emphasising incentives and policies promoting ease of doing business in the mining sector.
The minister disclosed this while virtually addressing the Nigeria-Australia Investment Roundtable.
Highlighting efforts to combat illegal mining and insecurity around mining areas, Alake cited the establishment of the 2,220-strong elite para-military force tagged “Mining Marshals,” which is made up of a 60-man rapid response squad, deployed in each of the 36 states of the federation and FCT
A statement by the Special Assistant on Media to the Minister of Solid Minerals Development, Segun Tomori, while quoting the Minister, said: “Illegal mining is not just unlicensed mining. It covers licenced miners operating with invalid licences, licenced miners operating outside their coordinates, or mining minerals not approved in their licences.
“The specialised mining marshals have in the short time of operations discouraged illegal mining, brought relief to recognised miners, and are clamping down on those involved in nefarious activities around mining areas across the country,” the Minister added.
Speaking further, Alake assured Australian investors that plans for the establishment of the private sector-led Nigerian Solid Minerals Corporation have reached an advanced stage, stressing that the corporation is poised for joint ventures with investors on critical minerals like lithium, gold, baryte lead, and iron ore, amongst others.
“Both the legislative and corporate processes for the establishment of the corporation have reached appreciable stages. I hope to invite you to the formal unveiling of Nigeria’s intervention in the international mining business very soon,” he added.