Nigeria attracted $139.36bn investment through reforms – Ministry of Industry

The Federal Ministry of Industry, Trade and Investment (FMITI) says it attracted $139.36 billion dollars investment commitment from 2017 to September 2018 through its various reforms.

The ministry made the disclosure on its official Twitter handle @TradeInvestNG, saying the amount was the highest on record.

It said that in its efforts to attract investment, it revamped incentive programmes for investors, including a new Pioneer Status regime, and released the first compendium of investment incentives in Nigeria.

It established bilateral Memorandum of Understanding (MoU) of over $50 billion with the U.K., Germany and China for local investment commitments.

To boost the competitiveness of states, it also established the Nigerian Investment Certification Programme (NICP).

The ministry said that to develop Micro, Small and Medium Enterprises (MSME) sector, it executed the Growth and Employment Programme (GEM), and disbursed N3.7 billion to 910 entrepreneurs.

It added that through the GEM programme, six innovation hubs were set up to enhance the growth of the MSME sector.

The ministry also said it implemented the Government Enterprise and Empowerment Programme (GEEP), the largest microcredit scheme in the history of Nigeria — granting revolving credit to over 1.5 million traders, artisans, youths and farmers.

It said that it jointly executed 25 MSME Clinics with the Office of the Vice-President, bringing government services directly to the MSMEs in their states of operation.

“We disbursed N487.5 billion to 3,334 enterprises through the Bank of Industry (BoI) and provided technical assistance to 21,000 MSMEs.

“We equally launched the national SME Portal to drive ease of access to government services for SMEs,” it said.