Senator Udoma Udo Udoma, Minister of Budget and National Planning, has urged participants at the UK-Nigeria Trade and Investment Forum in London to invest in Nigeria.
Udoma said in a statement issued by his Special Adviser on Media, Akpandem James, on Wednesday that the country’s economic policy initiatives were yielding results.
James said Udoma, who was speaking at the plenary session of the Forum also said Nigeria’s outlook for 2018 was very positive, adding that Nigeria had exited economic recession.
The minister said the Economic Recovery and Growth Plan was put together to deliver sustained inclusive growth and several initiatives in the Plan were being implemented to remove constraints to investments.
According to him, some of the initiatives include the Presidential Enabling Business Environment Council and the Focus Labs.
Udoma listed some other initiatives as Investors and Exporters Foreign Exchange window, Nigeria Industrial Policy and Competitiveness Advisory Council and establishment of Special Economic Zones as well as Road Trust Fund Scheme.
He told the participants that the on-going ERGP Focus Labs were being conducted to unlock private investments and tackle constraints to investments.
The labs are on Agriculture and Transportation, Power and Gas, as well as Manufacturing and Processing.
Udoma said by the third quarter of 2017, real Gross Domestic Products grew by 0.72 per cent, indicating the economy’s exit from recession.
He said: “Recovery consolidated in the third quarter through the fourth quarter of 2017 with GDP rising to 1.92 per cent.
‘’Real GDP growth for full year in 2017 was 0.83 per cent from -1.58 per cent in 2016.”
He further said the country had enormous potential with vast opportunities for investment, given its rich natural resources, including oil wealth, solid minerals and fertile land.
Udoma said: “Nigeria is one of Africa’s largest economies with large markets for any prospective business; it is well located to provide gateway for trade expansion across the rest of Africa and the World.
“It has a strong political leadership and is an active member of the Commonwealth with strong trade and economic links with the UK and other Commonwealth countries.
“The country is politically very stable and general election is now routine every four years.”
The minister emphasised that it was the right time for the investors to invest in the country.
Udoma urges participants at London Forum to invest in Nigeria
