- Releases N750bn this week
BY EDMOND ODOK, ABUJA – Minister of Finance, Kemi Adeosun has assured that the Federal Government will release about N750 billion for capital projects to Ministries, Departments and Agencies (MDAs) this week to further boost its 2017 budget implementation.
Addressing a delegation of French investors, comprising representatives of about 30 companies, in Abuja, Adeosun said the additional N750 billion capital vote injection would increase government investment on infrastructure to about N1.2 trillion for the year 2017.
The Finance Minister had, during the public presentation of the 2018 budget proposals, confirmed that government has so far released N450 billion for the capital projects across the country this year.
Against the backdrop of expression of interest and readiness of the French investors to invest in key sectors of the Nigerian economy, Adeosun said the government is working hard on providing “enabling infrastructure that will bring potential into reality.”
According to her, “Last year (2016), we released N1.3 trillion of capital and so far this year we have released N450 billion and this week, we will release another N750 billion and this will take the release to N1.2 trillion by the end of the year.”
She assured the delegation that Nigeria remains an attractive investment destination and the federal government would not relent in its efforts at making the environment conducive and investment friendly
In his remarks, Head of the French delegation, Mr Philippe Labonne, said the investors are interested in key sectors of the economy, especially renewable energy, infrastructure, agriculture, banking and youth empowerment.
He said the companies’ investment decision on Nigeria came on the heels of its home government’s directive for French firms to enlarge their investment profiles in the West African nation as part of efforts to boost the existing cordial relations between the two countries.
Labonne said given recent stability in Nigeria’s foreign exchange market, the economic environment has improved and become quite encouraging, stressing that most French firms are set for strategic partnership with their Nigerian counterparts towards realising their investment goals
“We are here to assess the investment environment in Nigeria to enable us to take advantage of the opportunities.
“We have about 30 companies in this delegation in sectors such as infrastructure, services, agriculture and banking and the purpose of this meeting is to identify key sectors where we can invest”, the French head of delegation said.
According to him, “We are interested in many areas such as energy, agriculture, services, especially toward youths and we will identify other areas subsequently.”
NAN reports that the French team had earlier engaged the Executive Secretary, Nigerian Investment Promotion Commission (NIPC), Ms Yewande Sadiku on its mission in the country.
The NIPC boss had informed the delegation that Nigeria remained a top destination of capital inflows in the African continent, adding; “Nigeria is strategically located in Africa to serve the needs of many countries as regional hub to the continent.”
She further stated that; “We have a compelling population that provides the market which means that Nigeria can serve as manufacturing hub for investors.”
Acknowledging France’s number 10 positioning on the investment inflows chart, representing about N1 billion of the capital inflows into Nigeria, Sadiku lauded the investors’ interest in the country, even as she assured the team that France remains key among the numerous countries targeted by Nigeria’s strategic investment plan.
