FG says $25 billion FDI helped boost nation’s economy after recession

The Federal Government has disclosed that the $25 billion Foreign Direct Investment (FDI) injected by Nigerians in diaspora after the nation exited recession in 2018 helped revived Nigeria’s economy.

Chairman, Nigerians in the Diaspora Commission, Abike Dabiri-Erewa, announced that the Nigerians had expressed their desires to inject their funds in over 200 businesses and projects across different sectors of the economy.

Some of the sectors of interest are agriculture, telecommunication, technology, real estate, health and education, among others.

She explained that over 300 investors would participate in the 2019 Nigeria Diaspora Investment Summit scheduled for November 6-7, 2019, at the Presidential Villa, Abuja. According to her, the summit tagged,‘Leveraging diaspora investment for economic growth,’ is supported by the Nigeria Diaspora Alumni Network.

Other sponsors are Nigeria Investment Promotion Commission, Infrastructure Concession Regulatory Commission, Bank of Industry, Nigeria Export Promotion Council, Bauchi State Government, Keystone Bank, and Rwandair, among others.

She said, “The summit underscores the fact that Nigerians in the diaspora represent a game-changing leverage for the country as the economy exits recession and heads towards growth. They currently account for the highest net contribution to FDI inflows into the country with $25 billion remitted in 2018.

“This year’s summit could not have come at a better following the presentation of the national budget and fiscal plans for the year 2020, marking a return to the old January to December fiscal year.”

According to her, the summit organizers’ decision to prioritize investment in small businesses was informed by the government’s current emphasis on providing support for the small business sector, and agriculture.

She added that the summit would focus on agribusiness; education, training and skilled workforce development; healthcare services and awareness; entertainment, hospitality and tourism; infrastructure and real estate; manufacturing, and extractive industries and others

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