Minister of Commerce, Ambassador Idris Waziri has told
member countries of the ECOWAS sub-region that Nigeria
offers great opportunities for investments for investors
in the sub-region. Speaking at the Nigerian Trade and
Investment Forum of the just ended ECOWAS Trade Fair in
Lagos, as part of activities marking the Nigeria day at
fair, the minister underscored the imperative of investment
to economic development and growth, saying that it was “in
recognition of this that successive governments in Nigeria
have made sustained efforts to create an enabling
environment to attract investors from all over the world.”
He said Nigeria’s government has actively promoted
investment in non-oil exports because “it is a way through
which employment is generated, poverty reduced and the
economic base of the country diversified, stressing that in
order to achieve these objectives, government has put in
place certain incentives to encourage exports locally and
attract investors.
Listing the incentives which the government has put in
place to encourage operators in this vital sector of the
economy, the minister stated that “this include re-
discounting of short term bills for exporters, allowing 100
per cent retention of foreign exchange earnings,
simplification of export documentation and procedures.”
Besides, he added that “investors are also guaranteed the
repatriation of their profit/capital any time they wish.”
The minister who was represented by Mrs. Janet Ogunleye,
Permanent Secretary in the ministry at the event, also
spoke of financial and fiscal incentives that are
available to investors through financial institutions like
the Nigerian Export and Import Bank (NEXIM), Nigerian
Export Promotion Council, etc, adding that commercial
banks in Nigeria have set aside annually, a percentage of
their profits to finance small and medium-scale industries.
Waziri called on member countries to initiate greater trade
among ECOWAS, noting that there were areas in which
industries in Nigeria need raw materials which are
available in abundance in the sub-region, the same
according to the minister, “goes for services especially in
areas like tourism industry.”
He emphasised that more needs to be done to bridge the gap
between the sub-region and others with the aim of improving
living standards and general well being of the citizens.
Nigeria, he continued has potentials in textile products,
chemicals, beverages, stressing that “textile products from
Nigeria has been able to penetrate the sub-region and some
Europeans countries. He said that opportunities abound for
investment in the non-oil sectors such as in agriculture,
manufactured products, solid minerals etc.
His words: “Specifically in agriculture, there are
prospects in establishment of large-scale farming, for the
production of a number of farm products like cocoa, palm
oil, butter, etc. The creation of small and medium-scale
industries to process the raw agricultural produce into
preservable edible products and intermediate products for
domestic consumption, industrial use and export. The
activity in the juice sub sector is an attestation to this.
Government, he said was satisfied with the results from
the measures taken and efforts will be made to improve upon
these policies.”