Nigerian firms to pool N1.5trn investment in one year -Aganga

Posted by admin Headlines Wednesday, August 24th, 2011

AS part of Federal Government’s incentives to grow the real sector of the economy, 166 non-oil indigenous firms have concluded plans to invest N1.5trillion in the domestic economy within the next 12 months.

The Minister of Trade and Investment, Mr Olusegun Aganga, made this disclosure on Tuesday during a meeting with the agro-business sector in Lagos.

According to him, the investment figure, which was a conservative one because of the few companies captured, was arrived at after an analysis of the survey forms filled by the companies during the ministry’s maiden meeting with the Organised Private Sector and captains of industry.

Of the total amount, the president, Dangote Group, Alhaji Aliko Dangote, will invest N900billion in the production of fertilizer and petro-chemicals.

The Nigerian Bottling Company Plc pledged to invest N45billion, Guinness Nigeria Plc, $225million; Odua Investment Company Limited, N37billion and chairman, Ikeja Hotels Plc, Mr Goodie Ibru, $6million, among others.

The minister further said the manufacturing, real estate, agro-allied and automotive sectors will get N1.06trillion, N198.5billion, N67.8billion and N45billion investments respectively, while tourism, trade and commerce, transport and others will make up the rest.

Aganga, who commended the Nigerian investors for their confidence in the Nigerian economy, added that the Federal Government was committed to providing a conducive environment to enable the private sector play pivotal role in the transformation of the country’s economy.

-Tribunewp_posts