Home Finance FG gets N4.89tn investment commitment in 6 months .—-Begins projects execution monitoring -Aganga

FG gets N4.89tn investment commitment in 6 months .—-Begins projects execution monitoring -Aganga

by Business News Report

The Federal Government has secured a total of N4.89trillion investment commitment from local and foreign investors within the last six months, according to statistics from the Ministry of Trade and Investment.
Of the total, local investors account for N2.67trillion while the remaining N2.22trillion proposed investments will come from foreign investors.

The investment commitments were secured from the over 60 investor meetings held at home and abroad in line with the ministry’s aggressive investment drive and the transformation agenda of the President Goodluck Jonathan administration.
A breakdown of proposed investments from foreign companies shows that an American Company, Vulcan Energy International, has finalized plans to invest N620bn in the oil and gas sector of the Nigerian economy within the next one year. The company is involved in the installation, set-up, commissioning, maintenance and operation of electric power plants using natural gas, liquefied natural gas (LNG), compressed natural gas (CNG), liquefied petroleum gas (LPG), diesel and bio-fuel.

Similarly, GE Healthcare (United Kingdom) and GE Electric (United states) have made a combined investment proposal of N379.12billion for the health and transport sectors of the Nigerian economy; while a consortium of European investors have also commenced the process of investing N240billion in the power, petroleum and housing sectors of the economy within the next five years.

The group comprises Seagas Services Limited and Oceanmar Services Limited.
Also, the Export-Import Bank of the United States, (US EXIM) has made a N232. 5billion investment proposal for the power sector; while the Bakrie Group of Indonesia signed a Memorandum of Understanding with the Ministry of Trade and Investment for an investment package worth N155billion in mining and rubber plantation in two states of the federation within the next five years.

The investment, which will be managed by the Group’s investment’s vehicle, Bakrie Delano Africa Nigeria Limited, will also focus on maximizing benefits from Nigeria’s mining sector, exploring the untapped investment potential in the agricultural sector and accelerating the marginal development of the Nigerian oil and gas industry.
Other proposed investments from international investors include: N310bn from Tecnimont, a premier engineering firm in India; N155bn from Torch Petroleum of the United States; and N155bn from China Petroleum and Chemical Corporation (SINOPEC), among others.

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