Co-ordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, yesterday, disclosed that total Foreign Direct Investment(FDI) to Nigeria in the last three years, grew to US$20 billion.
Speaking at the World Press launch in Abuja, to announce the hosting by Nigeria, of the 24th World Economic Forum on Africa, billed to hold between May 7 and 9, 2014, the Minister said that although Nigeria remains the largest recipient of FDI in Africa, she still needs more assistance.
Against this backdrop, she said, the forum which has the theme: “Forging Inclusive Growth, Creating Jobs”, would bring the much-needed employment to the nation’s teeming youths.
“We recongnise the challenge we face in converting the vast human and natural resources we have into broad economic prosperity and improvement of standard of living through job creation. With the whole economic and political world focused on Nigeria during the meeting, it places enormous responsibilities on the country.
“However, it presents in equal measure, opportunities for Nigeria, in terms of investments, tourism and of course, increased international relevance as we drive local and foreign investments, promote inclusive growth and boost job creation,’’ she stated. The WEF is a non- profit foundation based in Switzerland and dedicated to improving the state of the world through the facilitation of business engagements.
“The African edition began in 1990 and has been held in South Africa, Zimbabwe, Namibia, Mozambique, Tanzania, and Ethiopia. In 2014, it will be held in Nigeria and we are honoured to have been chosen as the venue for this important meeting. It is a reflection of the growing attraction of Nigeria to the international capital as one of the world’s most rewarding new market.
“The WEF is an unprecedented opportunity for Nigeria to showcase its vast economic opportunities and deepen dialogue on economic reforms between the international and Nigerian private sector on one hand and the Nigerian government and international and domestic investors, on the other. The theme chosen by the WEF for the 2014 summit aligns perfectly with the medium and long- term aspirations and commitment of the Federal Government of Nigeria.
“Hosting WEF next year will not only ensure that Nigeria remains the largest recipient of Foreign Direct Investments (FDI) in Africa, but ensure that we attract broad based investments that will generate millions of jobs for our youthful population,’’ she said.
In his remarks, the Chief Economic Adviser to the President, Dr Nwanze Okidegbe relayed the president’s excitement about the summit.
According to him, the President was looking forward to receiving the captains of industry from across the globe.
Okidegbe noted that the theme of the summit was consistent with the president’s transformation agenda, adding that the visit would bring in significant increase in FDIs into the country.