Nigeria’s vehicle production industry recorded over $1 billion worth of investments in 2022.
This is according to the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo.
The minister disclosed this at the 20th edition of President Muhammadu Buhari’s administration scorecard series on Tuesday in Abuja.
He also added that Nigeria has successfully revised its model Bilateral Investment Treaty (BIT) to include a specific provision for investment facilitation.
Adebayo further disclosed that the review of the National Automotive Industry Development Plan (NAIDP) was almost completed and going through a validation process.
“Over one billion dollars in investment has been recorded in the automotive sector and we are ready to move on to the next phase for the automotive industry,” he stated.
The Minister reiterated the commitment of his ministry to enabling the business environment to attract and retain investments that genuinely benefit Nigeria and its citizens, working with the Nigerian Investment Promotion Council (NIPC).
Adebayo also revealed that the federal government has revised its Bilateral Investment Treaty (BIT) towards attracting investments, to include a specific provision for investment facilitation, which institutionalises the principle of assisting investors in completing their investments.
“We are proud to offer Nigeria’s first investment policy to the Federal Executive Council (FEC) for approval. This strategic statement, which will outline our priorities, aims, commitments, and expectations, is a turning point for the Federal Ministry of Industry, Trade, and Investment and Nigeria as an investment destination,” he added.
According to him, Nigeria now boasts Investment Promotion and Protection Agreements (IPPAs) with Singapore, Morocco, and Saudi Arabia to attract and retain investments, following their ratification by President Buhari in 2022.
