Bloomberg News

Nigeria Plans to Triple Foreign Direct Investment by 2015

November 30, 2011

(Updates with minister’s comment from second paragraph.)

Nov. 29 (Bloomberg) -- Nigeria, Africa’s most populous nation, plans to triple foreign direct investment, now at $3 billion a year, by 2015, Trade and Investment Minister Olusegun Aganga said.

The West African nation with 167 million people also aims to create 3 million new jobs within the period, the minister said in a speech he sent today to a conference in Lagos, the commercial capital.

To achieve these, the government has “to promote Nigeria as an attractive destination of investment and enhance quality of live,” he said. One of the things the government will do is make it easier to do business in the country, Aganga said.

Nigeria, Africa’s largest oil producer, needs to diversify its economy from dependence on revenue from the commodity. Minister of Finance Ngozi Okonjo-Iweala said on Nov. 14 that Nigeria needs to invest $67 billion over the next four years on infrastructure development.

--Editors: Peter Branton, Shanthy Nambiar

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net


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