FG records $1bn investment in automotive sector — Minister
Written by City Radio on January 31, 2023
The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo said that the Federal Government has recorded more than one billion dollars’ worth of investments in the automotive industry.
Adebayo said this when he featured at the 20th edition of President Muhammadu Buhari’s administration scorecard series organsied by the Federal Ministry of Information and Culture on Tuesday in Abuja.
While disclosing that the review of the National Automotive Industry Development Plan (NAIDP) is nearly completed, he said that the plan was going through validation process.
Adebayo restated the ministry’s commitment toward enabling business environment to attract and retain investments.
According to him, the ministry and the Nigerian Investment Promotion Council (NIPC) are committed to attracting and protecting investments that genuinely benefit Nigeria and its citizens.
He said that the revised Bilateral Investment Treaty (BIT) would boost investment.
Adebayo, who said that Nigeria had Investment Promotion and Protection Agreements (IPPAs) with Singapore, Morocco, and Saudi Arabia to attract and retain investments, said the ministry was developing more.
Adebayo said the ministry also distributed 5,571 acceptance certificates worth N7.7 trillion to 2,665,800 firms.
To further accelerate industrialisation, Adebayo said that the ministry was expediting the establishment of Special Economic Zones (SEZs) across the country.
According to him, the special economic zones will increase infrastructure availability and provide fiscal incentives for value addition. (NAN)