…attracts $139.36bn investment commitment in less than a year
TUE, JUNE 11 2019-theG&BJournal-The Federal Ministry of Industry, Trade and Investment (FMITI) said on its Twitter handle (@TradeInvestNG) yesterday that it attracted $139.36 billion- the highest on record- investment commitment from 2017 to September 2018 through its various reforms.
It was not stated which sectors of the economy benefited from the inflows.
It said the reforms helped lift Nigeria 24 places in the world Ease of Doing Business rankings, its highest jump in history.
‘’Registration of businesses now happens in 24 hours online,’’ it said.
The Ministry listed the reforms which is included in a revamped incentive programmes for investors. Among them is the establishment of bilateral Memorandum of Understanding (MoU) of over $50 billion with the U.K., Germany and China for local investment commitments.
The ministry listed the reforms undertaken during the period adding that it also published its first compendium of investment incentives in Nigeria.
To boost competitiveness of states, the Ministry established the Nigerian Investment Certification Programme (NICP) and disbursed N3.7 billion to 910 entrepreneurs as part of its efforts to develop Micro, Small and Medium Enterprises (MSME) sector and also executed the Growth and Employment Programme (GEM).
It added that through the GEM programme, six innovation hubs were set up to enhance the growth of the MSME sector and launched the national SME Portal to drive ease of access to government services for SMEs.
The ministry also said it implemented the Government Enterprise and Empowerment Programme (GEEP), the largest microcredit scheme in the history of Nigeria — granting revolving credit to over 1.5 million traders, artisans, youths and farmers.
It said that it jointly executed 25 MSME Clinics with the Office of the Vice-President, bringing government services directly to the MSMEs in their states of operation.
A total of N487.5 billion was disbursed to 3,334 enterprises through the Bank of Industry (BoI) and provided technical assistance to 21,000 MSMEs, according to the Ministry
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