Nigeria has attracted significant investment commitments within a single year, according to Minister of Industry, Trade, and Investment, Doris Uzoka-Anite. Minister Uzoka-Anite reported securing investment commitments exceeding $30 billion over the past year.
Highlighting Nigeria’s growing appeal as an investment destination, the Minister also pointed to the revitalization of the Lagos International Trade Fair Complex. Revenue for the complex has surged to N430 million, and Nigeria is poised to host its first major trade fair since 2010. This event, according to the Minister, signals to investors that Nigeria is a significant player on the global stage.
Providing an update on the achievements of her ministry, Uzoka-Anite announced that the Federal Government is set to establish commercial courts across different states to expedite judgments on business cases and contractual disagreements.
Dr Uzoka-Anite further explained that the Federal Government has invested $3.5 million to rejuvenate the dormant textile industry and is set to launch the ‘Light Up’ campaign to enhance the power supply for small and medium-sized enterprises (SMEs).
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Tinubu’s First Year Anniversary Plans
These announcements come as part of the events planned to mark President Bola Tinubu’s first anniversary in office since his victory at the polls last year.
The president has reportedly ordered a low-key celebration, listing a series of projects to mark the occasion as May 29 approaches. On May 26, he oversaw the inauguration of the concrete-paved road leading to the nation’s major ports in Lagos.
The project, initiated during the last presidential administration, was financed by the Dangote Group through tax credits under the Tinubu-led administration. On the same day, he virtually inaugurated the refurbished Third Mainland Bridge.
He also virtually commissioned the rehabilitation of 330 roads and bridges across the country, including the inauguration of the iconic Lagos-Calabar Superhighway, with an estimated cost of about N15 trillion.
The President returns to Abuja on Tuesday, where he will inaugurate the Southern Parkway, named after him by the Nyesom Wike-led FCT administration, and then attend the National Assembly Dialogue Series, followed by the unveiling of the National Assembly Complex, also named in his honour, on Wednesday.
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He will leave the National Assembly to relaunch the commercialization of the Abuja Light Rail (Abuja Metro). The Abuja Metro was completed in 2018 by the Buhari Administration. It was put into commercial use until 2020, but was abandoned with the onset of COVID-19.
The Abuja Metro is reportedly reopening after a two-year hiatus. Since its completion in 2018, the rail line underwent refurbishment under FCT Minister Wike, including new access roads and a $15 million investment. President Tinubu is expected to officially relaunch commercial operations of the Abuja Metro soon.
Following a symbolic train ride to the city centre, he will also inaugurate the Wuye Flyover-Link Bridge and the Defence Intelligence Agency Headquarters. On Friday, the president will commission the NASENI-Portland Compressed Natural Gas Reverse Engineering Centre at Utako.
