‘Buhari administration has attracted over $1billiion in direct foreign investments’

The federal government yesterday said that at least $1billiion has been attracted into the country economy over the last one year of the Muhammed Buhari administration.

Minister of Industry, Trade and Investments, Dr. Okechukwu Enelamah, who disclosed this yesterday during an interactive session with the media, said more Direct Foreign Investments (DFI) are underway, as the government has continued to canvass investments from foreign countries, adding that Germany, United State, United Arab Emirate, United Kingdom, Singapore and many more are among countries billed to commence full business operations in the country from next year.

He said that General Electric alone has injected $1billion and would invest more when it commences operations next year.

Other investors, such as BUA, CHI Industries, Coca Cola and Chinese companies have also injected various amounts in DFI, following the Buhari’s campaign abroad.

According to the minister, the federal government has signed investment contracts with various foreign countries, legal agreements for implementation of many of which have either been finalised or nearing completion.

He added that the administration was keen on infrastructure development, as well as export promotion as part of economic diversification plan to reflate the economy and improve living conditions of citizens.

The minister added that operation of six special economic zones in the country are to be revamped to operate under new initiatives, such as tax reduction that would allow foreign countries retain their businesses, while also contributing to the country’s GDP growth.

He added that concession loan facilities expected from China were already being looked at by the China EXIM bank.