The Minister of Industry, Trade and Investment, Adeniyi Adebayo, has said that the Federal Government has recorded investments of over one billion dollars in the automotive industry.
Adebayo said this at the 20th edition of the President, General Muhammadu Buhari (retd.) administration card series organized by the Federal Ministry of Information and Culture in Abuja on Tuesday.
“Investment of more than one billion dollars has been registered in the automotive sector and we are ready to move to the next phase of the automotive industry,” said the minister.
While he announced that the review of the National Automotive Industry Development Plan was almost complete, he said that the plan was in the process of being validated.
Adebayo reaffirmed the ministry’s commitment to an enabling business environment to attract and retain investment.
According to him, the ministry and the Nigerian Investment Promotion Board were committed to attracting and sponsoring investments that truly benefit Nigeria and its citizens.
He said that the renewed Bilateral Investment Treaty will encourage investments.
“Nigeria has successfully revised its model Bilateral Investment Treaty to include a specific investment facilitation provision that institutionalizes the principle of assisting investors to complete their investments.
“We are proud to present Nigeria’s first investment policy to the Federal Executive Council for approval.
“This strategic statement which will outline our priorities, objectives, commitments and expectations is a turning point for the Federal Ministry of Industry, Trade and Investment and Nigeria as an investment destination,” he said.
Adebayo, who said Nigeria had investment promotion and protection agreements with Singapore, Morocco and Saudi Arabia to attract and retain investment, said the ministry was developing more.