FG records a $1 billion investment in the automotive sector

Industry, Trade and Investment Minister Adeniyi Adebayo said the federal government has registered more than $1 billion worth of investment in the auto industry.

Adebayo said this while attending the 20th edition of the scorecard series of President Major General Muhammadu Buhari (retd.) organized by the Federal Ministry of Information and Culture on Tuesday in Abuja.

“Over $1 billion has been invested in the auto industry and we are ready to move into the next phase for the auto industry,” said the minister.

While revealing that the review of the National Automotive Industry Development Plan was nearing completion, he said the plan was going through a validation process.

Adebayo reiterated the ministry’s commitment to enabling the business environment to attract and retain investment.

According to him, the Ministry and the Nigerian Investment Promotion Council were committed to attracting and protecting investments that truly benefit Nigeria and its citizens.

He said the revised bilateral investment treaty would boost investment.

“Nigeria has successfully revised its model Bilateral Investment Treaty to include a specific provision for investment facilitation, which institutionalizes the principle of helping investors 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, goals, 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.

NAN