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    Nigerians to wait two years to reap benefits of investment - Minister

    APA-Abuja (Nigeria)

    Nigerians may have to wait for another two years before reaping the benefits of direct foreign investments in the country.

    The Minister of Budget and National Planning, Mr. Udo Udoma, said in Bali, Indonesia at the launch of the Sub-Sahara Africa Regional Economic Outlook.

    It would take at least two years for the full manifestation of the investment potentials of the Economic Recovery and Growth Plan (EPRG) of the Federal Government, he said.

    “I think it will take one or two years before they actually come to fruition.

    “However, government has set up a crack team of four experts who were recruited to work with stakeholders in the private sector on ways to actually have the expected investors come in under the economic plan.

    According to him, the Nigerian government expects to attract private sector investments worth 22 billion dollars through the ERGP’s ‘Focused Laboratories’ within this period.

    The minister also said that the government, through the ERGP, hoped to create about 15 million jobs by 2020.

    “Our aim is to make Nigeria a more investment-friendly place, a more attractive place for people to do business.

    Udoma said that in Nigeria, the government was forced to cut down its growth projections for 2018 from 3 percent to 2.1 percent due to oil production challenges in the second quarter of 2018.

    He said also that the flooding in some states affected the agriculture sector as did the herdsmen clashes in certain areas.

    With regard to foreign investments, Udoma agreed with the policy advice of the IMF that Nigeria needed to put in place sound macroeconomic policy management to mitigate risks associated with volatile capital flows.


    MM/GIK/APA

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