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Vice President Yemi Osinbajo says foreign direct investments (FDIs) to Africa would grow from the $56.5 billion figure of 2016 to $57.5 billion by the end of this year. He noted that the economies on the continent had performed well due to good governance, friendly business environment, micro-economic stability, large markets and widening domestic demands, among others.
Osinbajo, who spoke yesterday in Abuja at the opening of a two-day trade and investment development forum organised by Nigeria and ECOWAS Commission in partnership with the World Trade Organisation (WTO), said Africa must embrace trade and investment to maximise economic benefits.
He noted that parlous infrastructure and lack of capacity building must be addressed to make trade and investments take the centre stage in economic development on the continent.
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Also speaking at the event with the theme, A High-Level policy and private Sector Trade and Investment facilitation Partnership, the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelama, said the developing countries need $2.5 trillion yearly of foreign and domestic investments to meet the 2030 Sustainable Development Goals (SDGs).
The minister, who based his assertion on the recent forecast by the United Nation Conference on Trade and Development, said the continent should not take for granted the estimates by the World Bank that it needs between $120 and $150 billion yearly to bridge its infrastructural deficit and $60 to $80 billion of investments yearly.
Enelamah expressed satisfaction at the latest report by the global bank on Ease of Doing Business (EODB) which ranked Nigeria 145th out of 190 countries in the index for 2018.
