21 Nov Adebayo calls for foreign direct investment for rapid economic recovery
Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo has urged foreign direct investment in the development of Special Economic Zones (SEZ) in the country.
The economic zones according to the Minister are Lekki, Enyimba, Funtua, Ibom, Calabar, Bauchi, Kwara, Kano, Benue, Gombe and Ekiti.
In his address at the Nigerian in Diaspora Commission (NiDCOM) virtual lecture with the theme: “Post-COVID-19 Economic Resurgence: Targeting Diaspora Investment”, he urged Nigerians to take advantage of the investment opportunities in the special economic zones to help put the nation’s economy in good shape.
The Minister in a statement on Friday by his Special Assistant on Media, Ifedayo Sayo, listed investment opportunities in the country to include cotton, textiles/garment industry, and backward integration programme to expand local production of sugar, cassava and oil palm processing.
He said that there are opportunities for investment in the automotive industry as the country is seeking to catalyse the local assembly of at least 400,000 vehicles per annum.
On Agro-processing, “Opportunities also exist in the area of agro-processing. This is a major lever for promoting wealth creation for a majority of our workforce who are farmers. This ministry has accelerated plans to establish at least one (1) agro-processing zone in each senatorial district in Nigeria.”
He noted that “the impact of the novel COVID-19 pandemic has been overwhelming, as evident in the slowdown of economic activities across the world”
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