Over $1bn investment attracted in automobile sector — Minister

The Minister of Industry, Trade and Investment, Adeniyi Adebayo, has said that the Federal Government has recorded over $1billion worth of investment in the automotive industry.

Adebayo said this when he featured at the 20th edition of the President, Muhammadu Buhari’s administration scorecard series organsied by the Federal Ministry of Information and Culture on Tuesday in Abuja.

“Over $1 billion  in investment has been recorded in the automotive sector and we are ready to move on to the next phase for the automotive industry,” the Minister said.

While disclosing that the review of the National Automotive Industry Development Plan was nearly completed, he said that the plan is going through validation process.

Adebayo who restated the Ministry’s commitment towards enabling business environment to attract and retain investments, said the Ministry and the Nigerian Investment Promotion Council were committed to attracting and protecting investments that genuinely benefit Nigeria and its citizens.

Stressing that the revised Bilateral Investment Treaty would boost investment, he said, “Nigeria has successfully revised its model Bilateral Investment Treaty to include a specific provision for investment facilitation, which institutionalises the principle of assisting investors in completing their investments.

“We are proud to offer Nigeria’s first investment policy to the Federal Executive Council for approval.

“This strategic statement, which will outline our priorities, aims, 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 that Nigeria had Investment Promotion and Protection Agreements with Singapore, Morocco, and Saudi Arabia to attract and retain investments, said the Ministry was developing more.