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NEWS and REPORTS => Nigerian News => Topic started by: TGD on Aug 01, 2013, 11:31 PM

Title: Nigeria recorded $8.9 billion foreign investment in 2012, says minister
Post by: TGD on Aug 01, 2013, 11:31 PM
• To probe sack of Nigerian acting Gambian CJ

MINISTER of Foreign Affairs, Olugbenga Ashiru, yesterday disclosed that the country recorded $8.9 billion Foreign Direct Investment inflow in 2012.

  He also said the ministry was investigating the circumstances surrounding the sack of the Nigerian acting Chief Justice of Gambia, Joseph Wowor, who was alleged to have asked for bribe.

  The minister also reiterated that Nigeria would take appropriate measures to ensure the rights of Nigerians are protected in view of the £3000 pound bond slammed by the British government on Nigerians seeking to travel to the United Kingdom.

  Briefing members of the National Working Committee (NWC) of the ruling Peoples Democratic Party (PDP), the minister said the direct investment in 2012 was far higher than the USD6.1 billion recorded in 2011.

  According to him, the ministry has adopted the strategy of focusing attention on economic diplomacy by attracting huge investments into the country in the last two years, a decision, he said, has a salutary effect on the transformation agenda of President Goodluck Jonathan.

  Ashiru explained that to achieve this, the ministry formed strategic partnerships with a number of countries in order to support the investment drive.

  He named United States of America, Britain, Germany, China, Japan, South Korea, Mexico, South Africa, Canada and a few other countries as partners for the direct investments.

  Giving a breakdown of the investment inflow, Ashiru said the General Electric Company of U.S. is investing over $1.0 billion in the construction of a factory in Calabar, Cross River State capital, to manufacture gas turbines for the power sector, not just for the Nigerian market but throughout Africa.

  The minister said with the support of the German government, the Siemens of Germany would also establish a local manufacturing factory in Lagos for production of small and medium scale gas turbines for the power sector in Nigeria.

  He spoke on financial inflow of 65 million Euro for the 30 megawatts Kiri Dam project in Adamawa; financial inflow of 50 million Euro for the 20 megawatts Yola solar power station and another financial inflow of 1.5 billion Euro for the 450 megawatts Gombe coal-to-power station.

  From China, he said "apart from the involvement of China in the development of infrastructure and other construction activities, it has granted a soft loan of $500 million for the construction of a light rail in and around Abuja".

  In answer to a question on the campaign by foreign countries on legalisation of gay, Ashiru said "foreign countries, which legalised gay should not impose such negative values on us. Majority of Nigerians are against it. It is not part of our culture, tradition, religion and laws. We shall stand firm to oppose it. We shall not interfere in the affairs of other countries and they should not interfere in ours".

  On the Nigerian-Gambian judge, the minister clarified that the country would not defend any Nigerian who break laws of other countries, but assured that the ministry will look into the case to ascertain whether any form of high-handedness was used against him.

  "We believe in due process and rule of law. The case in Gambia is being looked into and if there is any case of high-handedness or whatever, the Nigerian government will look into it and take necessary steps to ensure that the interest of Nigeria is protected.

  "I want to make it clear that we are all living witnesses to the fact that where any government in Africa unduly takes action against any Nigerian, the Nigerian government will act appropriately. We have various ways to do that. We have done it in the past and we will continue to do that," Ashiru said.

 

The Guardian