Nigeria creates investment institution to boost manufacturing sector

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Nigeria bets on special economic zones to double its manufacturing output by 2025, the Ministry of Industry, Trade and Investment announced this week.

According to the communiqué published by the ministry, those zones should help increase the manufacturing sector’s contribution to GDP from 10% currently to 20%.

In that regard, the government has created the Nigeria SEZ Investment Company that will raise funds to create industrial parks in the various special economic zones in Lagos, Abia and Katsina. For the time being, the country is trying to raise $250 million to launch the activities of Nigeria SEZ Investment Company. After the launch of this investment institution, Nigeria will increase its capital to $500 million in the next four years.  

Let’s note that In February 2019, the country’s president Muhammadu Buhari (photo) announced the promotion of the Made In Nigeria to help the country generate $30 billion in exports revenues yearly.

Moutiou Adjibi Nourou (Ecofin Agency)