Fayemi urges reversal of $14bn investment drop | Dailytrust

Fayemi urges reversal of $14bn investment drop

Governor Kayode Fayemi’s

Chairman of the Nigerian Governors Forum (NGF) and Governor of Ekiti State, Kayode Fayemi, has advised the federal and state governments to reverse the $14 billion drop in capital importation this year.

Speaking at the launch of ‘The Book of States’ published by the Nigeria Investment Promotion Commission (NIPC) held in Abuja on Monday, Fayemi observed that capital importation fell by almost 60 per cent, from $24bn in 2019 to $10bn in 2020.

“This drop, fuelled by the COVID-19 pandemic and the resulting crash of commodity prices, must be reversed in 2021. We must work together as federal and state governments to, in the first instance, take capital importation back to 2019 levels, and use it as a launchpad for future growth,” he said.

Fayemi expressed satisfaction with the enormous investment potentials in states as chronicled in the NIPC’s Book of States. The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, said The Book of States captured the competitive advantages and key investment opportunities in each state.

“The work was fully supported and endorsed by all 36 governors including the Minister of FCT. This only shows how we are all collectively working together to ensure that Nigeria is properly positioned to provide first-hand information on the abundant opportunities and advantages in our nation.”

The Executive Secretary of NIPC, Ms Yewande Sadiku, said the idea for a compendium on investment potentials domiciled in states was birthed when she visited Borno State shortly after she joined NIPC.

Ms Sadiku said each state of the federation and the FCT has huge investment potentials, which The Book of States has captured.

She said NIPC would follow up with another publication titled ‘Investment Passport’ to further market Nigeria’s investment opportunities.