Nigeria: New investment set to stimulate economic growth

15 May 2012

The Nigerian federal government has confirmed that it has endorsed significant levels of investment in key areas of the country's economy, This Day has reported.

Olusegun Aganga, the Nigerian minister for trade and investment minister, explained that the deal the government has reached with Glencore, worth N155 billion, will be used in infrastructure and other areas.

These include mining and energy in Nigeria, according to Mr Aganga. The improvements, he said, should help to stimulate particular areas of the Nigerian economy, such as the manufacturing sector.

"For us as a country, manufacturing is very important because it solves three critical problems: it solves the problem of GDP growth, unemployment and balance of payment," he told the news provider.

"Also, manufacturing is critical for wealth creation."

Mr Aganda said that industrialisation of Nigeria represents the critical to the country's economic future, adding that this new investment should help to boost this process.

Category: General