Nigeria looks inward for industrialisation

The federal government is beginning to look inwards for financing of the industrial sector of the economy through Domestic Direct Investment (DDI) rather than dependence on Foreign Direct Investment (FDI).

The economic recession the country grappled with throughout 2016 saw it’s FDI crashing from $123.40 billion recorded in the final quarter of 2015 to $501.83 million in the first quarter of 2016.

Data obtained from the Central Bank of Nigeria showed that FDI marginally increased to $887.32 million in the second quarter of 2016 but fell again to $673.95 million in the third quarter of the year.

The increasing fluctuation and decrease in the value of FDI attracted into the country has necessitated a national introspection to the funding needs of the country instead of heavy reliance on receipts from abroad.

At a recent forum in Abuja, the Executive Secretary of the Nigeria Investment Promotion Commission (NIPC), Ms Yewande Sadiku, said the commission was paying as much attention to Domestic Direct Investment as it has been paying to foreign direct investment.

DDI had lifted the country from a heavy importer of cement to a leading exporter of cement as championed by Aliko Dangote.

This is an indication that investors can be sourced locally to drive the industrialisation of the economy.

Sadiku said, as part of looking inwards, the commission would package investment opportunities available in states and market them to investors in the country.

The president of Abuja Chamber of Commerce and Industry (ACCI), Tony Ejinkeonye, told Daily Trust exclusively that the emphasis on ease of doing business by the present government is to promote domestic investment in addition to foreign direct investment.