In spite of the huge infrastructure gap and security challenges in the country, activities in the Nigerian manufacturing sector have continued to grow, attracting huge foreign direct investment (FDI) inflows by global multinational brands.

In the same vein, the country’s foreign reserves since the new Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, assumed office have continued to inch up, rising to $39.401 billion by Friday last week from $36.809 billion on June 2 when he took over at the CBN.

The country’s reserves are also expected to rise to the mid-forties by the end of the year, a CBN source informed THISDAY yesterday.

THISDAY investigations revealed that there have been increased FDI inflows, with Indorama leading the pack with a $1.2 billion investment in a fertiliser plant in Onne, Rivers State; Procter & Gamble’s (P&G) $250 million consumer goods plant in Ogun State; as well as SAB Miller’s $100 million brewery at Onitsha, Anambra State.

Shortly after Nigeria’s rebased GDP figures, which catapulted the country from the second spot to the number one position as Africa’s largest economy, Unilever, which had long ago halted its investment drive in Nigeria also expressed its readiness to expand its production in the country with a fresh investment of about $150 million.

The Nigerian growth model is consumer-led accounting for Africa’s largest market with about 170 million people and a growing middle class, representing more than 23 per cent of the population.

It is projected that by 2050, Nigeria will have one of the youngest populations in the world, and this presents significant opportunities for investors. Returns on investments in Nigeria are also high and the country remains one of the most popular destinations for investors in Africa.

In addition, despite of the challenges confronting the country, the Nigerian economy remains resilient, strong and buoyant and investors, both locally and internationally, appear to have recognised this irresistible attraction.

The impact of increased FDIs in the manufacturing sector may further be gleaned from the rebased GDP figures, which pointed out that sectors such as manufacturing and the creative industries are among those that are growing very quickly.

Although the economy faces a high rate of unemployment, and non-inclusive economic growth, the macroeconomic fundamentals have remained sound.

Propelled by what has been globally adjudged a sound macroeconomic policy, the incumbent administration has managed to bring inflation down from 12 per cent in 2012 to 8.3 per cent in July 2013 while the exchange rate has remained fairly stable.

As Africa’s largest economy with a GDP of $509 billion, Nigeria’s GDP grew by 5.4 per cent in 2013 with the International Monetary Fund (IMF) predicting a 7.6 per cent growth in 2014.
The government has also embarked on a mission of rebuilding the fast depleting fiscal buffers such as the Excess Crude Account (ECA), which declined in 2013 due to an unexpected fall in oil revenue. This has steadily increased this year and now stands at $4.05 billion.

In an interactive session with the Nigerian Diaspora community, the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, pointed out that the Nigerian economy is increasingly diversified, noting that as the recent rebased figures indicated, the oil and gas sector now accounts for less than 20 per cent of the nation's GDP.

According to her, the IMF projects that the non-oil sector will grow by 8.3 per cent in 2014, resulting in more jobs and building on the 1.2 million jobs that were created in 2013.

“These results are in response to government initiatives aimed at bridging our infrastructure gap and developing the real sector. Recently, the government launched the Nigerian Mortgage Refinance Company to start closing the large housing deficit in Nigeria by providing up to 200,000 affordable mortgages within the next five years.

“In addition to closing the housing deficit, this initiative will unlock the housing sector and in so doing, create more jobs in the economy. There are similar initiatives designed to unlock the manufacturing sector - the government launched the National Industrial Revolution Plan with focus on the entire value chain of sub-sectors such as agro-processing, petrochemicals, automobiles, textiles and cement,” she said.

Newly released poverty figures from the World Bank further showed that poverty is declining in the country and now stands at 33.1 per cent, although it remains high in some parts of the country.
The revised poverty rate estimate of 33.1 per cent contrasts with the 62.6 per cent the Bretton Woods institution previously published, an indication that poverty ratios had dropped.

Source: http://www.thisdaylive.com/articles/despite-security-challenges-fdi-inflows-into-nigeria-grow/187889/

This is Nigeria's time to shine. No manner of Boko Haram can stop that. God bless Nigeria and Nigerians.

We are watching

Still in the business of trying to damage Sanusi?.....its so stale......!

No matther the voodoo economics and abracadabra stories...we will miss Sanusi!

Poverty reduced in Nigeria?

koboko69: Still in the business of trying to damage Sanusi?.....its so stale......!

No matther the voodoo economics and abracadabra stories...we will miss Sanusi!

This actually has nothing to do with Sanusi. Let's celebrate progress irrespective of how small a stride it is.

Poverty is reducing in Nigeria? Really?

Justcash:

This actually has nothing to do with Sanusi. Let's celebrate progress irrespective of how small a stride it is.

Procter & Gamble in Ogun state and Sab Miller Brewerey in anambra state commenced operations during the tenure of Mallam Sanusi Lamido Sanusi

koboko69: Still in the business of trying to damage Sanusi?.....its so stale......!

No matther the voodoo economics and abracadabra stories...we will miss Sanusi!

Poverty reduced in Nigeria?

How can a pig be made to hate sh!t It is impossible!!

Even after his departure, they are still having nightmares!!

Imagine "Sanusi's CBN"! Isn't that such an honour??

[quote author=koboko69]Still in the business of trying to damage Sanusi?.....its so stale......!

No matther the voodoo economics and abracadabra stories...we will miss Sanusi!
quote] Most of the FDI's, especially those that were specifically mention in this article viz: SabMiller, Procter & Gamble etc came to Nigeria during the tenure of Mallam Sanusi Lamido Sanusi

That's not a fuckin excuse not to curb the insurgent!!!

what kind of stup1d and useless lie is that poverty is reducing indeed this are the kind of lies I hate listening to the rich are getting richer while the poor are getting poorer they should stop lying to us anyhow.

lilprinze: what kind of stup1d and useless lie is that poverty is reducing indeed this are the kind of lies I hate listening to the rich are getting richer while the poor are getting poorer they should stop lying to us anyhow.

Yes they are wrong on the issue of poverty decline but your phrase of rich getting richer and poor getting poorer is wrong in this context
How many poor and middle class people do make effort to acquire assets that put money into their pockets
Check out what the poor spend their money on and you will understand why some are poor

koboko69: Still in the business of trying to damage Sanusi?.....its so stale......!

No matther the voodoo economics and abracadabra stories...we will miss Sanusi!

Poverty reduced in Nigeria?

That's because bastard people like you depends on govt to feed their useless mouth.
While the hardworking guys are enjoying the transformation
Transformation is for the hardworking and not for a lazy punk asss like you

Thunder wipe your generation and you will never live to see or enjoy any goodies from this Govt since you blind eyes is too myopic to see that.

GEJ till 2019
And death and poverty to APC.
Bastard nonentity
Hooligan vulture
Otu nne gi ebea
Ala gbagbuo nna gi there
Afo sagbuo nne gi
Tinka tigbuo umunne gi
Ozu nwulu anwu
Ezi ofia
Anu mpama
Nkita lacha gi anya ebea

Jakpon: Procter & Gamble in Ogun state and Sab Miller Brewerey in anambra state commenced operations during the tenure of Mallam Sanusi Lamido Sanusi

Like I said before, this has nothing to do with Sanusi. It is about progress and Nigeria. Shun your divisive tendency and be more articulate in your pattern of thought. Nigeria is moving forward inspite of Boko Haram.

Justcash:

Like I said before, this has nothing to do with Sanusi. It is about progress and Nigeria. Shun your divisive tendency and be more articulate in your pattern of thought. Nigeria is moving forward inspite of Boko Haram.

Bros the article you posted itself is divisive, read it again. It tends to give credit to the current CBN boss, Godwin Emefiele, at th expense of Mallam Sanusi

Jakpon: Bros the article you posted itself is divisive, read it again. It tends to give credit to the current CBN boss, Godwin Emefiele, at th expense of Mallam Sanusi

Yes, they did give credit to the CBN governor. That, however, does not imply an attempt to discredit Sanusi. So, it is not divisive. If a comparison was made against Sanusi, then you would have had a valid point.

Whatever you are told about poverty reducing in Nigeria is a wrong. Nigeria's economic system is "Socialism" and socialism does not result in growth; that means that Nigeria can get richer but the people will not, no matter what miracle, just like China.

To explain further, resource control and revenue allocation are what is socialist about Nigeria and as long as those things remain, nothing will ever increase the purchasing power of the average Nigerian citizen, not in a million years, sorry. There might be some improvement of course, but Nigeria will never move from third world to even second world where countries like South Africa, Malaysia and Russia are placed, not to talk of becoming a developed state. Growth is only ever achieved through Capitalism, thousands of years of human civilization has told us this.