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Nigeria attracts N28tr private investment in four years

19 June 2014, 15:05

Abuja - A total of N28trillion has been invested into Nigeria’s economy by the private sector between 2010 and 2013.

This is over 100 percent more than the federal government’s target of N13trillion for the period.

Minister of Information, Labaran Maku, disclosed this while briefing State House correspondents on Wednesday at the end of the weekly Federal Executive Council meeting.

Maku said the figure was one of the highlights of the report of the implementation of first development plan of the country’s Vision 20:20 presented to the council by the Ministry of National Planning for review.

He said the report which would soon be presented to the public showed clearly that the present administration had achieved significantly the goals set out in the first implementation plan.

“We targeted N13 trillion investment plan by the private sector to be able to reach our goals in the first plan.

“But the initial report we saw today was that the private sector actually invested over N28 trillion in the economy in the period between 2010 and 2013 which was over 100 percent above the initial target of N13 trillion.

“What the report shows is that the Nigerian economy is growing by leaps and bounds and that inspite of the challenges we have had in the Northern part of the country, investments are continually flowing into the economy.

“The economy is growing and we have moved from 30th position in the global economy to 26th position by the end of 2013. We are now 26 from 30 when we started in 2010.”

Maku said the report further showed that by the time the government would implement the second plan between 2013 and 2017, the country will be moving closer to the 20th position on the global economy by the size of GDP.

-    NAN

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