He succeeded Okechukwu Enelamah, his predecessor in that office.
disclosed that Foreign Direct Investment into Nigeria declined by 48.2 per cent to $3.3 billion in 2019 from $6.4 billion in 2018. The ban was extended by three years from the June 2016 deadline due to the observation of non-compliances. Although it was supposed to be lifted in June 2019, it has not been lifted.
Apart from Shoprite, other companies have since announced their exit from the Nigerian economy in recent times.Last year, the Nigerian government announced the closure of all land borders across the country. The government explained that closure of the borders was to protect the economy and to stop cross-border security breaches.
Again, many companies have stopped exporting through the land border due to the closure of the border. Muda Yusuf, the LCCI Director-General, made the projection in the LCCI 2019 Economic Review and Outlook For 2020. He attributed the projections to poor infrastructure, multiplicity of levies, excessive regulations, among others.
In July, the Nigerian Postal Service announced new fees for courier and logistic business operators in Nigeria. NIPOST increased the new licence fees for Municipal operators to N1 million, and annual renewals fees to 40 per cent of new licence fees at N400,000.00 a year. Earlier in August, the ministry said it met with executives of the Nigerian Agribusiness Group on the implementation of the African Continental Free Trade Area and access the continent’s market worth $659 billion, in mostly manufacturing goods and services.
FDI slumps: In June, the United Nations Conference on Trade and Development UNCTAD disclosed that Foreign Direct Investment (FDI) into Nigeria declined by 48.2 per cent to $3.3 billion in 2019 from $6.4 billion in 2018. 👇👇