Nigeria’s Finance Minister, Wale Edun, announced that the country has secured a $7 billion foreign direct investment (FDI) aimed at enhancing its oil and gas industry.
Edun shared this information during an interview with Channels Television on Sunday.
He stated, “In terms of figures, 7 billion dollars is estimated to come in from the oil sector, alongside significant improvements in the economic environment.
The national single window project, an e-community and trade facilitation platform, will revolutionize operations at the ports.”
Despite this positive development, several multinationals, including Kimberly-Clark, Procter & Gamble (P&G), GlaxoSmithKline (GSK), Unilever, and Sanofi-Aventi Nigeria, have exited the country over the past year due to challenging economic conditions.
These companies, such as Kimberly-Clark, the manufacturer of Huggies and Kotex diapers, cited harsh economic realities for their departure.
Addressing the issue, Edun explained that the exiting multinationals faced difficulties due to a lack of a liquid foreign exchange market in Nigeria.
