Nigeria is now 115 out of 144 countries in terms of global competitiveness ranking, the Minister of Industry, Trade and Investment Olusegun Aganga said yesterday. According to Aganga, the ranking has improved by 12 points compared with the ranking in the last two years.
Speaking at the Ministerial Platform hosted by the Minister of Information, Labaran Maku at the Radio House Abuja yesterday, Aganga said, “in terms of Foreign Direct Investment (FDI), Nigeria is the number one destination for FDI in Africa for the second consecutive year with a net inflow into Nigeria in 2012 amounting to 7.03 billion Dollars.”
He added that with a 35 percent average return on investment, Nigeria has a very attractive climate for investment, thereby making her rank fourth globally on return on investment. “We are transforming the economy from one that is dependent on import and export of raw materials to one that is dependent on manufacturing because that is the way forward. We have developed the Nigeria Industrial Revolution Plan (NIRP) to industrialize Nigeria,” the minister said