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Special incentives coming for foreign investors in agric, power, industry—Udoma

The Minister of Budget and National Planning, Senator Udo Udoma has told a team of foreign investors that the federal government is ready to consider special incentives for any set of foreign investors venturing into agriculture, power, oil and gas and manufacturing.

Though the promise is coming at a time indigenous manufactures’ are hobbled by forex scarcity, power failure and poor ease of doing business, Udoma told the team of foreign investors coordinated by the Renaissance Capital Group in Abuja that although the government would appreciate investments in any sector of the country’s economy, emphasis for now was on areas that would lay a solid foundation for self-sufficiency in food production and raw materials’ provision.

In a statement from the Ministry, Udoma noted that government was committed to improving the ease of doing business as well as assisting investors with necessary incentives, which would be tied strictly to performance and results rather than on intentions as had been the case in the past.

Responding, the Chief Executive Officer, Renaissance Capital Nigeria, Mr. Temi Popoola, expressed confidence in the ability of the government to turn the economy around, saying “We’ve seen a lot more of honesty to the scale of problems and challenges at hand”.

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