Lagos (INVESTADVOCATE)-166 Non-oil indigenous firms are set to invest N1.5 Trillion in the Nigerian economy within the next 12 months.

Olusegun Aganga, Minister of Trade and Investment, made this affirmation Tuesday at a meeting with the Agro-business sector in Lagos Nigeria.

According to him, the investment figure was a conservative one because of the few Companies captured, “this was arrived at after an analysis of the survey forms filled by the Companies during the Ministry’s maiden meeting with the Organised Private Sector and Captains of Industry. Of the total amount, Alhaji Aliko Dangote, the President of the Dangote Group will invest N900 billion in the production of fertilizer and petro-chemicals” the Minister said.

He further affirmed that Nigerian Bottling Company Plc pledged to invest N45 billion, Guinness Nigeria Plc ($225million); Odua Investment Company Limited (N37billion); and Chairman, Ikeja Hotels Plc, Mr. Goodie Ibru ($6million); among others.

Aganga said from the survey, the manufacturing, real estate, agro-allied and automotive sectors will get N1.06 Trillion; N198.5 Billion, N67.8 Billion and N45 Billion investments respectively, while tourism, trade and commerce, transport and others will make up the rest.

The Minister, who commended the Nigerian investors for their confidence in the Nigerian economy, said the Federal Government was committed to providing the enabling environment for Private Sector to play a pivotal role in the transformation of the country’s economy.

According to him, stakeholders are expected to come out with a roadmap for the implementation of the Nigerian Agribusiness and Agro-industries Development Initiative. “This will be a major step forward in the efforts aimed at job creation and economic growth” he said.

On the proposed N1.5 Trillion investment, “During our meeting with the Organised Private Sector, we asked them to fill a survey form to indicate the sectors they want to invest in, and more importantly, the expected investment they intend  to bring into that sector going forward. The objective was to know the level of investment we can get from the Companies in Nigeria before we talk about Foreign Direct Investments (FDI).

The Minister said the result of the survey just released showed that Local Companies from the Non-oil sector will invest N1.52 Trillion in the Nigerian economy within the next 12 months.

He also said that from Nigeria’s Vision 2020 document, the country needs to invest N34 Trillion in growth areas in the next four years. “Of this, the Federal Government should account for N10 Trillion, State Governments, N9 Trillion; and Private Sector (both local and international) N15 Trillion.

“The overall macroeconomic target for the medium term is for Nigeria to achieve a target Gross Domestic Product of N50 Trillion ($333bn) by 2013, as well as growth in Gross Domestic Product (GDP per capita from $1,075 in 2009 to $2,008.75 by 2013” Aganga said.

In the same vein, Funke Osibodu, Group Managing Director/Chief Executive Officer (GMD/CEO) of Union Bank of Nigeria Plc, commented on the low contribution of Agric sector to the Country’s ) GDP ratio in spite that it ought to be the main stay of the economy. “For us in Union Bank agric is what we have supported” she said.

“Since Union Bank established an Agric Department over three decades, it has gone ahead of its peers in Agric Financing” Osibodu said.

She affirmed that Union Bank has consistently penetrated the rural areas nation-wide, and setting the pace in the development of agriculture.