Nigeria recorded $8.4 billion FDI in 2011. Highest in Africa. Almost 2 times cameroon's budget of US$5 billion.

Dear All,
Nigeria is doing well with its FREE TRADE ZONES with Omne free trade oil and gas zone attracting up to US$6 billion so far. Paul Biya created Free Trade Zones some time ago. Any idea if they are still working or the creation was reversed by a later decree?.

Nigeria records $8.4bn FDI in 2011 —Aganga

By GODDY ONYEMAECHI 1 hour ago

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Nigeria's minister of Trade and Investment Mr. Olusegun Aganga, has said that Nigeria attracted $8.4- billion (about N930 billion) as Foreign Direct Investment FDI in 2011.

Aganga who stated this at the opening of the Nigeria Oil and Gas Trade and Investment Forum 2012 held last week at the Onne Oil and gas Free Zone, said the country has emerged as the most attractive destination for investments in Africa.

The Minister gave the source of the statistics as the United Nation Commission for Trade and Development (UNCTAD), adding that the world trade development body also rated Nigeria as the 25th most likely country to attract investment fund in the world.

The minister added that free trade zone arrangement is now being deployed by countries around the world as an integral part of their trade stimulation apparatus adding that the Onne Oil and Gas Free Zone has attracted investments of over $6 billion from 160 companies from around the world.
"The Onne Oil and Gas Free Zone, undoubtedly, is on course and it is today adjudged the single largest and fastest growing Free Zone in the world dedicated to the oil and gas industry with a cumulative investment of $6 billion as at today and presence of over 160 investors", Aganga said.
Meanwhile, President Goodluck Jonathan, in his keynote address to the occasion stressed that the forum is to showcase the Onne Oil and Gas Free Trade Zone with a view to attracting more FDIs, and at the same time enhancing the role of private sector in driving the economy towards sustainable development.
The President was represented by Governor Chibuike Rotimi Amaechi of Rivers State. He added that his administration's transformation agenda is anchored on the abiding belief that the private sector is the engine of economic growth and prime mover of the reform process.
"One of the cornerstones of the Transformation Agenda of the present administration is the public private sector partnership initiative. I assure all investors and prospective investors in Nigeria of government's commitment and total support as long as there is sincerity of purpose to our collective efforts to reposition our economy to be among the leading 20 economies of the world in the year 20:2020", the President said.
He explained that government had come up with policies, plans and programmes geared towards the reduction or outright elimination of bottlenecks to business and investment through harmonization of Nigeria's trade procedures and documentations, while providing investment friendly environment.
"As you are already aware, our gathering here today is to showcase the success of the Onne Oil and Gas Free Trade Zone with a view to attracting Domestic and Foreign Direct Investment to all the Free Trade Zones in Nigeria and to enhance the role of private sector in driving the economy towards sustainable development, wealth and job creation", he said.
The president also expressed confidence in the capability, imagination and commitment of the operators of the Free Trade Zones to achieve the desired goal of putting the country among the top twenty economies in the world by the year 2020.