Nigeria Secures $4bn Foreign Direct Investment In Switzerland


The Federal Government, through the Ministry of Communications, has facilitated the inflow of fresh $4 billion foreign direct investment (FDI) into the country.

The investment, being made by some Indian entrepreneurs, would be channelled into boosting rural telephony in the country.

Victor Oluwadamilare, the Special Adviser on Media to the Minister of Communications, Mr. Adebayo Shittu, stated this a press statement on Tuesday

According to the statement, Nigeria’s delegation to the just-concluded World Summit on the Information Society (WSIS) Forum 2017, led by Shittu, in Geneva, Switzerland, struck a business deal to facilitate growth of telecoms industry in Nigeria.

“At a side meeting with the elated business gurus and key investors, a couple of Indian entrepreneurs, convinced of the minister’s olive branch and sincerity of purpose, jumped at the offer to pull resources together in excess of $4 billion, to be invested in Nigeria’s telecom sector with emphasis on rural telephony and grassroots development.

“The two parties are due to meet next month to fine-tune the necessary modalities,” the statement said.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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