Bauchi summit attracts $5bn foreign investment, N100bn domestic

The Bauchi State Economic Investment Summit has signed Memoranda of Understanding (MoUs) between investors that attracted over $5 billion foreign investment and another N100 billion domestic investment to the state. The Chairman of the Summit Committee, Prof. Murtala Sagagi, who disclosed this while briefing participants on the draft communique at the end of the summit […]

The Bauchi State Economic Investment Summit has signed Memoranda of Understanding (MoUs) between investors that attracted over $5 billion foreign investment and another N100 billion domestic investment to the state.

The Chairman of the Summit Committee, Prof. Murtala Sagagi, who disclosed this while briefing participants on the draft communique at the end of the summit said that the N100 billion investment are from local investors, adding that already final investment proposals worth N48 billion have already been submitted.

The summit, which brought together diverse stakeholders from the public and private sectors, civil society organizations, religious leaders, and members of the public, was declared open by Vice-President Kashim Shettima, who emphasized the importance of sub-national governments in driving investment and economic growth.

He explained that over 47 investment proposals were presented during the summit, cutting across sectors such as agriculture, solid minerals, tourism, infrastructure, and manufacturing. investment deal was signed between the state government and a cement production company, which is expected to become operational this year.

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Key outcomes of the summit include the exposure of existing and potential investors to opportunities in agriculture, solid minerals, tourism, and infrastructure; generation of relationships and partnerships across various sectors; and the signing of investment pipelines worth over $5 billion and N100 billion.

“The next steps include follow-up activities and actualization of the investment deals signed during the summit, vigorous development and promotion of sectors such as tourism, agriculture, solid minerals, health, and education, and establishment of an agency to serve as a one-stop-shop for investors.” he said.