Nigeria, Indonesia sign $960 million investment deal

December 6, 2011

Africa, Business, International

Nigeria, Indonesia sign $960 million investment deal


Nigeria and an Indonesian consortium on Monday signed a $960 million investment deal involving the mining, oil and rubber sectors in two southern states, a government statement said.

Trade Minister Olusegun Aganga signed the memorandum of understanding with Indonesia’s Bakrie Group chief, Indra Bakrie, for the investments in Ogun and Akwa Ibom states within the next five years, it said.

The investment will be managed by Bakrie’s Nigerian affiliate, Bakrie Delano Africa Nigeria Limited.

Bakrie said the group chose to invest in Nigeria because of the abundant investment opportunities as well as high investment returns, said the statement from the Nigerian minister’s office.

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