Nigeria attracts $10 billion (about N1.58 trillion) investment interest from Japan

Nigeria attracts $10 billion (about N1.58 trillion) investment interest from Japan

Ade Ogidan, Tokyo
The Guardian

TOKYO- An estimated $10 billion (about N1.58 trillion) investment, may soon be embarked upon by Japanese investors in Nigeria, following a major breakthrough recorded by the Federal Government’s team currently on investment drive in the Far East Asian countries.

Specifically, about $5 billion economic projects are expected to be executed by four Japanese companies, commencing before the end of the year, while the country is expected to harvest another $5 billion from a $10 billion pool of investment being funded by Japan International Cooperation Agency (JICA).

The investment inflow prospects emerged yesterday in Tokyo, Japan, when the Minister of Trade and Investment, Olusegun Aganga, revealed plans by the four Japanese companies to sign a pact with the Federal Government on the projects in a few days time.

Vice President of JICA, Kiyoshi Kodera, who did not immediately disclose the investment profile into Nigerian economy, said his organization’s $10 billion is ready to be invested in foreign countries and was confident there would be an upsurge in the economic projects of Japan in Nigeria.

A reliable source at JICA however, disclosed that that about $5 billion was indeed bound for Nigeria.

The investment projects of the four Japanese companies are expected to cover mainly the energy, transport and manufacturing sectors.

An elated Aganga, at the Nigerian Investment Forum in Tokyo yesterday affirmed that the administration has moved away from talking about the investment potentials of Nigeria to actual investment in the economy.

He pointed out that investing in Nigeria was a guarantee of 167 million size market, which could be expanded to 300 million as the nation positions itself as the hub of the West African sub-region.

The Minister of Power, Darius Ishaku, urged Japanese businessmen and other foreign investors to take advantage of the current privatization exercise in the power sector to stake interest in the industry.

The Managing Director of the Bank of Industry, Ms Evelyn Oputu pointed out that Nigeria has emerged the best kept secret by investors, given the huge profitable business prospects that abound within the economy.

Ambassador of Nigeria to Japan, Godwin Agbo, had earlier revealed that over 40 firms from the Far East Asian countries are currently engaged in various economic sectors in the country.

He disclosed that high level political visits between top officials of the two countries have been planned against the months ahead and was optimistic that Japanese economic projects in the country will soon witness an unprecedented growth.
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Japan-Nigeria Relations

Diplomatic Relations:1 October, 1960 (Date of the recognition of the State)

Source: Ministry of Foreign Affairs of Japan

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Japan International Cooperation Agency

Established: October 1, 2003

Full-time Staff: 1,827 (estimate; end of fiscal 2011)

Objectives:

Established as an Incorporated Administrative Agency under the Act of the Incorporated Administrative Agency – Japan International Cooperation Agency (Act No. 136, 2002), JICA aims to contribute to the promotion of international cooperation as well as the sound development of Japanese and global economy by supporting the socioeconomic development, recovery or economic stability of developing regions.

Offices in 26 African nations including Nigeria.