Nigeria, others to benefit from $30bn Japanese investments

In a bid to fulfill a pledge made by the Japanese government in August 2016 at the sixth Tokyo International Conference on African Development in Nairobi, Kenya, Shunsuke Takei, Japanese Deputy Minister for Foreign Affairs, has said several Japanese firms are set to invest about $30 billion in Nigeria and other African nations to boost agriculture and other sectors.


Takei who led a delegation of 32 Japanese investors to Nigeria disclosed this to newsmen at the end of meetings with Mrs. Kemi Adeosun, Minister of Finance and Senator Udo Udoma, Minister of Budget and National Planning.

He said Japanese investors were eager to take advantage of the size of the Nigerian population and market, as well as its economic recovery and potential for growth to invest in the country. He listed the areas of interest to the investors to include agriculture, manufacturing, banking and insurance sectors.

Takei praised the Federal Government for formulating the Economic Recovery and Growth Plan (ERGP) and expressed optimism that the foreign exchange situation would improve soon despite the current challenges.

Responding, Adeosun noted that Nigeria is prepared for mutually beneficial business relationships with the rest of the world, adding that “We will assist you to do well. Many companies came into Nigeria and are doing very well, and there is nothing to stop Japanese firms from doing very well.

“Specific reforms by removing lots of impediments, fiscal incentives to facilitate your coming into Nigeria to invest and drive your businesses are being put in place.”

Also speaking, Udoma said the ERGP would stabilise the macroeconomic environment, boost agricultural production for food security, ensure energy sufficiency, improve infrastructure and drive industrialisation through manufacturing, adding that opportunities exist for investors in the agriculture value chain.





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