$30bn investment: Japanese investors storm Nigeria

Thirty-two Japanese private sector and government organisations have stormed Nigeria seeking investment opportunities in line with the promise by the country’s Premier, Shinzo Abe to invest $30 billion in Africa over three years.

At a meeting with Minister of Finance Kemi Adeosun in Abuja on Thursday, leader of the Mission who is Vice-Minister for Foreign Affairs, Mr. Shunsuke Takei, said that given the size of the Nigerian population and market as well as its economic recovery and potential for growth, Japanese investors were desirous of investing in Nigeria, while noting challenges in the areas of security, legal and power environments.

According to him, the visit is part of the efforts by the Japanese Government to actualize the US$30 billion Public and Private investment pledge made in August 2016 during the sixth Tokyo International Conference on African Development (TICAD) in Nairobi, Kenya, which was attended by President Muhammadu Buhari.

He praised the Economic Recovery and Growth Plan of the Federal Government and expressed optimism that the foreign exchange situation would improve further.

Responding, Minister of Finance, Mrs. Kemi Adeosun told her guests that Nigeria is open and ready to continue to do business with the rest of the world and urged the big Japanese companies to invest in the country by setting up manufacturing plants, instead of shipping-in finished products.

She said that Nigeria welcomes Japanese investors in banking, insurance, manufacturing and other sectors 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.”

She said that the Government is vigorously working to improve the country’s business environment by investing in transportation infrastructure and has made doing business in Nigeria easier.  “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,” she assured.

Mrs. Adeosun said that Africa’s biggest economy is now out of recession and wants to grow again, adding that the Economic Recovery and Growth Plan (ERGP) articulated by the administration of President Muhammadu Buhari was designed to stabilize the economy and propel it into growth.

The Minister told the Trade and Investment Mission that the Plan envisages stabilizing the macroeconomic environment, boosting agricultural production for food security, ensuring energy sufficiency, improving transportation infrastructure and driving industrialization through manufacturing.

She stated that there are opportunities for the Japanese private sector investors, especially through Public Private Partnerships (PPP) in the development of transportation infrastructure, hydropower and ports.

Mrs. Adeosun expressed appreciation to the Japanese Government for supporting and executing many projects through the Japan International Cooperation Agency (JICA).