Saturday, April 21, 2012

Americans and others urged to invest in Nigeria.

Leading a large delegation of Nigerians to the US ExIm Bank's 2012 Conference, Vice President Namadi Sambo says investment in Nigeria's non-oil sector is the next big thing after the exponential success in information technology as he spoke during the session on Global Competitiveness through Exports in Washington, USA.

He stated that 'there is room for improvement in our economic relations if the US could encourage their private companies to partner with Nigerian private sector, particularly in the area of power generation, transmission and distribution'. Sambo further revealed that the federal government had built 10 thermal plants that would be managed by the General Electric of the USA,  the Mambila hydro project, the construction of 200 dams to enhance power generation and agriculture, as well as facilities for solar energy.

He also said that institutions that would protect investment in the country, such as the National Electricity Regulatory Commission (NERC), Bulk Trader, Gas Aggregator, National Asset Management of Nigeria and others, have been established to add value to the power sector.

He noted that the partnership would give room for improvement in the transportation and agricultural sectors and fast track the Federal Government's transformation objectives of making agriculture a serious business. (As a matter of fact, at least 50 agricultural firms and companies in the agro allied industry have indicated interest in an Agric Forum tagged Transforming Agribusiness through Investment holding in Washington D.C).

He added that the ExIm Bank's special initiatives especially in the area of support for small businesses exporting goods and services to create jobs for the country's teeming youths are much welcomed by Nigeria. The Transformation Agenda of the Federal Government also address the need for human capital development and infrastructure. According to him, there is an initial confirmation of about $1.5 billion by the ExIm Bank to support the growth of the economy of Nigeria and the World Bank is also supporting with partial risk guarantee to ensure that investors are properly protected.

He concluded by assuring the ExIm Bank that foreign investors would not regret putting their resources in the Nigerian economy.

Source: This Day and Business World Newspapers.

PS: For rapid access to US Ex-Im facility, contact Infoplus/IBG Nigeria, representatives of TCG Finance, agents to the US Ex-Im Bank on inquiry@ibgnigeria.com  or call +234 1 878 2864.