Japanese Firms Plans $30bn Investments In Nigeria

The Japanese Deputy Minister for Foreign Affairs, Mr. Shunsuke Takei, on Thursday said businessmen from his country would be investing about $30bn in Nigeria and other African nations.

He stated this when he led a delegation of 32 Japanese investors to meet separately with the Minister of Finance, Mrs. Kemi Adeosun, and the Minister of Budget and National Planning, Senator Udo Udoma.

Takei said the delegation to Nigeria was part of efforts by the Japanese government to actualise the $30bn public-private investment pledge made in August 2016 during the sixth Tokyo International Conference on African Development in Nairobi, Kenya, which was attended by President Muhammadu Buhari.

Given the size of the Nigerian population and market, as well as its economic recovery and potential for growth, he said Japanese investors were desirous of investing in the country.

While noting the challenges in the areas of security, ease of doing business and the power sector, he stated that Japanese businessmen would invest in Nigeria’s manufacturing, banking, insurance and agriculture sectors.

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

Adeosun said that the country was open and ready to do business with the rest of the world.

She urged the big Japanese companies to invest in Nigeria by setting up manufacturing plants, instead of shipping-in finished products.

Adeosun stated, “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.”

Udoma, in his comments during the meeting with him, said the ERGP was designed to stabilise the economy and propel it to growth, adding that investors should take advantage of the plan by investing in priority areas such as agriculture, infrastructure and manufacturing.

He said the plan would stabilise the macroeconomic environment, boost agricultural production for food security, ensure energy sufficiency, improve infrastructure and drive industrialisation through manufacturing.

Udoma stated that there were opportunities for the Japanese investors in the area of the agriculture value chain, adding that the government would be building industrial parks in each of the six geo-political zones of the country.