The Federal Government, Borno, Delta, Rivers and Enugu States have assured prospective Japanese investors and indeed all investors of not only the security of their investments, but also those of their lives and property.
Also, the Federal Government urged the Japanese investors to take advantage of the opportunities in the power and oil and gas sectors, while Enugu, Borno, Rivers and Delta States pitched their zones as preferred investment destinations in the country.
The Federal Government’s assurance was given yesterday by Nigeria’s Ambassador to Japan, Mr. Godwin Agbo, at the Second Nigeria-Japan Business and Investment Forum in Tokyo, Japan.
Ambassador Agbo told the gathering of prospective Japanese investors at the Hotel Okura that the crisis in the Niger Delta was receiving decisive action by government.
The military recently stepped up its operations in the Niger Delta leading to the sack of the militants from the infamous Camp 5 and some other trouble spots in the region.
The Ambassador, who was responding to concerns raised by a prospective Japanese investor, said the incident in the Niger Delta is an isolated one and does not reflect the general security situation in the country.
“If you have been following news reports in the media, you will observe that the Federal Government has matched its words with action in redressing the security situation in the Niger Delta and all other parts of the country.
“I want to assure you that not only is your investments safe in Nigeria, but even more importantly is your safety and that of your property,” he said.
Governors Ali Modu Sheriff (Borno), Emmanuel Uduaghan (Delta) and Rt. Hon. Rotimi Amaechi (Rivers) respectively said the various state governments were working with the Federal Government to ensure adequate security of lives and property.
Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Mr. Mohammed Sanusi Barkindo, had earlier in his presentation said the Federal Government was addressing the security situation in the Niger Delta through a five-pronged strategy of law enforcement, amnesty and rehabilitation, infrastructural development of the region, economic empowerment of the communities and stimulating investment inflows into the region for sustainability.
Barkindo urged the Japanese investors to take advantage of the power sector opportunities in the planned expansion in generating capacity from the current 4,000MW to 15,000MW by 2015 and in transmission and distribution of electricity.
He also said the Japanese investors should seize opportunities in future licensing for oil and gas blocks and those arising from deregulation of the downstream sector.
Barkindo said about 800,000 b/d in refined products market exist in the West African sub-region thus making investments in new refineries, products pipelines and depots attractive ventures.
According to him, NNPC would take a cue from the NIPC by setting up a one-stop-shop that would be a dedicated desk for NNPC/Japanese partnership.
He said a new regime of fundamental reform of the oil and gas sector as encapsulated in the Oil and Gas Sector Bill (OGIC) and an enabling environment particularly in security should provide comfort for investors desirous of making a pitch in the Nigerian economy.
Borno State Governor, Sheriff, in his presentation, canvassed Japanese investments in agriculture, solid minerals, commerce and industries and power, among others.
He said the vast untapped arable land of over 1.2 million hectares and being the highest producer of cattle and gum Arabic puts Borno in good stead for investors in the agro allied sector.
Delta State Governor represented by the state’s Commissioner for Economic Planning, Bernard Okumagba, enjoined the Japanese investors to avail themselves of the opportunities in key six areas of energy, transport, ICT, new town development, manufacturing and agriculture.
Okumagba said the state government had dedicated nine sites for power with capacity for 2,500MW out of which four had already attracted investments.
Executive Secretary and CEO of NIPC, Mr. Mustafa Bello, told the Japanese investors that comparative studies have shown that Nigeria is rated the most favourable investment destination in the context of global financial crises.
He announced the introduction of a new policy in the agriculture sector called “40-30-30” where an investor provides 40 per cent of the investment, 30 per cent is provided by the government, while the balance of 30 per cent is sourced from the banks.
He said Nigeria continues to enjoy one of the highest rates of return on investment of between 35 and 40 per cent, BB- rating by Fitch & Standard & Poor’s and progressive inflow of foreign direct investment.
According to him, the investment forum was a follow up to last year’s Japanese trade delegation of 47 businessmen to Nigeria.
Japanese Parliamentary Vice-Minister for Foreign Affairs, Mr. Yasutoshi Nishimura, while reiterating his country’s interest in Nigeria and other African countries, urged his countrymen to invest in Africa’s most populous nation.
He, however, called on the government and its agencies to address the ease of entry and to support Japanese investors willing to enter Nigeria.
The second leg of the investment forum comes up today in Osaka.
Jun172009