Nnanna Okere (abuja)
15 September 2005
Lagos — PRESIDENT Olusegun Obasanjo's effort to attract foreign investment in the country may have received a boost as the Indian government has perfected plans to build an oil refinery in Edo State.
Head of Indian mission in Abuja, Dr. Balachandran Nair disclosed this in an exclusive interview with Business Champion in Abuja. He said that India apart from other sectors of the economy also wants to invest in the oil sector.
Dr. Nair said that with the on-going privatization programmes the economic environment and political stability are some of the attractive incentives for any investor to invest capital in Nigeria.
According to him, the economic reform agenda of President Obasanjo has cleared the coast for foreign direct investment in Nigeria, noting that the political situation in the country has great advantage to attract foreign investment to Nigeria.
He noted that Nigeria remains India's biggest trading partner in Africa even as his country's export to Nigeria stood at $3 billion, while Nigeria's export to India goods worth $2.5 billion, currently in favour of India.
The envoy observed that Nigeria shares many common features with India, including a vast population. He said that India has about 1.2 billion people while Nigeria has about 140 million people even as both countries are developing and have diverse cultures.
Dr. Nair, however, lamented that Nigeria has the capacity to be free from poverty without seeking for any foreign aid, in view of the huge natural and human resources at her disposal. He observed that the middle class that supposed to be the strength of the economy are very small group while the wealth of the nation is in the hands of very few individuals with a greater percentage of the population poor.
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