14 August 2012

Nigeria: 'Infrastructure Master Plan to Attract New Investors'

Photo: IRIN
Bridge overlooking Lagos central business district,Nigeria.

The Minister of Trade and Investment has said that government will soon come up with an infrastructure master plan that will drive new investments across all sectors of the Nigerian economy.

Olusegun Aganga made the remarks yesterday in Abuja during a meeting with the Andrade Gutierrez (AG Group) from Brazil.

The Group was led by Nigeria's Ambassador to Brazil, Ambassador Vincent Okoedion; AG's President for Africa, Rodrigo da Costa Fonseca and AG's new Managing Director for Nigeria, Mr. Amauri Pinha.

The AG Group is one of the largest infrastructure investment companies in Brazil. Founded in Brazil in 1948 as a local company, the Group's asset base in 2010 was $19 .23billion, while turnover was $10.3bn.

Currently, AG Group has completed over 650 projects in 38 countries, including the second largest hydro power plant in the world, Itaipu, in Brazil.

The minister said that Nigeria's Integrated Infrastructure Master Plan, which is currently being worked on by the ministries of National Planning, Trade and Investment, and the Infrastructure Concession Regulatory Commission would be completed before the end of this year.

He added that it would help the country to focus on attracting investors for key infrastructure projects.

He said: "This visit by Brazilian investors clearly demonstrates that our effort at marketing Nigeria's investment opportunities to the world is yielding results. The AG Group is one of biggest infrastructure companies in Brazil.

"The fact that they have come to set up their office in Nigeria with a new Managing Director after our meeting in Brazil recently shows that our marketing efforts are working and people actually believe in the investment opportunities in Nigeria."

Speaking during the meeting, Nigeria's Ambassador to Brazil, Ambassador Vincent Okoedion said that since the early 1990's when Petrobras came to Nigeria, this is the most significant Brazilian company that has come to the country.

Also speaking, AG's President for Africa, Rodrigo da Costa Fonseca said that they had already concluded plans to set up their office in Nigeria because of the country's strategic position to the company's future investment plans.

He said: "The AG Group is a leading Brazilian infrastructure company that has been in Africa for more than 30 years. Right now, we are poised to open an office in Nigeria because Nigeria is the most important country on the African continent and we cannot afford to be left out. We are looking at key infrastructure projects to invest in Nigeria."

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