Nigeria: Buhari Invites Japanese Investors in Power, Other Sectors

30 August 2019

Yokohama — President Muhammadu yesterday invited Japanese investors to a number of sectors in Nigeria, during a plenary session at the ongoing seventh edition of the Tokyo International Conference for African Development (TICAD 7). He also said he looks forward to positive reports of increased trade and investment between Nigeria and Japan.

"The TICAD forum is important to Nigeria in many aspects. First, it coincides with a period when the country is faced with a number of challenges that affect our economy," Buhari said, adding that the Nigerian government has put in place measures seeking to diversify the economy by developing agriculture, emphasizing on manufacturing, and addressing the energy and infrastructure deficit. "These, we believe, shall be placing Nigeria on the path of rapid growth and sustainable development," he said.

Secondly, Buhari said, "The forum is coming at a time when our government is implementing homegrown and private sector-driven economic measures that hinge on good governance, infrastructure, and human capital development, as well as business climate reform. We therefore invite the private sector to come and invest in Nigeria."

Buhari said: "Thirdly, the forum is holding at an opportune moment, as it is a case of investment meeting opportunities. Nigeria has many attractive investment opportunities, with some of the highest returns on investment. In light of the foregoing, Nigeria and indeed Africa, expect much from this forum in terms of investment, considering the role of foreign direct investment in all economies, developed and developing."

President Buhari said his administration has identified important sectors that are key drivers to the diversification of Nigeria's economy. "These include power, transportation, infrastructure, maritime shipping, agro-processing, mining, manufacturing, petrochemicals, food processing, and textiles, among others.

Buhari said, "We are committed to removing all impediments to private sector participation in these sectors, by creating policies that will ensure consistency, predictability, and a level playing field for all."

Rounding up his presentation, Buhari said in view of the ongoing reform programme of his government, Japanese investors are invited to invest in the following private sectors in Nigeria, namely power and renewable energy, petrochemicals and gas, maritime shipping and ports, automobiles, mining, agribusiness, healthcare and pharmaceuticals, ICT, and railway. I look forward to welcoming prospective investors to Nigeria.

TICAD 7 kicked off yesterday, August 28, at the Pacifico Yokohama, in Yokohama, Japan. The 3-day summit has in attendance over 20 African leaders, with a number of ongoing bilateral talks between the various countries and the government of Japan.

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