‘Nigeria attracted N16bn non-oil investment in 2013’

olusegun-agangaMinister of Trade and Investment Dr Olusegun Aganga has said Nigeria attracted over N16 billion( $96 million) in non-oil sector of the economy in 2013.

Minister Aganga made this disclosure while addressing participants at the 3rd Annual Seminar for trade and investment correspondents and editors in Abuja at the weekend.

According to him, the effort at diversifying the economy is yielding huge result as Nigeria is now a net exporter of cement producing about 28.5 metric tones which made it possible for no import license to be issued in 2013.

He disclosed that about 10,000 cooperatives have been created bringing together 225,000 entrepreneurs.

He said cooperatives would ease their access to funds by the micro credit institution by cross guaranteeing each other when loans are needed.

He also informed of plans by the ministry to boost trade between the Economic Community of West African States with discussion by the NEXIM bank and Bank of Industry to acquire vessels that will operates within the ECOWAS and Central African countries.

The minister assured of improved power supply to industrial clusters that will drive the cost of production down and improve competitiveness

Meanwhile, a delegation of two private Chinese companies, Yadoo Investment Co. Ltd and Gomon New Energy Co. Ltd, at the weekend met with the Minister of State for Industry, Trade and Investment, Dr. Samuel Ortom, to discuss about the possibility of investing in Nigeria.

Leader of the delegation and Chairman of the Board of Yadoo Group, Mr Chen Zhichun, identified the areas of interest as mining, real estate, solar energy, electricity, mass transportation and the agro-allied sector, among others.

Zhichun, who spoke through an interpreter, said that their coming to the country was a follow-up on a visit in October by a group of African diplomats, including Ghana, Congo DRC and Nigeria to the Sichuan Province of China in search of investments for their respective countries.

The Yadoo chairman expressed the hope that his groups’ engagements with members of the Nigeria Entrepreneurs Forum and other players would lead to the signing of business deals.

Responding, the minister said: “ You are coming at the right time and I am impressed by your profile. I know that you have so much to offer this country, and I can assure you that anything invested in any sector will yield very high returns.’’

Ortom stated that Nigeria is ever willing to expand its business relationship with China as demonstrated in President Jonathan’s visit to Beijing in July during which several agreements were signed by both countries.


[Daily Trust]



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