Adeosun Urges Japanese Manufacturing Companies To Build Plants In Nigeria

[caption id="attachment_19694" align="alignnone" width="800"]Nigeria’s Minister of Finance, Mrs. Kemi Adeosun (right) receiving a memorabilia from the Japanese Vice Minister for Foreign Affairs who led a Trade and Investment Mission to her office in Abuja, Thursday. [/caption]

Minister of Finance, Mrs. Kemi Adeosun has told Japanese investors to set up their manufacturing plants in Nigeria instead of shipping finished goods into the country.

Adeosun stated this while she received a Japanese Public and Private Joint Mission in promoting Trade and Investment in Nigeria at the Federal Ministry of Finance in Abuja on Thursday.

The minister told the delegation that Nigeria is open and ready to continue to do business with the rest of the world, adding that Japanese investors are always welcome.

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Adeosun said: “We will assist you to do well. Many companies came into Nigeria and are doing very well and there is nothing to stop Japanese firms from doing very well.”

She stated that the Government is vigorously working to improve the country’s business environment by investing in transportation infrastructure and has made doing business in Nigeria easier.

“Specific reforms by removing lots of impediments, fiscal incentives to facilitate your coming into Nigeria to invest and drive your businesses, are being put in place,” she assured.

Mrs. Adeosun said that Africa’s biggest economy is now out of recession and wants to grow again, adding that the Economic Recovery and Growth Plan (ERGP) articulated by the administration of President Muhammadu Buhari was designed to stabilize the economy and propel it into growth.

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The Minister told the Trade and Investment Mission that the Plan envisages stabilising the macroeconomic environment, boosting agricultural production for food security, ensuring energy sufficiency, improving transportation infrastructure and driving industrialization through manufacturing.

She stated that there are opportunities for the Japanese private sector investors, especially through Public Private Partnerships (PPP) in the development of transportation infrastructure, hydropower and ports.

Mrs. Adeosun expressed appreciation to the Japanese Government for supporting and executing many projects through the Japan International Cooperation Agency (JICA).

Speaking earlier, the Japanese Vice-Minister Mr. Shunsuke Takei, who led the delegation to the ministry for the engagement, said that they were on a Mission in Nigeria as part of the efforts by the Japanese Government to actualize the US$30 billion Public and Private investment pledge made in August 2016 during the sixth Tokyo International Conference on African Development (TICAD) in Nairobi, Kenya, which was attended by President Muhammadu Buhari.

According to him, Japanese investors are eager to invest in Nigeria, following the country’s population and market as well as its economic recovery and potential for growth.

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He was however expressed concern on challenges in the areas of security, legal and power environments.

Mr Takei praised the Economic Recovery and Growth Plan of the Federal Government and expressed optimism that the foreign exchange situation would improve further.

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