Japanese companies have indicated strong interest in Nigeria, with 12 of them presently in the country to sniff for possible investment opportunities.

The 12 private companies include trading houses, manufacturers, banks, insurance and relevant companies from all development sectors in Japan. They are part of a 32-man Joint Trade and Investment Mission to Nigeria received on Thursday in Abuja by Budget and National Planning Minister, Senator Udoma Udo Udoma. The delegation is led by Japan’s Parliamentary Vice Chairman for Foreign Affairs, Takei Shunsuke.

Speaking during the courtesy call on Senator Udoma, Mr. Shunsuke said that the Japanese trade delegation insisted on visiting Nigeria because Japanese companies strongly want to do business in Nigeria.

“According to a recent research on Japanese companies in Africa, they expressed positive thoughts on the considerable size of the Nigerian Market and the potential of Nigeria’s future economic growth,” he explained.

He emphasised development of key infrastructure particularly in the area of power and transportation which he said are crucial for economic investment and promotion. “We will like to strengthen our co-operation linking economic growth to such development and contribute to Nigeria’s sustainable economic and social development,” he said.

In this regard, Japan offered to send a research mission for the recovery of the deteriorating power station in Apapa, Lagos, because of its crucial importance of providing electricity to the major economic hub in Lagos. It also decided to provide $53 million as humanitarian assistance to internally displaced persons and refugees in the Lake Chad region, including the Nigeria’s North East region.

Mr. Shunsuke applauded Nigeria’s effort in improving the business environment in the country and lauds the country’s Economic Recovery and Growth Plan (ERPG), which he described as the key to the revival of the country’s economy. He therefore encouraged full implementation of the ERGP as it is key to the revival of the Nigerian economy.

“We will like to praise Nigeria’s effort in improving the business environment by adopting the economic recovery and growth plan in March. I expect economic relations between our countries will be promoted by such Nigerian government efforts,” he said.

The Head of the Private Sector Delegation, who is also the CEO for Europe, Middle East and Africa of Bank of Tokyo-Mitsubishi UFJ Limited, Mr Masahiro Kuwahara, spoke in the same vein. He said that Nigeria provides the largest market for Japanese businesses in Africa and remains Japan’s largest business partner in the continent in the oil and gas sector.

Receiving the delegation in his office, Senator Udoma told the visitors that the ERGP outlines measures that will improve Nigeria’s global competitiveness and make it the pre-eminent destination for investors and businessmen wishing to do business with Africa.

He explained that Nigeria is an attractive place for investors interested in investing in the Sub-Saharan Africa because it is geographically well situated for inter-regional trade connections within the sub-region and the rest of the world.

The Minister said Nigeria has abundant human and natural resources to support investment and industry as well as a huge market to absorb products and services.

To facilitate ease of doing business in the country, Senator Udoma said government has embarked on a number of policy realignments and has set up the Presidential Ease of Doing Business Council (PEBEC) to drive and monitor the process.

Government is also embarking on massive infrastructure development, particularly in the areas of power, rail and roads, aimed at reducing cost of doing business as well as tackling insecurity to protect lives and investment across the country.

Minister of State in the Ministry, Mrs Zainab Ahmed, said the list of private sector companies in the delegation shows how important the Japanese government has taken investment potentials inherent in Nigeria. She also appreciated the country’s generosity in assisting in humanitarian efforts in the North east and the Lake Chad region.

Update news