Export Promotion Council woos Japanese investor to Nigeria’s SME

36 views0

Export Promotion Council woos Japanese investor to Nigeria’s SME

By

Amid dwindling revenue resources, the Nigeria Export Promotion Council,(NEPC)”Ž,is currently wooing Japanese Investors to invest in Nigeria’s Manufacturing sector while expressing optimism  that investment in the sector could spike economic growth in Nigeria’s recessed economy.
Olusegun Awolowo

Olusegun Awolowo

Olusegun Awolowo, the Executive Secretary of NEPC made the disclosure while playing host to group of Japanese Investors of eleven  companies led by the Deputy Head of Mission in the Embassy of Japan Masaya Otsuka.Awolowo who lamented the loss of $30 billion dollar revenue to Nigeria’s oil resources due to cut in global oil price urged Japanese Investors to take advantages in the Petrochemical sector of the oil sector and invest to attract huge rewards like Indorama and other established firms who invested in the sector.“Petrochemicals is the area we are talking to them, as we are asking them to come and build refineries here,and reap the benefits in the oil value chains. With our zero oil plan, we would be from now till 2025 shore up our foreign reserve with up to 30 billion dollars from non-oil exports”, Awolowo said.Speaking further, the Executive Secretary said, “We are also asking them to invest in SMEs, and in agribusiness where there are lots of opportunities. The Japanese are the biggest buyers in our Sesame seeds and we are telling them that we want to stop exporting raw materials but for them to establish their companies here and invest”Awolowo who decried the poor impact of the dwindling oil revenue resources on Nigeria’s foreign reserve said the NEPC has been working on strategies to shore up Nigeria’s revenue through non-oil exports to facilitate economic diversification through the agency’s zero oil plan.“”ŽIn 2014 we got 70 billion dollars in oil, while in 2015 it dwindled to 40 billion dollars. The figures are not yet out on what we exported in 2016 yet, but I could tell you, it would be less. Emphatically, we have lost revenue in oil exports, and we say, let us look at the non-oil export to fill up the gap” We are working hard to  scale up production along various sectors, so that we could achieve and close the gap of 30 billion dollars we lost in the oil sector. Some of the plans we take three years, some will take seven years, and some will take 10 years.  That is part of the reason we are engaging the Japanese Investors to explore avenues of investment, so that we could trade our way into economic prosperity”, ”ŽAwolowo explainedwhile some of the strategies for the zero oil plan Awolowo  said, “We have category A products in our plans for products trading internationally which are above 20 billion dollars, and these are the Petro-chemicals, cocoa, rice, soy beans. The category B is the products trading below 20 billion dollars, oranges, bananas, plantains and cassava and these are the areas we want Nigeria to concentrate on”In his response, Masaya Otsuka, the deputy head of Mission at the Embassy of Japan said that the investor’s would advance discussions with the Nigerian government as there are several opportunities they have already seen that they could invest in.“Nigeria has a very good climate for agriculture, we would also be looking at the value chains and setting up of processing plants to forestall incidences of post-harvest losses’’, the diplomat said.Source: Government

Discover more from NewsBreakers

Subscribe to get the latest posts sent to your email.

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0
Previous
Next

Comments are closed.