Partner with indigenous businesses, NACCIMMA tells foreign investors

In a move that is expected to foster healthy competition in the country’s economic sphere, the Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) has urged visiting Japanese investors to invest in building a lasting relationships with Nigerian businesses.

The National President of the Association, Muhammad Abubakar gave the advice to a delegation of Japanese investors in Lagos at the Nigerian- Japan business forum.

He told the delegates that the peculiar challenges of Nigeria’s business and investment environment like other developing economies in the world has tremendously improved with numerous opportunities in agriculture, manufacturing, solid mineral, oil and gas, tourism, power and telecommunication.

“I therefore call on you to take advantage of the existing numerous incentives and enter into long-term business relationships with the Nigerian private sector operators,” he said.

Also speaking at the event, the Director- General of African Affairs in Japan’s Ministry of Foreign Affairs, Ambassador Yoshifumi Okamura said Japan was committed to building partnership with Nigeria especially in the area of energy, infrastructure and transport.

He expressed confi dence that participants at the forum will benefi t from the one-onone contact and networking at the event to access more business opportunities.

“I have a strong hope that this business forum would also give us the opportunity to provide long lasting mutually benefi cial business relationships through which we will get to know each other with new ideas and perspectives,” he said.

The Permanent Secretary, Ministry of Foreign Affairs, Ambassador Uhomoibhi noted that the visit was in response to the Federal Government’s foreign investment drive which was meant to stimulate economic growth and job creation.

He stressed that in order to promote Foreign Direct Investment (FDI), the Federal Government has strengthened relevant government ministries and regulatory agencies.

Uhomoibhi, who was represented by the director, Asia and Pacifi c Division of the ministry, Adekunbi Osunaike stated that Nigeria and Japan have enjoyed robust trade relations and that there was need to balance the gap as it currently gave more advantage to Japan.

She also told the visiting Japanese fi rms that Nigeria was open to investments in agriculture, manufacturing, solid minerals, oil and gas, infrastructure, with each sector having unique incentives capable of attracting more Foreign Direct Investment (FDI).

She disclosed that other incentives which could be enjoyed by investors include tax holiday, pioneer status and company income tax among others.

The Japanese delegation which was comprised of about 24 Japanese fi rms, were also on an investment opportunities seeking mission as disclosed by the Nigerian Ambassador to Japan, Ambassador Godwin Agbo.

The visiting fi rms included Kanglo-B9 Technologies Ltd; Mitsui & Co. Ltd; Mirai Denchi Inc; Imanaka Ltd; Japan Ecological Carbon Co Ltd and Sojitz Corporation amongst others.

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