Nigeria is ripe for investments, says envoy

Pretoria, Dec. 7, 2017 (TNE) Amb. Ahmed Musa Ibeto, Nigeria`s High Commissioner to South Africa, says some firms and investors from that country have shown interest in doing business in Nigeria.

He said in Pretoria, South Africa, on Thursday that since he assumed duty in September, more than 20 firms have visited him and indicated such interest.

“President Muhammadu Buhari has set up a committee on the ease of doing business in Nigeria, led by the Vice President. The committee will promote trade relationships between Nigeria and other countries.

“We are leveraging on that to make South Africans know that conditions in Nigeria are fertile for investments and business activities,” he said.

According to him, since he assumed work, he has met more than 20 firms and investors who want to do business in Nigeria.

“These firms say they are interested in all sectors of the Nigerian economy,” he said.

Ibeto, however, said that the mission has observed that there is trade imbalance between Nigeria and South Africa.

“There are more South African companies and economic interests operating in Nigeria. However, we do not have an equal number of Nigerians firms operating in South Africa.

“We are saying that in as much as we promote South African companies going to Nigeria to invest, we urge the South African government to give equal opportunities to Nigerian firms to operate in their country,” he said.

The envoy said that two companies have started work to promote Nigerian business interests in South Africa.

“They will invite Nigerian firms to look at business opportunities in South Africa for investments and also invite additional South African businessmen to Nigeria for investment opportunities,” he said.

Ibeto said that the mission will facilitate the business exchange in the first quarter of 2018.

The South African Ambassador to Nigeria, Lulu Aaron-Mnguni, said the trade volume between the two countries dropped to about N1.3 trillion (55 billion Rand) in 2016.

The trade volume decreased by 11.29 per cent from N1.5 trillion (62 billion Rand) in 2015.

(TNE)

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