We Need Manufacturing Plants, Not Finished Products, Adeosun Tells Japan

Minister of Finance, Mrs Kemi Adeosun, has urged Japanese Trade and Investment Mission to invest in Nigeria by setting up manufacturing plants, instead of shipping-in finished products.

The Minister stated this in Abuja yesterday, while discussing with a Japanese Public and Private Joint Mission in efforts to promote trade and investment in Nigeria.

Adeosun told the big Japanese companies that the country is ready to continue to do business with the rest of the world.

The Japanese Vice-Minister for Foreign Affairs led the 32 private sector and government organisations to the Ministry of Finance for the engagement.

She said Nigeria would welcome Japanese investors in banking, insurance, manufacturing and other sectors.

“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 said.

Adeosun said government was vigorously working to improve the country’s business environment by investing in transportation infrastructure and had made doing business in Nigeria easier.

She said: “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.’’

Adeosun noted that Africa’s biggest economy was now out of recession and would 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 to growth.

The Minister told the Trade and Investment Mission that the Plan envisaged 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 were opportunities for the Japanese private sector investors, especially through Public Private Partnerships, PPP, in the development of transportation infrastructure, hydropower and ports

Adeosun expressed appreciation to the Japanese government for supporting and executing many projects through the Japan International Cooperation Agency, JICA.

Earlier in his remarks, the leader of the Mission, the Japanese Vice-Minister for Foreign Affairs, Mr. Shunsuke Takei, said they were on a Mission to Nigeria as part of 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.

He said that given the size of the Nigerian population and market as well as its economic recovery and potential for growth, Japanese investors were desirous of investing in Nigeria, but noted challenges in the areas of security, legal and power environments.