The Minister of Trade and Investment spoke of the vast investment opportunities in Nigeria and their impact on Foreign Direct Investment during a courtesy call to one of the leading media houses in the country recently.
He downplayed the impact of the security crisis in the North, explaining that it had no impact on Investors’ decision to invest in Nigeria, BBC business.
Speaking on the attractiveness of the Nigerian market, the minister said, “an investor looks out for four major things; capital, technology, raw materials and the market. Capital and technology are things you can always move but you can’t move raw materials and market, which we have in abundance here in Nigeria.”
“We have 80 million hectares of land that can be cultivated; we have 33 different solid minerals in commercial quantities. Today, the Chinese will do anything to buy our iron ore because China has developed its economy to become the leading industrial nation on the back of steel. Currently, they produce more than 700 million tonnes of steel; the next country to them produces about 150 million tonnes. Everything requires steel, and we have the iron ore here.”
The minister also shed light on some of the leading investors in the country, “The Barkrie Group, one of Indonesia’s most widely diversified business groups, came in recently with a Memorandum of Understanding of N1bn. Glencore is coming in soon, and just yesterday, I had dinner with another group that wants to go into steel.”