Business

Monday October 5, 2009

Envoy urges M’sians to explore Nigeria


KUALA LUMPUR: Opportunity comes only once. That’s the message from Nigerian High Commissioner to Malaysia, Peter J. E. Anegbeh, to Malaysian investors and the business community.

Anegbeh said Malaysian businessmen should explore business opportunities in the African “Land of Opportunities”, which is home to more than 150 million people.

He said Malaysia should emulate China, which had participated in a big way in Nigeria, as well as Japan and South Korea which has notable presence in the country’s vehicle industry.

Known as the “Giant of Africa”, Nigeria is one of the fastest growing economies in the world and continues to witness political and economic stability, since the restoration of civilian rule in 1999.

Goldman Sachs listed Nigeria as one of the countries having good potential to emerge as the world’s largest economies in the 21st century.

“Malaysian investors and businessmen should avail themselves of the many opportunities that is yet to be tapped,” he told Bernama in conjunction with Nigeria’s 49th independence anniversary on Oct 1.

Describing bilateral trade as solid and cordial, Anegbeh said two-way trade still favoured Malaysia but had grown tremendously from US$5mil in 2005 to US$50mil in 2008.

He also said several Malaysian and Nigerian businessmen were exploring joint ventures in road construction, waste management, water engineering, palm oil plantation and shipbuilding.

The Nigerian government has put in place policies and programmes that guarantee a free market economy, liberalised exchange control regulations and allowed unrestricted movement of investment capital, he said. – Bernama

Opportunities also abound in Nigeria’s oil and gas sector including exploration and production, surveying, civil works, refining, petrochemicals, natural gas pipeline, fertiliser and methanol plants.

Businessmen can also exploit and export bitumen, limestone, coal, tin, columbite, gold, silver, lead, zinc, gypsum, glass sands, clays, asbestos, graphite and iron ore.

Anegbeh also welcomed investments in the agriculture sector particularly crop production, food processing, preservation of livestock and fisheries, agricultural input supplies and machinery, exploitation of timber and wood processing activities. – Bernama

The country ranks 25th, globally, and first in Africa in farm output and the agriculture sector accounts for about 42% of Nigeria’s GDP and provides employment to about 65% of the working population.

In manufacturing, the Nigerian government welcomes investors to partake in the building materials, engineering and transport, chemicals, electrical and electronics and scientific instruments industry.

Gold processing, cement production, bottled mineral water, mini-sugar production plants and processing of salt from sea water also offered tremendous potential for Malaysian investors.

Other areas opened for investment include Nigeria’s tourism industry, power sector, infrastructure development and telecommunications. – Bernama

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