Japanese Firms Plan Multi-million Dollar Investment in Nigeria

• Japanese Firms Plan Multi-million Dollar Investment in Nigeria

Barring any last minute change in plans, at least four major sectors of the Nigerian economy will soon attract multi-million dollars’ worth of investments from 11 Japanese firms.

The Executive Director and Chief Executive Officer, Nigerian Export Promotion Council, Segun Awolowo, disclosed this during a meeting with the Japanese investors in Abuja on Thursday.

Awolowo, who did not mention the exact amount of the investments, gave the major sectors where investments would be made by the Japanese firm as manufacturing, agriculture, solid minerals and petrochemicals.

He said the economic crisis currently facing the country had made it imperative for Nigeria to look beyond oil and boost the level of trading, particularly non-oil exports.

The NEPC boss lamented that while Nigeria earned about $70bn from crude oil sale in 2014, income from the same source dropped by $30bn in 2015 to $40bn.

Awolowo stated that as a result of the volatile nature of the oil market, the Federal Government’s fiscal strategy framework for the next three years was based on non-oil products.

He added that recent developments in the global commodities’ market were a wakeup call for Nigeria to accelerate the diversification of the economy.