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French Firms to Invest in Nigeria

Published

6 years ago

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Malaysian Ringgits And Stock Boards Inside RHB Investment Bank
  • French Firms to Invest in Nigeria

A consortium of 30 French companies from France, on Monday expressed readiness to invest in key sectors of the Nigerian economy.

Mr Philippe Labonne, the Head of French delegation made this known when he led the investors on a visit to the Executive Secretary, Nigerian Investment Promotion Commission (NIPC), Yewande Sadiku in Abuja.

Labonne listed the key sectors to include banking, infrastructure, renewable energy and youth empowerment.

He said that the decision by the companies to invest in Nigeria was taken following a directive by the French Government for French companies to increase their investments in Nigeria.

According to him, the Nigerian economic environment is encouraging following the recent stability in the country’s foreign exchange market.

In a bid toward achieving their investment objective, Labonne said that most of the French companies would form strategic partnerships with their Nigerian counterpart.

“We are here to access the investment environment in Nigeria to enable us take advantage of Nigeria’s investment opportunities.

“We have about 30 companies in this delegation in sectors such as infrastructure, services, agriculture and banking and the purpose of this meeting is to identify key sectors where we can invest.

“We are interested in many areas such as energy, agriculture, services, especially toward youths and we will identify other areas subsequently,’’ Labonne said.

In her remarks, the Executive Secretary NIPC said that Nigeria remained a top destination of capital inflows in the African continent.

According to Sadiku, Nigeria is strategically located in Africa to serve the needs of many countries as a regional hub to the continent.

“We have a compelling population that provides the market which means that Nigeria can serve as a manufacturing hub for investors.

“Nigeria gets about six per cent of the Foreign Direct Investments (FDIs) inflows and we remain a top destination of capital inflows.’’

While expressing delight for the interest by the investors, Sadiku said that France was one of the many countries that Nigeria was targeting in its focused investment strategy.

She reiterated the objectives of Nigeria’s Economic Recovery and Growth Plan (ERGP), which she said charts governments expectations from an economic perspective to give investors comfort in areas to invest.

On investment inflows of FDIs, Sadiku said France appeared as number ten on the chart and represented about one billion dollars of the capital inflows that have come into Nigeria.

“But what we see of France is more than one billion dollars potentially of capital flows. As a country, we see potentially a lot more, if we work in building that relationship.

“And this event is one of such to deepen that investment relationship with the country and with the investors in the country.’’

On the Ease of Doing Business, she noted that there had been great improvement and the government was working actively on recording more improvements to ensure more investments in Nigeria.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Investment

Baker Hughes Set to Boost Nigerian Energy Landscape with Refinery Investments and Oil Field Bid Participation

Published

2 days ago

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December 4, 2023

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Global oil and gas giant Baker Hughes has expressed its commitment to invest in Nigerian refineries and actively participate in the upcoming bid round for marginal oil fields, according to an announcement by the Federal Government on Sunday.

The announcement followed a meeting between Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and Baker Hughes Chairman/President Lorenzo Simonelli at the 28th United Nations Climate Change Conference in the United Arab Emirates.

During the meeting, Baker Hughes expressed its eagerness to sustain and enhance its investments in Nigeria’s oil and gas industry, particularly showcasing interest in contributing to the country’s refinery sector.

Simonelli emphasized the company’s commitment to supporting Nigeria’s energy transformation agenda.

“Nigeria is a blessed nation with vast potentials and great opportunities in diverse sectors. As a partner with the Federal Government over the years, we are inspired to direct investment in the refinery domain of oil and gas,” said Simonelli.

In response, Minister Lokpobiri welcomed Baker Hughes’ move, highlighting the pivotal role Nigeria plays in the global energy landscape.

He expressed optimism about deepening collaboration and assured the company of the Federal Government’s commitment to creating an enabling environment for investments in the refinery sector.

“I am very happy that you have joined other companies in identifying the great opportunities and government’s favourable policies in our oil and gas sector,” Lokpobiri stated.

Additionally, the Minister’s media aide confirmed Baker Hughes’ interest in participating in Nigeria’s forthcoming marginal oil fields bid round, signaling a broader engagement in the nation’s energy sector.

This move aligns with Nigeria’s efforts to revitalize its oil and gas industry, with ongoing rehabilitation works at the country’s three refineries and the anticipation of increased investments under the new Petroleum Industry Act (PIA).

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Investment

Nigeria Export-Import Bank Highlights Lucrative Investment Environment with Mexico

Published

1 week ago

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November 27, 2023

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NEXIM

In a meeting with the Mexican Ambassador to Nigeria, Alfredo Miranda, the Nigeria Export-Import Bank (NEXIM) revealed that investors in Nigeria are enjoying robust returns on their investments, even up to 30 percent.

Stella Okotete, the Executive Director of Business Development at NEXIM, highlighted the immense potential for collaboration between Nigeria and Mexico, emphasizing the benefits of expanding access to Nigerian goods in the Mexican market.

Okotete urged for a strategic partnership between the two nations, emphasizing that collaboration could enhance Nigeria’s foreign exchange earnings, attract investment opportunities, and foster prosperity for citizens in both countries.

She showcased Nigerian-made export goods financed by NEXIM, while underscoring other investment opportunities available in Nigeria.

She stated, “In terms of return on investments, this is the best place you can invest,” indicating the favorable investment climate in Nigeria, especially in the non-oil export sector.

Okotete also highlighted the untapped potential in Nigeria’s mining sector, expressing readiness to collaborate with Mexico to develop this sector for export.

The visit by the Mexican delegation is seen as a significant step toward strengthening economic ties between the two nations, exploring mutual benefits, fostering economic growth, and identifying investment opportunities.

Ambassador Miranda acknowledged Nigeria’s potential and initiatives by NEXIM to promote non-oil exports.

He stressed the need to identify business opportunities that could enhance trade, attract investment, and facilitate the development of both countries through their trade policies.

The meeting reflects a positive stride towards enhancing economic cooperation and fostering a strong economic partnership between Nigeria and Mexico.

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Investment

Mexican Investors Explore Solid Minerals Opportunities in Nigeria

Published

1 week ago

on

November 27, 2023

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mining sector

The Minister of Solid Minerals Development, Dele Alake, welcomed a delegation of investors from the Republic of Mexico who are exploring investment opportunities in Nigeria’s solid minerals sector.

Minister Alake commended this initiative and underscored the commitment of President Bola Tinubu’s administration to facilitating a conducive business environment for investors in the industry.

The minister highlighted several incentives aimed at attracting investments, including zero-duty on equipment for solid minerals extraction, seamless repatriation of profits to the investors’ home countries, and tax holidays.

To ensure responsible and sustainable practices, Alake emphasized the importance of investors signing Community Development Agreements with local communities in mining areas to promote socio-economic development.

The ongoing efforts to sanitize the mining industry were also discussed, citing recent actions such as the revocation of titles failing to comply with annual service fee regulations.

Nigeria’s outgoing Ambassador to Mexico, Adejare Bello, vouched for the credibility of the visiting investors, affirming that their genuine and serious interest in business aligns with Nigeria’s economic objectives.

President of Seccion Internacional Para Africa, Dr. Heriberto Cortes, speaking on behalf of the investors, expressed gratitude for the constructive discussions with Minister Alake.

Cortes emphasized Nigeria as their African home and conveyed confidence in the safety and profitability of their investments in the country.

The visit signifies a positive stride towards strengthening economic ties between Nigeria and Mexico.

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