- Nigeria, US, Japan Seal Investment, Social Development Pacts
Nigeria and Japan on Tuesday signed a grant aid project on economic and social development worth N642m. The amount will be provided by the Japanese government.
The Minister of Budget and National Planning, Senator Udo Udoma, signed on behalf of the Federal Government, while Japan’s Ambassador Extraordinary and Plenipotentiary to Nigeria, Mr. Sadanobu Kusaoke, signed on behalf of his home country.
The programme aims at exploring development strategies that will enhance competitiveness and support Nigeria’s poverty reduction efforts.
It is also meant to improve the standards of living and ensure environmental sustainability in line with the development priorities encapsulated in the Economic Recovery and Growth Plan.
Udoma said the Federal Government was grateful to Japan for its numerous interventions in various sectors of the country’s economy in support of its development aspirations.
“The Economic and Social Development programme for which we are here gathered this morning is one of such interventions in the sum of 200,000,000 yen (approximately N642,204,315.79),” the minister explained.
The Federal Government also on Tuesday entered into an agreement with the United States government to improve the level of investment cooperation between both countries.
The Memorandum of Understanding between both countries on the investment instrument was titled: ‘US-Nigeria Commercial Investment Dialogue’.
The Minister of Industry, Trade and Investment, Okechukwu Enelamah, signed on behalf of the Federal Government, while the US Secretary of Commerce, Mr. Wilbur Ross signed on behalf of his country.
The CID is designed to deepen commercial and investment ties between both countries
It allows for exchange of information between the two business communities and the governments on key commercial and investment matters of importance to improving the business climate, fostering greater economic growth, modernisation and job creation.
With the agreement signed, the two countries have committed to strengthening their commercial and investment relationship by leveraging private sector participation, and targeting the elimination of trade barriers and other obstacles to commercial and investment relationships.
Under the pact, the initial focus areas will be infrastructure, agriculture, digital economy, investment and regulatory reform.
“We’re delighted that this has come to fruition following dialogue that commenced with the previous administration of President Barack Obama to the current government of President Donald Trump. This continues to demonstrate our commitment as a government to leverage partnerships for economic growth and development,” Enelamah said.
Commenting on the partnership, Ross explained that the CID would be an effective tool to deepen bilateral trade and investments.
