Japan lauds Nigeria’s economic reforms, praise ERGP

Hamilton Nwosa
Writer
new-diplomat default image
new-diplomat default image

Ad

Global CEOs, Top Diplomats, Ministers, Governors, Industry leaders gather in New York to unlock the Gulf of Guinea’s over $800 billion Energy, Oil & Gas, Minerals, Maritime Opportunities

By Abiola Olawale Following the official opening of the 80th Session of the United Nations General Assembly (UNGA80), New York, USA, high-level delegations from over a dozen countries, including global CEOs, top diplomats, ministers, governors, industry leaders will gather in New York to unlock the Gulf of Guinea’s over $800 billion Energy, Oil & Gas,…

Charted: Populations of China, India, U.S., and Europe (1950–2100)

Key Takeaways India is projected to remain the world’s most populous country through 2100, stabilizing around 1.5 billion people. China’s population is expected to fall by more than half, from 1.4 billion to 0.6 billion. Europe’s population will decline steadily, while the U.S. population grows gradually to 420 million. As global demographics continue to shift,…

Elon Musk drops to second place as AI boom powers Oracle’s Larry Ellison to world’s richest status

By Obinna Uballa Elon Musk has lost his long-held crown as the world’s richest person to Oracle co-founder Larry Ellison, following a record-breaking surge in Ellison’s net worth. According to Bloomberg’s Billionaire Index, Ellison’s fortune jumped by an unprecedented $101 billion on Tuesday night to reach $393 billion, surpassing Musk’s $385 billion. The windfall came…

Ad

Akanimore Kufre, Uyo

 

Japan has applauded Nigeria’s effort in improving the business environment in the country and lauds the country’s Economic Recovery and Growth Plan which it described as the key to the revival of the country’s economy.

The country’s Parliamentary Vice Chairman for Foreign Affairs, Takei Shunsuke, who led a 32-man Joint Trade and Investment Mission to Nigeria, said in Abuja on Thursday that Japan is optimistic that economic relations between the two countries will be promoted by such initiatives by Nigerian government.

“We will like to praise Nigeria’s effort in improving the business environment by adopting the economic recovery and growth plan in March. I expect economic relations between our countries will be promoted by such Nigerian government efforts”, he said.

The Vice Minister said government’s determination in setting the Nigeria on a part of recovery and sustainable growth is one of the reasons Japanese companies have indicated strong interest in Nigeria. He therefore encouraged full implementation of the ERGP as it is key to the revival of the Nigerian economy.

The trade delegation had 12 private companies including trading houses, manufacturing, banks, insurance and relevant companies from all development sectors in Japan.

Mr Shunsuke said the Japanese trade delegation insisted on visiting Nigeria because Japanese companies strongly want to do business in Nigeria.

“According to a recent research on Japanese companies in Africa, they expressed positive thoughts on the considerable size of the Nigerian Market and the potential of Nigeria’s future economic growth”, he explained.

He emphasized development of key infrastructure particularly in the area of power and transportation which he said are crucial for economic investment and promotion. “We will like to strengthen our co-operation linking economic growth to such development and contribute to Nigeria’s sustainable economic and social development”.

In this regard, Japan offered to send a research mission for the recovery of the deteriorating power station in Apapa, Lagos because of its crucial importance of providing electricity to the major economic hub in Lagos. It also decided to provide $53 million as humanitarian assistance to internally displaced persons and refugees in the Lake Chad region, including the Nigeria’s North East region.

The Head of the Private Sector Delegation, who is also the CEO for Europe, Middle East and Africa of Bank of Tokyo-Mitsubishi UFJ Limited, Mr Masahiro Kuwahara, spoke in the same vein and said Nigeria provides the largest market for Japanese businesses in Africa and remains Japan’s largest business partner in the continent in the oil and gas sector.

Budget and National Planning Minister, Senator Udoma Udo Udoma who received the delegation in his office in Abuja told the delegation that the ERGP outlines measures that will improve Nigeria’s global competitiveness and make it the pre-eminent destination for investors and businessmen wishing to do business with Africa.

He explained that Nigeria is an attractive place for investors interested in investing in the Sub-Saharan Africa because it is geographically well situated for inter-regional trade connections within the sub-region and the rest of the world.

The Minister said Nigeria has abundant human and natural resources to support investment and industry as well as a huge market to absorb products and services.

To facilitate ease of doing business in the country, Senator Udoma said government has embarked on a number of policy realignments and has set up the Presidential Ease of Doing Business Council (PEBEC) to drive and monitor the process.

Government is also embarking on massive infrastructure development, particularly in the areas of power, rail and roads, aimed at reducing cost of doing business as well as tackling insecurity to protect lives and investment across the country.

Minister of State in the Ministry, Mrs Zainab Ahmed, said the list of private sector companies in the delegation shows how important the Japanese government has taken investment potentials inherent in Nigeria. She also appreciated the country’s generosity in assisting in humanitarian efforts in the North east and the Lake Chad region.

 

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp