The Minister of Finance, Mrs Kemi Adeosun has called on Japan to set up manufacturing plants in Nigeria instead of shipping-in finished products.
She made this call yesterday in Abuja while receiving the 32 Japan Trade and Investment Mission led by the Japanese Vice-Minister of Foreign Affairs, Mr. Shunsuke Takei.
Mrs Adeosun told the delegation that the government has packaged fiscal incentives that will make foreign investors conduct their businesses with ease in the country and that the government is concentrating on infrastructure development as well as making the business environment conducive for investors.
She added that the Economic Recovery and Growth Plan (ERGP) articulated by the administration of President Muhammadu Buhari was designed to stabilize the economy and propel it into growth.
On his part, the Japanese Deputy Minister for Foreign Affairs, Mr. Shunsuke Takei, said they were in Nigeria as part of the efforts by the Japanese Government to actualize the US$30 billion Public and Private investment pledge made in August 2016, during the sixth Tokyo International Conference on African Development (TICAD) in Nairobi, Kenya, which was attended by President Muhammadu Buhari.
He said given the size of the Nigerian population and market, as well as its economic recovery and potential for growth, Japanese investors were desirous of investing in the country, while noting challenges in the areas of security, legal and power environments.
He praised the Economic Recovery and Growth Plan of the Federal Government and expressed optimism that the foreign exchange situation would improve further.
He said there is concensus among the Japanese business community that there are huge potentials in Nigeria but on the other hand there are concerns on security, legal environment, infrastructure like power and transport among others.
He lauded the Nigerian government’s efforts on the Economic Recovery and Growth Plan (ERGP), reassured that Japanese investors were desirous of investing in the country.
