NIPC boss says President's travelling is attracting more investors

dimeji akinloye

December 14, 2015 5:22 PM

She said President Muhammadu Buhari’ s visits to some countries were yielding dividends as many companies had shown interest in investing in the country.

President Muhammadu Buhari arrives in Yola, Adamawa State on November 13, 2015

The Executive Director, Nigerian Investment Promotion Commission, Mrs Uju Baba, has said that more investors have shown interest in investing in Nigeria because of a favourable investment climate.

Baba made the statement in Abuja on Monday when Skyrun International Group and a team of Chinese investors paid her a courtesy visit.

She said President Muhammadu Buhari’ s visits to some countries were yielding dividends as many companies had shown interest in investing in the country.

"The president went to those countries to assure them that their investments would not only yield profit but be protected,’’ Baba said.

According to her, the influx of investors shows that the diversification and import substitution policy of the country is effective.

"International companies are no longer interested in coming to buy our raw materials to export, rather they want to come and build factories.

"They use the same raw materials to make products instead of exporting them out of Nigeria,’’ Baba said.

She said Skyrun had confidence in the country’s policies for it to have encouraged other companies to invest in Nigeria.

Baba told the group that all the necessary government agencies that would be involved in their businesses had representatives in the commission.

The Chairman of Skyrun , Xie Shao, who led the group, said one of the major aims of the visit was to assure the group of government support if they conducted genuine businesses.

Shao said Skyrun Group was collaborating with other Chinese companies to expand investment in Nigeria in car assembly, tricycle assembly and vegetable oil refining.

Other areas are cashew nut and cassava processing, research and development, power generation, crude oil production and production of smart meter standards.

He said the companies planned to invest more than two billion dollars in the country.

dimeji akinloye