Japan and Nigeria sign MoU on infrastructure investment

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A Memorandum of Understanding (MoU) has been signed by Nigeria and Japan to promote quality infrastructure investment between both countries. Rotimi Amaechi, Nigeria’s Minister of Transportation and Japan’s State Minister of Land, Infrastructure, Transport and Tourism, Tsukasa Akimoto, signed the MoU in Abuja.

Amaechi acknowledged Japan’s interest to partner with Nigeria in infrastructural development is a welcome idea. According to him “you have identified the infrastructure deficit that is huge. We are a developing country so there will be huge infrastructure deficit and it offers Japan and Japanese investors opportunity to come in”.

The minister said the country also welcomes American and Chinese investors. He explained that “there are two type of investment that the Nigerian government encourage, there is one we ask government to government for a concessioning loan. Usually the concessioning loan interest rate is about 1.5 percent interest rate, so we will be glad if the Japanese government can come in as the Chinese government have come in”.

Amaechi also hinted that the presidency is in talks with the Americans, adding that “they are bringing their investment and they will build 1500 kilometre of rail including two Sea Ports”. He urged the Japanese to invest in other areas of the economy by saying “there are other areas, even though I am not in charge like power, housing, water, works, e.t.c. So there is huge opportunity for Japanese investors in Nigeria”.

The Japanese Minister, who was accompanied by the Ambassador to Nigeria, Yukata Kikuta, expressed excitement on the partnership between the two countries on developing infrastructure. Akimoto said “as the State  Minister in charge of transportation in Japan, I have been impressed that there is still a great deal scope for Japan to co-operate building the infrastructure in your country”.

 

 

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