Date:25/03/2008 URL: http://www.thehindubusinessline.com/2008/03/25/stories/2008032550191200.htm

Back Nigeria welcomes investments in energy sector

Our Bureau

Hyderabad, March 24

Foreign investments in oil, gas and power sectors in Nigeria will be given preferential support by the Government of Nigeria to ensure better return on investments, according to Mr Engr. Mustafa Bello, Chief Executive Officer, Nigeria Investment Promotion Commission (NIPC).

Speaking at the second Nigeria-India Business and Investment Forum organised by the Confederation of Indian Industry (CII) and NIPC here on Monday, Mr Bello said the energy sector was a top priority of Nigerian administration.

“Apart from oil and gas, we will be strengthening the power sector with a target to achieve 6,000 MW generation by the end of 2008 and 10,000 MW by end of 2009. India’s lead position in coal-based power production is of interest to us,” he said.

India could also make investments in agriculture, education, telecom and mining, among other sectors, the Nigerian official said.

On the issues of safety of investment and general security scenario in Nigeria, Mr Bello said the overall scenario in his country was favourable to investments. “The financial and social security are on the Seven-Point Agenda of the Government,” he said, adding that a section of media was only highlighting some problems in a region of Nigeria, while ignoring “many good” things.

Mr Lawal M. Dutsin-Ma, Nigerian High Commissioner in India, said India and Nigeria had a long tradition of friendly relations. “The third generation of Indians are running many businesses in Nigeria. Nigeria is India’s biggest trading partner in Africa,” he said.