Aganga lists FG’s investment drive successes

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Mr. Olusegun Aganga
Mr. Olusegun Aganga

The Minister of Trade and Investment, Mr. Olusegun Aganga, has said that his ministry has made tremendous success in attracting investment into the country.

The minister said that at the local front, apart from Dangote Cement’s six million tons per annum plant, recently commissioned at Ibese, there is Eleme Petrochemical where the Indorama Group invested about $575 million which shot up their revenue and turn over by about 25 times.

He said that the group has also started another $2 billion investment at the plant for methanol and fertilizer plant because of the opportunities in the petrochemical industry.

Aganga said Nigeria has signed a $1 billion memorandum of understanding with the Bakery Group over the next four to five years for investments in coal, palm oil and rubber plantation.

“They are already back now. In fact, today, they are negotiating for the land for palm oil so it is not a case of just signing MoU but they are back now negotiating for land,” he said.

“We have PZ Wilmer who wants to invest in oil palm plantation and refinery. They are bringing about $650 million. They are going to plant their oil plantation over 50,000 hectares. In fact, there is no state government that has been able to do the 50,000 hectares. One state has provided 19,000. Already, their refinery in Ikorudu has started and is almost 40 percent completed,” Aganga said.

Aganga added that the GE Capital that Nigeria buys turbines from are willing to start manufacturing locomotives in the country, adding that investors have invested about $4.7 billion at the Onne Free Trade Zone.

“I have a list of people that are looking at mining, specifically iron ore and we have about three proposals and they are not just looking about mining, one of them is from Australia and is even here this moment. They are looking at fertilizer plant and iron ore and they are talking of close to $5 to $6 billion,” he said.

The minister said that the job of marketing Nigeria is for every Nigerian and solicited for the partnership of Media Trust in showcasing the country’s investments opportunities to the world.

In : Abuja