Nigeria and European Consortium Signs Billion Dollar Investment MOU

Nigeria’s Federal Government has signed a Memorandum of Understanding with a consortium of Swiss and European investors for the investment of N240bn ($1.6bn) in the power, petroleum and housing sectors of the Nigerian economy.

The Minister of Trade and Investment, Mr. Olusegun Aganga, confirmed the development during the signing of the first phase of the MOU with the representatives of the consortium in Abuja.

The group, comprising of Seagas Services Limited and Oceanmar Services Limited, was led by the 1st Deputy Prime Minister and Head of International Affairs and Investments, Republic of Kosovo, Mr. Behgjet Pacolli.

Aganga said that the Ministry of Trade and Investment would work closely with the Ministries of Power and Petroleum to facilitate the investments, adding that the Federal Government was committed to supporting genuine investors to invest in critical sectors of the Nigerian economy.

He said, “We have held discussions with the representatives of Seagas Services Limited and Oceanmar Services Limited, about the investment opportunities in Nigeria. We have agreed on investments in a few areas such as housing, building a factory for gas infrastructure for the manufacturing of gas pipelines. We also discussed the possibility of investing in the area of power, building of refineries and housing construction.

“After a number of discussions, we are signing a Memorandum of Understanding for the estimated sum of $1.6bn to be invested in some of these areas. Specifically, the money will be invested in refinery, power and housing. It is the desire of the Federal Government, through the Ministry of Trade and Investment, to attract Foreign Direct Investments into Nigeria, create jobs, generate wealth and enhance the economic growth of the country.”

He added, “This is just the first phase of the signing of the MOU. On our part as the Ministry of Trade and Investment, we will work closely with the Minister of Power and Petroleum to facilitate these investments.

“We want to thank the leader of the consortium, Mr Behgjet Pacolli, for the trust and confidence he has reposed in the Nigerian economy and promise to collaborate with him to ensure the successful execution of these projects. We are also committed towards ensuring that these investments generate wealth and create jobs for Nigerians.”

Pacolli, who spoke on behalf of the consortium during the signing ceremony, noted that the decision to investment in Nigeria was based on the huge and largely untapped investment potential in the Nigerian economy.

He added that the consortium would work assiduously towards the completion of its proposed investment projects in Nigeria, noting that plans were ongoing to increase its investment portfolio in the country within the next six years.

He said, “We were encouraged to invest in Nigeria because of the huge market and vast investment opportunities that currently exist in the country. Also, we are impressed by the opportunities that exist for foreign investors in the country. We strongly believe that the investments we are bringing into the country will be of immense benefit to the people of Nigeria and also to our investors.

“We are committed towards ensuring the successful completion of these projects within the next six years with the prospects of expanding our investment portfolio in the country.”