Nigeria’s Minister of Finance Assures Japanese Investors of Fiscal Incentives

The Minister of Finance, Mrs Kemi Adeosun, says government has packaged fiscal incentives that will make foreign investors conduct their businesses with ease in the country.

Speaking yesterday while receiving the Japan Trade and Investment Mission led by the Japanese Vice-Minister of Foreign Affairs, Mr. Shunsuke Takei in Abuja, Adeosun said government has set the country on a sustainable growth path by concentrating on infrastructure development as well as making the business environment conducive for investors.

She therefore urged big Japanese companies to invest in Nigeria by setting up manufacturing plants, instead of shipping-in finished products.

“Specific reforms by removing lots of impediments, fiscal incentives to facilitate your coming into Nigeria to invest and drive your businesses, are being put in place,” she assured.

Mrs. Adeosun said that Africa’s biggest economy is now out of recession and wants to grow again, adding that the Economic Recovery and Growth Plan (ERGP) articulated by the administration of President Muhammadu Buhari was designed to stabilise the economy and propel it into growth.

Speaking, the leader of the mission, Mr. Shunsuke Takei, said they were in Nigeria as part of the efforts by the Japanese Government to actualise the US$40 billion Public and Private investment pledge made in August 2016, during the sixth Tokyo International Conference on African Development (TICAD) in Nairobi, Kenya, which was attended by President Muhammadu Buhari.

He said given the size of the Nigerian population and market, as well as its economic recovery and the potential for growth, Japanese investors were desirous of investing in the country, while noting challenges in the areas of security, legal and power environments.

He praised the Economic Recovery and Growth Plan of the Federal Government and expressed optimism that the foreign exchange situation would improve further.

He said there is a consensus among the Japanese business community that there are huge potentials in Nigeria but on the other hand there are concerns on security, legal environment, infrastructure like power and transport among others.

He lauded the Nigerian government’s efforts on the Economic Recovery and Growth Plan (ERGP), reassured that Japanese investors were desirous of investing in the country.

Source: Daily Trust