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FG woos Brazilian investors

03 June 2013, 07:15

Abuja - The Federal Government on Sunday called on Brazilian investors to set up industries in Nigeria to complement government’s backward integration policy.

Alhaji Dauda Kigbu, the Permanent Secretary, Ministry of Industry, Trade and Investment, made the call in a statement issued in Abuja by Mr Udo Akpan, the ministry's Chief Press Secretary.

It stated that the call was when the Brazilian business delegation led by Anibal Moacir da Silva, the City Mayor, Mr Sao Leopoldo, visited the ministry in Abuja.

The statement noted that the Federal Government policy on industrialisation was based on promotion of local products and backward integration to stimulate production activities to create wealth and employment opportunities.

"Government policy is to promote backward integration to stimulate a lot of production activities and to build capacity for the large market in Nigeria and ECOWAS sub-region.

"We encourage investors to come and invest in some of the areas we have comparative and competitive advantage rather than have large scale importation that has serious effects on our employment situation.

"If you are interested in investing in Nigeria, you can start production of your products in the country and explore the economy of over 167 million people and ECOWAS region," it stated.

Nigeria, according to him, has export free trade zones in a number of places that investors can take advantage of and set up businesses there to export to the world.

He added that government had come up with proactive policy that encouraged investors to take advantage of the market, incentives and enabling environment in the country.

He informed the delegation that government has initiated different incentives to encourage investors to produce in the country, urging them to take full advantage of the vast resources and cheap labour in Nigeria.

Earlier, the leader of the delegation had pointed out that they were in Nigeria to assess opportunities and exchange experience for future trade relations and strengthen trade relationship between both countries.

Leopoldo called for the removal of trade barriers, especially restrictions on some of their items that fall under the prohibition list, to enable them to introduce the items to Nigerian markets.

According to him, this will enable them to assess the market and take a position in partnering with local businessmen for investment in local production.



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