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South Africa concludes plan to invest in Nigeria’s mining, forestry

25 March 2014, 17:33

Abuja - The Industrial Development Corporation (IDC) of South Africa on Monday in Abuja, said it was prepared to invest in the Nigeria’s Mining and Forestry sectors.

Ashely Petersen, the company’s Senior Business Development Manager, Africa Unit, said this during a courtesy visit to the acting Executive Secretary of Nigeria Investment Promotion Commission (NIPC), Abubarka Hassan.

Petersen said that Nigeria’s huge population and natural endowment placed it as a destination for sustainable investment.

“Nigeria is one of African’s huge markets and we are here to invest in mining and forestry.

“South Africa is also working hard to achieve the inter-Africa trade policy of the African Union (AU).

“The success of trade policy in the continent will promote stronger cohesion and better understanding among countries,’’ Petersen said.

Petersen explained that the company was state-owned, but was using private sector principles in its management.

According to him, IDC is also prepared to partner with local investors in the development of project plans, financing and executing of same provided the cost is not less than $10 million.

“Out of this, we expect our would-be partners to have the capacity to pay 50 percent of the project sum.

“We are happy to be here because Nigeria has got a lot of potentials and we expect the NIPC to show us more opportunities,’’ he said.

Earlier, Hassan expressed delight on the visit of IDC team to the commission.

According to him, the commission serves as navigating radar to the country’s business opportunities.


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