Canada is to increase its Foreign Direct Investment in Nigeria as part of efforts to boost bilateral economic ties with Africa’s second largest economy, according to the Canadian High Commissioner to Nigeria, Mr. Chris Cooter.
The private Punch newspaper reported Wednesday that the High Commissioner gave the indication during a meeting with the Minister of Trade and Investment, Mr. Olusegun Aganga, in the Nigerian capital, Abuja.
According to the envoy, the planned investment boost is due to the enhanced confidence in the Nigerian economy.
Mr. Cooter said as part of efforts to strengthen trade and investment relationship between the two countries, more Canadian companies had already indicated willingness to invest in infrastructural projects across Nigeria.
“Two weeks ago, the Nigeria-Canada Bi-National Commission met in Abuja and the centre piece of that commission was how to build and strengthen economic relationships between Nigeria and Canada.
”This is one of the reasons we have brought the senior executives of SNC Lavalin, one of the leading engineering and construction companies in Canada, and a top five in the world. They have been in Nigeria before; in fact, they were here about 25 years ago. That time, they thought that this was not the best place to invest,” the envoy told the minister.
“Today, there is a wind of change going on in Nigeria’s investment landscape, which is being driven by the Minister of Trade and Investment. Therefore, we are looking at areas where Canadian companies can invest in Nigeria and how they can form partnerships in line with the Nigeria-Canada Bi-National Commission,” he said.
Mr. Aganga said the Nigerian government would partner with genuine investors willing to invest in critical sectors of the Nigerian economy.
He identified some of the sector infrastructure, mining, petrochemical and agri-business.