A South African firm, Industrial Development Corporation (IDC), is to invest in Nigeria’s Mining and Forestry sectors, according to the company’s Senior Business Development Manager, Africa Unit, Mr. Ashely Petersen.
The private Vanguard newspaper reported Tuesday that Mr. Petersen declared his company’s intention during a courtesy visit to the acting Executive Secretary of the Nigeria Investment Promotion Commission (NIPC), Mallam Abubarka Hassan, in the capital city of Abuja.
Mr. Petersen said 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),” he was quoted as saying.
“The success of the trade policy in the continent will promote stronger cohesion and better understanding among countries. 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 added.
IDC, which offers financial aid focusing on economic growth and industrial development for start-ups, was founded in 1940 with its headquarters in Sandton, South Africa.
Mr. Petersen explained that while the company is state-owned, it is using private sector principles in its management.