Sen. Abubakar Atiku Bagudu (CON), the Minister of Budget and Economic Planning, has underlined his ministry’s commitment to ensuring that the already friendly relationship between Nigeria and Japan is strengthened in the sake of the nation’s economic development.
The Minister announced this today in Abuja after receiving His Excellency Matsunaga Kazuyoshi, the Japanese ambassador to Nigeria, in audience. Matsunaga was paying the Minister’s office a courtesy call.
He pointed out that the presence of Japanese officials and businesspeople in Nigeria was evidence that Nigeria and Japan had been cooperating in the fields of agriculture, trade, investment, technical aid, and grants.
He further hinted that businesses between both countries crisscrossed Nigeria’s exportation of agricultural and petrochemical products to Japan and importation from Japan, products such as automotive, ICT, services, and other industrial goods.
He pointed out that the Administration of President Bola Ahmed Tinubu, was poised to achieving double-digit growth and single-digit inflation, including concentric diversification of the economy.
The Minister informed that key opportunities in the various sectors by Japanese Private investment include: the Digital Economy, Green and blue economy e.g. Waste Management etc.; Gender-balanced job opportunities, Full implementation of the Petroleum Industry Act, Reforms in the Culture, Creative, Tourism, and Hospitality Sector, More investments in high-growth sectors, such as agriculture and mining, among others.
He further mentioned that a total sum of N348.1 trillion (US$790.6 billion) investment was required for the implementation of the Plan, adding that out of the total investment requirement, the Government was expected to provide 14.3%, while the balance of 85.7% was expected to be complemented by the Private sector.
The Minister , however, recalled the request of the Japanese to obtain Full Power of Attorney from the Ministry of Foreign Affairs to facilitate the signing of Exchange of Notes for all Grant Aid and Technical Cooperation Projects supported by the Japanese government.
Briefing the minister, the Japan Ambassador, said that “Nigeria and Japan have been working together for many years in various fields which include Power, Water, and Agriculture, and promise to promote more private investment and also diversify the projects’’.
Also speaking, the Director, of International Corporation, in the ministry, Dr. Lanre Adekanye, applauded the Japanese government for their continuous collaboration with the Ministry over the development of the country to provide a better life for Nigerians, through the promotion of high-quality and inclusive economic and social development of the country.