Osinbajo highlights the country’s business opportunities at Nigerian-German Investment Dialogue in Berlin
Nigeria’s Vice President, Prof. Yemi Osinbajo has highlighted various economic opportunities at the Nigerian-German Investment Dialogue in Berlin.
Osinbajo spoke on Monday, December 10, 2018, at the Adlon Kempinski Hotel in Berlin, as the special guest at the well-attended forum with German investors.
According to the Vice President, Nigeria has become an investment destination of choice given the economic and trading developments in other parts of the world.
He said there is an increasing economic opportunity in Africa’s largest economy because of deliberate actions of Muhammadu Buhari-led government to diversify the economy and improve the business environment.
Here are some of the highlights of the Vice President’s notes to investors:
– There are significant economic ties between Nigeria and Germany. Germany is a significant exporter to Nigeria, which is its second largest trading partner in Africa.
Quoting a recent report, Osinbajo said German investment in Nigeria contributes as much as $1 billion in turnover annually and called for deeper collaboration given that Nigeria’s GDP is close to $500bn.
– Agriculture perhaps presents one of the best investment opportunities in Nigeria as the country produces 10 million metrics tonnes of paddy rice annually compared to 3 million three years ago.
Using Carlos Farms, a Mexican fruit and vegetable investor as a case study, Osinbajo said the company had initially planned to grow bananas and pineapples for export; until he discovered that he was making more money selling his bananas locally at $3 dollars/kg, for what he would have been paid only a dollar per kg in Europe.
– Nigeria to become the food basket of the world – With a substantial percentage of the world’s arable land and over half of that uncultivated, He said Africa and indeed Nigeria will soon be the World’s food basket.
The Vice President also highlighted the revitalisation of the mining sector as a high point for investors to tap into.