Nigeria pushes for investment treaty with Japan - Report

Nigeria is working to conclude a bilateral investment treaty with Japan to draw Japanese electrical equipment and electronics makers to the West African country.

Yewande Sadiku, executive secretary and CEO of the Nigerian Investment Promotion Commission, told The Nikkei about the effort to facilitate Japanese investment during a visit to Tokyo in midFebruary. Sadiku was in Japan to attend a seminar hosted by the Japan External Trade Organization and the United Nations Industrial Development Organization.

Nigeria’s population of about 180 million has huge growth potential, but investment in the country by foreign companies is stagnant. And Japan is a bit player. According to the Nigerian government, Japan ranks 51st in terms of the value of its direct investments.

Nigeria is eager to attract Japanese companies as it tries to modernize its industry with a dose of advanced technology. “I have a particular soft spot for Japan, especially its commitment to quality,” said Sadiku. “Many Nigerians are poor, so they cannot afford to make a purchase twice. When they make a purchase, they want to make sure what they are buying is superior quality,” she said.

Although total Japanese investment in Nigeria is modest, some companies are beginning to develop markets there. In October last year, Canon established a local unit. Yamaha Motor re-entered the country and began operating a new factory in May. The motorcycle maker had pulled out of Nigeria in 2005.