Indonesian Firm To Invest N150 billion In Nigeria

The Bakrie Group, one of Indonesia’s most widely diversified business groups, plans to invest up to US$1 billion in mining, oil palm and rubber plantations in Nigeria, the government of the West African nation announced.

Nigerian Trade and Investment Minister Olusegun Aganga said in Abuja on Monday that the investments would be made in the southern Akwa Ibom and Ogun states and would expand to six other states within five years.

Nigeria, Africa’s most populous nation with 167 million people, aims to create millions of jobs in four years through ensuring “a conducive environment for attracting foreign direct investment into the country,” Aganga said as reported by Bloomberg.

The Nigerian government wants to improve its investment climate and overhaul its domestic industries.

Nigeria needs to invest $67 billion in the next four years on infrastructure development, Nigerian Finance Minister Ngozi Okonjo-Iweala said.

According to the Nigerian trade ministry, good investment opportunities and revenue possibilities had encouraged the Bakrie Group to invest in Nigeria.

Indra Bakrie, a son of Bakrie Group chairman Aburizal “Ical” Bakrie, was optimistic.

“Nigeria is a developing country that is rich in natural resources. Its law and financial systems, including communications, the transportation sector and its stock exchange are also well developed,” Indra said.

The investment plan was announced less than a month after Forbes magazine reported a sharp drop in Ical’s ranking on its list of Indonesia’s wealthiest people.

Although Ical remained one of the 40 richest businessmen in the country in 2011, the magazine said that Ical’s wealth recorded the most significant decrease.