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INTERVIEW
Singapore President HE Halimah Yacob (centre) with HE Akinremi Alade Bolaji (right)
and First Gentleman Hon. Mohammed Abdullah Alhabshee (left) at the Presidential Annual
Diplomatic Reception 2019
to Myanmar and Darfur and Dr. Muhammadu Indimi, the Chairman of
Oriental Energy Resources. Other official visits from Nigeria to Singapore
since February 2019 include, Dr Okechukwu Enelamah, the Honourable
Minister of Industry, Trade and Investment, Engr. Chidi Izuwah the
Director-General and CEO of the Infrastructure Concession Regulatory
Commission (ICRC), Mr. Ben Akabueze Director-General of the Budget
Management Office, the National Institute of Policy and Strategic Studies
(NIPSS), the Nigeria Society of the Engineers, the Nigerian contingent
of secondary school students, who came to Singapore to participate in the
International School Debate and Public Service Institute of Nigeria.
A Singapore business delegation visited Nigeria recently, what were
their engagements and outcome?
In July 2019, the Singapore Business Federation (SBF) in collaboration
with Enterprise Singapore (ES) led a business delegation to Nigeria
comprising 22 chief executives of Singapore companies to Nigeria. I have to
emphasise here that the role of the private sector is significant in achieving gas, maritime (shipping and ports), automobiles, mining, agribusiness,
the objectives of the Nigeria-Singapore bilateral cooperation. These are to
provide an ideal platform for Nigerian and Singaporean businesses to share
their business experience with their counterparts,as well as,explore business
opportunities, which will further strengthen our bilateral cooperation.
What will be the thrust of cooperation during your term?
A key objective of the Nigeria High Commission in Singapore is to create a
better understanding and awareness of the enormous economic and socio-
cultural potentials of the Nigeria-Singapore relationship. This thrust of my
advocacy will be; to promote Nigeria-Singapore bilateral relations. In this
regard I will showcase Nigeria to Singaporeans and in the same measure
of presentation to showcase the successes and achievements of Singapore
to Nigerians. I realise that very little is known about Singapore in Nigeria.
Many Singapore companies have been doing business with Nigeria, why
do you think Nigeria is the right investment choice in Africa?
Nigeria is increasingly attracting Singaporean companies and products
and Singapore companies have successfully penetrated the Nigerian
market, notable among these are, Tolaram – manufacturers of Indomie
Noodles, which has become a popular household brand in Nigeria; Olam
International, Pacific International Lines (PIL) Wilmar International,
G&W International, Informatics Education, ITE Educational Services,
Indorama, Hyflux, and a host of others.
On why Nigeria is the right investment choice in Africa? Nigeria is
the largest economy in Africa South of the Sahara. The United Nations
estimates the population at 190 million with an annual growth rate of
“A key objective of the
Nigeria High Commission in
Singapore is to create a better
understanding and awareness
of the enormous economic
and socio-cultural potentials
of the Nigeria - Singapore
relationship.”
2.2%. Nigeria is strategically located in the oil rich belt of the Gulf of
Guinea It is the gateway to the West Africa Sub-region. Presently there
are 24 Free Trade Zones across the country with 11 already operational
while the remaining 10 are under construction.
Furthermore, the Nigerian market is the hub of the Economic
Community of the West African States (ECOWAS) market and covers
an area of 5,114,162Â square kilometre and an estimated population of
over 349 million people. The ECOWAS sub-region. Nigeria Foreign
Direct Investment. (FDI) increased by USD1.2 billion in March 2019,
making it one of the largest recipient of FDI in Africa.
Which are the sectors in Nigeria, you would like to invite Singapore
investors?
The following sectors of the Nigerian economy are very lucrative and
attractive to investors, power and renewable energy, petrochemical and
healthcare and pharmaceuticals, ICT and railway.”
n Power and Renewable Energy
The Federal Government has concluded plans to inject additional N600
billion into the Nigerian electricity industry.President Muhammad Buhari
has already authorised the release of the fund. The current development,
despite the poor performance of the sector, brings government’s direct
intervention in the sector to about N1.5 trillion in recent times.
n Petrochemical and Gas
Nigeria has an abundance of resources, it is Africa’s biggest oil exporter,
and also has the largest natural gas reserves on the continent. Nigeria’s
undiscovered Oil and Gas Reserves potential is as high as 169 billion
barrels of Oil and 600 trillion cubic feet of natural gas. Nigeria’s current
reserve amount to 35 billion barrel of oil. Currently ranked 12th largest
producer with daily output of 2.9 million barrels worldwide.
Also, Nigeria has 182 trillion cubic feet of Natural gas. Making the 7th
largest gas deposit holder in the world. The Nigerian Gas Master Plan
estimates US$20-30 billion in strategic investment in Gas Infrastructure.
Reforms in the oil industry will transform Nigeria into a downstream hub
in the African continent.
n Maritime (Shipping and Ports)
Singapore is a major trans-shipment port and it is the world’s busiest in
terms of shipping tonnage. The Singapore Ports handle about 1.04 billion
gross tons annually. Singapore also emerged as the top port in terms of
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