South Africa to invest in Nigeria’s mining, forestry

The Industrial Development Corporation (IDC) of South Africa said in Abuja that it was prepared to invest in the Nigeria’s Mining and Forestry sectors. Mr Ashely Petersen, the company’s Senior Business Development Manager, Africa Unit, said this during a courtesy visit to the acting Executive Secretary of Nigeria Investment Promotion Commission (NIPC), Mallam Abubarka Hassan.

Petersen said that Nigeria’s huge population and natural endowment placed it as a destination for sustainable investment. “Nigeria is one of African’s huge markets and we are here to invest in mining and forestry. South Africa is also working hard to achieve the inter-Africa trade policy of the African Union (AU). The success of trade policy in the continent will promote stronger cohesion and better understanding among countries,’’ Petersen said.

The IDC of South Africa offers financial aid focusing on economic growth and industrial development for start-ups. The organisation was founded in 1940 with its headquarters in Sandton, South Africa. Petersen explained that the company was state-owned, but was using private sector principles in its management. According to him, IDC is also prepared to partner with local investors in the development of project plans, financing and executing of same provided the cost is not less than 10 million dollars.

“Out of this, we expect our would-be partners to have the capacity to pay 50 per cent of the project sum. We are happy to be here because Nigeria has got a lot of potentials and we expect the NIPC to show us more opportunities,’’ he said.

Earlier, Hassan expressed delight on the visit of IDC team to the commission.

According to him, the commission serves as navigating radar to the country’s business opportunities. The acting executive secretary, represented by Mr James Ebuetse, Director of National Competitiveness and Policy Advocacy, said the planned investment in mining and forestry by IDC would be laudable.