By Nana Musa
The Federal Government on Monday pledged to deepen its existing Bilateral diplomacy/Economic ties with the Government of Japan to enhance the economic growth and development in Nigeria.
The Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu, said this when he received the Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi in his office in Abuja.
Bagudu said that Nigeria and Japan had long existing collaboration in the areas of agriculture, trade, investment, technical aids and grants.
“I note that businesses between both countries crisscross Nigeria’s exportation of agricultural and petrochemical products to Japan and importation from Japan, products such as automotive, ICT, services and other industrial goods.
“The volume of trade between both countries hovers around one billion dollar annually.
“In deepening Nigeria-Japan’s existing cordial relations and in expanding its frontiers to the private sector, a Nigeria-Japan Business Forum was organised by the Embassy of the Federal Republic of Nigeria in Japan in collaboration with relevant Agencies in Tokyo from January 23 to January 27, 2023.
“The Forum with the theme “Harnessing of Cross-Border Technological Advancement as a Catalyst for Achieving Sustainable Economic Development in Nigeria” showcased the limitless business opportunities that bounds between our two countries, among other things,” the minister said.
The minister listed some key opportunities in the various sectors the Japanese Private investment could key into to include Nigeria digital economy; green and blue economy; gender-balanced job opportunities; and full implementation of the Petroleum Industry Act.
Others include large-scale mining corporations and artisanal miners; reforms in the Culture, Creative, Tourism and hospitality Sector.
He also listed improved infrastructure (Rail, Roads, Housing etc), road construction & rehabilitation; and more investments in high-growth sectors such as agriculture and mining.
“A total sum of N348.1 trillion (US$790.6 billion) investment is required for the implementation of the Plan.
“Out of the total investment requirement, the Government is expected to provide 14.3 per cent, while the balance of 85.7 per cent is expected to be complemented by the Private sector.
“Thus, a strong partnership between the Public and Private sectors is, therefore, imperative for the successful delivery of the plan outcomes,” Bagudu said.
On his part Kazuyoshi, said that the Japan International Cooperation Agency (JICA) in Nigeria was committed to realising a better life for Nigerian people through promoting of high quality and inclusive economic and social development of the country.
Kazuyoshi said that JICA was pleaded to continue supporting the country.
“We have always been standing by and thinking together with Nigeria.
“Our cooperation also supports Nigeria to achieve international agreed goals such as Sustainable Development Goals (SDGs),” Kazuyoshi said.
He promised to continue supporting the country especially in the area of the private sector development.
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