Nigeria – Bidding for annual Oil Contract Opened

Nigeria – Bidding for annual Oil Contract Opened

If you are thinking of investing in a developing world where you will get a good high ROI ( Return On Investment), then think of Nigeria as the best country to to so now. President Goodluck Jonathan has instructed the Ministry of Trade and Investment to review trade incentives for investors willing to come to Nigeria. Perhaps this is really good for all investors because Nigeria has been tips to be one of the best investment Nation by 2012.

According to the president, Nigeria is reviewing the incentives currently being granted to investors in order to encourage international companies willing to invest in the country. Speaking to a delegation from Samsung Heavy Industries, Korea, during a courtesy call on the sidelines of the Nuclear Security Summit in Seoul, President Goodluck Jonathan said he has instructed the Ministry of Trade and Investment to review trade incentives for investors willing to come to Nigeria. He said, “We are willing to support you to establish industries in Nigeria, and I have instructed the Ministry of Trade and Investment to review the incentives available for investors coming to the country”, adding that the administration was determined to create more jobs for the teeming Nigerian youth. Jonathan stated that government was diligently implementing the local content law in order to build the capacities of Nigerians, strengthen the industrial base, and provide jobs.
The president expressed appreciation to Samsung for their “significant” contributions to the development of the country’s economy, and requested the company to consider increasing the number of Nigerians being trained, as well as the duration of the training. Earlier, In Sik Roh, president and chief executive officer of Samsung Heavy Industries, had expressed appreciation for the privilege to construct the Bonga Oil platform, adding that they were going to commence the training of 20 Nigerians next month.
At a separate audience, Jonathan told Daewoo Engineering and Construction Company that Nigeria’s gas infrastructure must be upgraded in order to meet the urgent power needs for speedy industrialisation of the country. He said, “We have abundant gas, but we need to evacuate it to the power stations, through a robust development of our gas infrastructure”, adding that bankable packages are being developed to attract international funding.
The president welcomed Daewoo’s proposal to fund infrastructural development in Nigeria at agreeable terms and assured the company of government support. Speaking earlier, Daewoo’s president and chief executive officer, Jong-Uk Seo, said the company had been operating in Nigeria since 1978, and was prepared to fund infrastructural development at agreeable terms to give back to the community and to show confidence in Nigeria’s future.

President Jonathan also granted audience to a delegation of Hyundai Heavy Industries led by I. S. Chun, senior executive vice president/chief operating officer, and a delegation of JD International led by David Lee, president/chief executive officer.

Sources: http://www.businessdayonline.com/NG/index.php/news/76-hot-topic/35050-nigeria-to-provide-more-incentives-for-investors–jonathan