Kalu seeks foreign investors for Nigeria

Former Abia State Governor and Nigeria’s foremost investor, Dr Orji Uzor kalu, has called on genuine investors from Singapore and other parts of the world to quickly seize the investment potentials in Nigeria to access Africa’s second largest market. Dr Kalu, who is the Chairman of Slok Group of companies spoke in Singapore at the Nigeria-Singapore Business and Investment Forum at the weekend. In a paper; “Nigeria, the New Frontier: Unlocking Opportunities in Africa’s Largest Market,” he said Nigeria has great business opportunities in the area of petrochemical, manufacturing, construction, oil and gas, agriculture, housing, and education among others. He told the audience made up of Singaporean businessmen and women, government officials, and captains of industry that what makes Nigeria the best business destination in Africa now is her positive macroeconomic indicators, political stability and abundant untapped resources. The Chairman of Slok in reeling out some of the positive indicators that make the country attractive for investment said “with a norminal GDP of $250 billion in 2012,($451 billion Purchasing Power Parity), Nigeria is the 30th (40th in2005, 52nd in 2000) largest economy in the world using the purching power parity, second largest in Africa behind South Africa, and on track to overtake South africa and become one of the 20 largest economies in the world by 2020.” According to him, with a population of about 167 million people, GDP per capita of $1,560 at nominal value and $2,800 purching power parity in 2012, Nigeria has been placed in the middle income level countries and as an emerging market with expanding agriculture, manufacturing, financial services, communications and entertainment sectors. Kalu also informed his audience in Singapore, especially those interested in the oil sector that Nigeria is the 9th largest producer of crude oil and the 6th largest producer of gas in the world.In addition to its hydrocarbon resources which has attracted the bulk of the country’s foreign direct investment, Kalu said the country has untapped solid mineral deposits, large arable land for agricultural activities and agro-alied industries, a large skilled,low cost labour workforce wating to be tapped. He noted, however, that what makes Nigerian industrial climate very attractive to would be investors is the huge infrastructural deficit in the economy. The industrialist acknowledged the efforts of the Federal government in the area of infrastructure development. One of such efforts, he said, was the power sector reform and privatisation programme which has been lauded by the international community as one of the most audacious and transparent