Investments nigeria woos norwegians promises conducive environment

Nigeria is indeed wooing Norwegian investors, promising a conducive environment for business and investment. Here are some recent developments and initiatives that highlight the country's efforts to attract Norwegian investment:

  1. Investment Promotion Agency: The Nigerian Investment Promotion Commission (NIPC) has been actively promoting Nigeria as an investment destination, highlighting the country's vast natural resources, growing economy, and strategic location.
  2. Ease of Doing Business: The Nigerian government has implemented various reforms to improve the ease of doing business in the country. The World Bank's Doing Business Report 2020 ranked Nigeria 131st out of 190 economies, up from 169th in 2018.
  3. Infrastructure Development: The Nigerian government has launched several infrastructure development projects, including the Lagos-Calabar Railway, the Second Niger Bridge, and the Abuja-Kaduna-Zaria-Kano Highway. These projects are expected to improve connectivity and facilitate trade.
  4. Agricultural Sector: Nigeria is promoting its agricultural sector, which is a significant contributor to the country's GDP. The government is offering incentives, such as tax breaks and subsidies, to attract Norwegian investors in the sector.
  5. Energy Sector: Nigeria is rich in natural resources, including oil and gas. The government is seeking to diversify its energy mix and is promoting investments in renewable energy, such as solar and wind power.
  6. Trade Agreements: Nigeria has signed several trade agreements with Norway, including the African Growth and Opportunity Act (AGOA) and the Economic Community of West African States (ECOWAS) Trade Liberalization Scheme.
  7. Investment Incentives: The Nigerian government is offering various investment incentives, such as tax holidays, duty-free imports, and exemptions from certain taxes and levies, to attract Norwegian investors.
  8. Business Environment: Nigeria is working to improve its business environment, including simplifying regulatory processes, reducing bureaucracy, and increasing transparency.

Some recent examples of Norwegian investments in Nigeria include:

  1. Dangote Cement: The Norwegian company, HeidelbergCement, has a joint venture with Dangote Cement, one of Nigeria's largest cement producers.
  2. Agricultural Investments: The Norwegian company, Norfund, has invested in several agricultural projects in Nigeria, including a rice farm and a poultry farm.
  3. Energy Investments: The Norwegian company, Statkraft, has invested in several energy projects in Nigeria, including a solar power plant and a wind farm.

Overall, Nigeria is actively promoting itself as an attractive investment destination for Norwegian companies, offering a range of incentives and opportunities for growth and development.