Nigeria’s unemployment rate is likely to drop very soon if the reports of investors from the United States of America coming to do business here is anything to go by. The President JATCO Network International, John Tor-Agbidye and the coordinator of the delegation to Nigeria has indicated the interest to invest millions of dollars in the nation’s economy. Mr Tor-Agbidye made this known in a courtesy visit to the Minister of State for Trade and Investment, Samuel Ortom, in Abuja. This could easily lead to the creation of roughly about a 100,000 jobs in the first year of its investment.
The areas where the investors intend to focus on are solid minerals, real estate and commodities. This will have the effect of further strengthening the trade relationship between Nigeria and USA, with an added yield of creating jobs for the growing unemployed youths. Mr Tor-Agbidye added that the group wants to elevate the trade between the two countries in the area of commodity, thus the initiative to invest. He noted that Nigeria possesses a lot of things that can be exported to the United States which can magnify the volume of trade in both countries.
Mr Tor-Agbidye explained how Nigeria despite being blessed with a broad range of agricultural produce, such as yam and cassava to mention a few, lacked the necessary machines for processing and preservation. Some crops as a result, are wasted due to absence of processing equipment and this would be checked by this investment from the United States of America.
“Nigeria has a lot of yams being wasted annually because of lack of processing and preservation. If we can do this, it will not only create economic empowerment but will also create jobs for the youths in the country as well as enhance the trade relations between Nigerian and USA,” he said.
The precise details of the investment plan however has not been clarified but has been hinted to be estimation of several millions of dollar. Reiterating the proposed amount to be invested, Mr Tor-Agbidye said, “We are looking at real estate. We have done due diligence and it is a very good return on investment we plan to come in April.”
The Minister of State for Trade and Investment, Samuel Ortom explained that the ministry is a new step by government to draw investments both locally and internationally into the country. Noting that the company’s plan would increase opportunities in the country in the area of job creation, Mr Ortom added that government is committed to creating an enabling an environment for investors to thrive in the country especially since Nigeria is endowed with a wealthy amount of natural resources.
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This article was first published on 20th March 2012 and updated on March 27th, 2012 at 10:43 am
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Nigeria’s unemployment rate is likely to drop very soon if the reports of investors from the United States of America coming to do business here is anything to go by. The President JATCO Network International, John Tor-Agbidye and the coordinator of the delegation to Nigeria has indicated the interest to invest millions of dollars in the nation’s economy. Mr Tor-Agbidye made this known in a courtesy visit to the Minister of State for Trade and Investment, Samuel Ortom, in Abuja. This could easily lead to the creation of roughly about a 100,000 jobs in the first year of its investment.
The areas where the investors intend to focus on are solid minerals, real estate and commodities. This will have the effect of further strengthening the trade relationship between Nigeria and USA, with an added yield of creating jobs for the growing unemployed youths. Mr Tor-Agbidye added that the group wants to elevate the trade between the two countries in the area of commodity, thus the initiative to invest. He noted that Nigeria possesses a lot of things that can be exported to the United States which can magnify the volume of trade in both countries.
Mr Tor-Agbidye explained how Nigeria despite being blessed with a broad range of agricultural produce, such as yam and cassava to mention a few, lacked the necessary machines for processing and preservation. Some crops as a result, are wasted due to absence of processing equipment and this would be checked by this investment from the United States of America.
“Nigeria has a lot of yams being wasted annually because of lack of processing and preservation. If we can do this, it will not only create economic empowerment but will also create jobs for the youths in the country as well as enhance the trade relations between Nigerian and USA,” he said.
The precise details of the investment plan however has not been clarified but has been hinted to be estimation of several millions of dollar. Reiterating the proposed amount to be invested, Mr Tor-Agbidye said, “We are looking at real estate. We have done due diligence and it is a very good return on investment we plan to come in April.”
The Minister of State for Trade and Investment, Samuel Ortom explained that the ministry is a new step by government to draw investments both locally and internationally into the country. Noting that the company’s plan would increase opportunities in the country in the area of job creation, Mr Ortom added that government is committed to creating an enabling an environment for investors to thrive in the country especially since Nigeria is endowed with a wealthy amount of natural resources.
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