Norway woos Nigerian investors
â¦exported $9.9bn stockfish to Nigeria in one year
Norway has extended an invitation to Nigerian businesses willing to establish useful business collaboration with leading Norwegian firms that may desire to invest in key sectors of the economy.
The Norwegian Ambassador to Nigeria, Jens-Peter Kjemprud, made this known in Lagos while speaking on the sidelines of a one-day stakeholdersâ meeting tagged, âDoing Business with Norwayâ, aimed at promoting investment opportunities and incentives in Norway for prospective Nigerian investors.
Speaking at the event co-hosted by the Norwegian Embassy, the Nigerian-Norwegian Chamber of Commerce and Innovation Norway in partnership with Norwegian Seafood Council, the ambassador said that Nigeria was Norwayâs biggest trading partner on the African continent, adding, âtrade volume between Nigeria and Norway in 2017 was $30 bn,â with huge potential to do more.
He said, âWe brought some important business actors in the Team Norway which is Norwegian Seafood Council and others to Nigeria for the purpose of business collaboration.â
Kjemprud said the country already had investment in the oil and gas sector and was looking at investing more in renewable energy, saying, âIf Nigeria is going to improve on manufacturing, it needs to have a cheap stable power supply; if not, the manufacturing sector will not be competitive.â
He advised the government to facilitate investment in the sector, saying that proposing heavy tax on power equipment would act as a disincentive to investors.
Also speaking, the Director, Central and West Africa, Norwegian Seafood Council, Trond Kostveit, said that there was a lot of potential for Norwegian products in Nigeria, especially stockfish, âWe are developing stockfish that is sold in different ways and that can be pocket-friendly for young p eople. We are also looking into the possibility of packing our seafood in Nigeria,â he said.
Out of $10bn worth of stockfish exported by Norway to Africa in 2017, 99 per cent was imported to Nigeria, Kostveit added.
The Chairman, Nigerian-Norwegian Chamber of Commerce, Chijioke Igwe, said that the chamber was established two years ago and the primary objective was to establish business-to-business interaction between Nigeria and Norway.
He said, âThis was born out of the fact that Norway has done an excellent job in harnessing its own natural resources. Though they have a very difficult environment, they have adapted well and made the best of the environment. We are trying to tap into that discipline.â
The Consul General of Norway, Taofik Adegbite, said there should be more private sector involvement in key sectors of the economy with the government giving support in terms of bank guarantees.
The Regional Director, Middle East and Africa, I nnovation Norway, Johan Sandvaer, said Nigerian businesses would gain from Norway because it is a country of pioneers and explorers, adding that the country wanted to be known for sustainable development.
âThat is why we are inviting countries to come and invest. We have an industry that can provide technology and knowledge and we have knowledgeable workforce.â
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