Federal government seeking loans from Japan after China

The Federal Government, through the Ministry of Transportation,
has urged Japan to follow in the footsteps of their Chinese
counterpart, and partner Nigeria on concessioning loans.
Rotimi Amaechi, Minister of Transport, stated this when he signed
a Memorandum of Understanding with Japan to promote
infrastructure investment and continuing cooperative relationship
between both countries.
Stating that the concessioning loan interest rate falls around 1.5
per cent, he said: “we will be glad if the Japanese government can
come in as the Chinese government has come in”.
Amaechi signed the MoU with Japan’s State Minister of Land,
Infrastructure, Transport and Tourism, Tsukasa Akimoto at the
Federal Ministry of Transportation, Abuja.
Speaking at the event, Akimoto, who was accompanied by Japan’s
Ambassador to Nigeria, Yutaka Kikuta, said: “As the State Minister
in charge of infrastructure in Japan, I have been impressed that
there is still a great deal of scope for Japan to co-operate on
building the infrastructure in your country.
“As you all are aware, Your Excellency, Japan is putting in a great
deal of emphasis on providing high quality infrastructure and in
that respect, we are known in comparison to other countries such
as China, Korea and European countries. If you look at the
country’s cycle of infrastructure developed by the Japanese, ours
is the most cost effective.
“You are aware that in the past, there has been much discussion of
Japan’s cooperation with Nigeria in providing the other railway and
development plan in Lagos Island, and we hope there will be more
opportunities in the future for Japan to provide technical expertise
and capacity building, and also to provide high quality
infrastructure here in Nigeria.”
On his part, Amaechi welcomed Japan’s interest in partnering
Nigeria in infrastructural development.
“You have identified the infrastructure deficit that is huge. We are
a developing country, so there will be huge infrastructure deficit,
and it offers Japan and Japanese investors the opportunity to
come in.
“Currently we have American Investors and the Chinese Investors
that are coming into the economy. For us in Nigeria, we will be
glad to see such investors.
According to Amaechi, there are two types of investments that the
Nigerian government encourages.
His words: “There is one we ask government for a concessioning
loan. Usually, the concessioning loan interest rate is about 1.5 per
cent so we will be glad if the Japanese government can come in as
the Chinese government have come in.
“There is over 3500 kilometre of rail. The Chinese have been able
to do about 300 kilometres. Before the end of the year, they will do
another 1200 kilometres to bring their own contribution to 1500
kilometres, which is concessioning loan.
“We are talking with the Americans, but it’s not a concessioning
loan. They are bringing their investment and they will build 1500
kilometre of rail, including two sea ports and they will be repaid by
the profit they get from the investment, so we still have about 1500
kilometres of rail. We will be glad if we can get concessioning loan
from the Japanese government or get Japanese investors.”
Amaechi also encouraged the Japanese to invest in other sectors
of the economy, stating that “there are other areas, even though
am not in charge, like power, housing, water, works. So there is
huge opportunity for Japanese investors in Nigeria.

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1 Comment

  1. Borrow from me?

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