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Nigeria's Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo

Nigeria to partner with Mozambique on Gas Development

Ololade Omosan-Agie

There are indications that Nigeria will soon partner with Mozambique to tap into its new billion-dollar gas industry.
This was disclosed at the Signing of A Memorandum of understanding between the Ministry of Industry, Trade and Investment and the Nicky Okoye Foundation and the inauguration of board advisors for the African Enterprise Initiative held in Abuja on Tuesday

The president of the foundation, Nicholas Okoye stated that the partnership will be made possible by the newly formed alliance between the Ministry and his foundation.

Okoye also disclosed partnership between the ministry and his organization will provide solutions to the major challenges in the Nigerian trade industry as well as place local businesses on the global map.

According to him the move is poised to provide businesses with access to essential facilities to expand their market and drive development in the country.

He said “As far the global trade is concerned, we witnessed about 2% and global investments flows grew about 5%.
“So if we look at the biggest companies in the world, coming back to Nigeria, the map shows that out of the top 2000 companies in the world Nigeria doesn’t have a company listed, the only African country that has a company in the list is South Africa.

“If you look deeper at the challenge, you’ll find out that most of the countries operating in Nigeria are foreign owned.
“This not just a Nigerian problem but an African problem.

“We found out that things are these way because we have not yet tapped into the global supply chain.
“That is why we developed the African enterprise initiative because we need to tie trade to commerce.

“The solution is access to capital but much more than that we also need access to a sustainable creation of jobs, we also need to develop the entrepreneurship capacity, of the Nigerian people, access to opportunities across Nigeria.
“Mozambique has a new gas industry that is emerging they have been able to get about 70 – 80 billion dollars as investments for three gas fields, they don’t have a local content capacity.

“So we believe that with Nigeria’s extensive local capacity we can merge Nigeria’s front with Mozambique opportunities and that is one of the major takeaways of the AEI.

“We believe that this partnership is extremely unique, working with the ministry of trade and then taking advantage of what we have done at the AEI”

He added that the Nicky Okoye Foundation intends to take full advantage of the African free trade agreement and other strategic programs to significantly reduce the rate of unemployment in the country.

On his part, the Minister of Industry, Trade and Investment, Niyi Adebayo stated that the partnership will not only ensure the implementation of the AEI but also reduce poverty and enhance the quality of life of a large portion of the Nigerian population.

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