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Bakrie plans to invest up to $1-billion in Nigeria
Wed, 07 Dec 2011 09:28

The Bakrie Group, one of Indonesia’s most widely diversified business groups, plans to invest up to US$1-billion in mining, oil palm and rubber plantations in Nigeria.

Trade and investment minister Olusegun Aganga says that the investments would be made in the southern Akwa Ibom and Ogun states and would expand to six other states within five years. Aganga says good investment opportunities and revenue possibilities had encouraged the Bakrie Group to invest in Nigeria.

'Nigeria is a developing country that is rich in natural resources. Its law and financial systems, including communications, the transportation sector and its stock exchange are also well developed,' says Indra Bakrie, a son of Bakrie Group chairman Aburizal Ical Bakrie.

The investment plan was announced less than a month after Forbes magazine reported a sharp drop in Ical’s ranking on its list of Indonesia’s wealthiest people.

Nigeria, Africa’s most populous nation with 167 million people, wants to improve its investment climate and overhaul its domestic industries.

$67-billion would be needed in the next four years on infrastructure development, according to finance ministry.

Source: The Jakarta Post

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