Wednesday, April 08, 2020


Nigeria  Nigeria, Canada Sign Pact to Boost Investment

All Africa Global Media

In a bid to strengthen the bilateral trade between both countries, Nigeria and Canada Thursday signed the Foreign Investment Protection Agreement (FIPA) in Ottawa, Canada.

The Vice President, Mohammed Namadi Sambo, who witnessed the ceremony with Nigeria's Minister of Trade and Investment, Mr. Olusegun Aganga, and his Canadian counterpart, Hon. Ed Fast, jointly signed the agreement.

Earlier on arrival at the Canadian Parliamentary building, Sambo was said to have held a closed door meeting with the Canadian Prime Minister, Stephen Harper. The meeting centred on bi-national commission and other sundry matters.

At the meeting, the vice president used the opportunity to outline the federal government's efforts towards infrastructural development in areas such as power, transportation, and Agriculture.

He noted the expertise of Canada in hydro power and briefed Fast on the progress recorded so far on the Zungeru project, with the signing of the $1.3 billion contract for the completion of the project, expected to generate 700 megawatts of electricity.

He also stated that the Mambilla project will cost $6.4 billion, and when completed will generate 3050 megawatts, while Gurara phase two, which is on a public-private partnership (PPP) arrangement, when completed will generate 360 megawatts, among others.

A statement by the Senior Special Adviser to the vice president on Media and Publicity, Alhaji Umar Sani, also quoted Sambo to have disclosed that the greatest challenge faced by the Nigerian entrepreneurs was access to cheap funds.

He stated that loans granted by multilateral agencies are always disbursed through local banks, whose terms are not favourable. He appealed for support from the Canadian government, so as to grow the Nigerian economy.

Earlier, Fast expressed Canada's gratitude over the manner issues surrounding Manitoba Hydro was resolved. He promised to address the request by Nigeria over fumigation of the country's wheat imports.

Commenting on the request for loans for entrepreneurial development in Nigeria, he promised to take a second look at the request noting, however, that they do not interfere with the decision making process of their banks even though they are accountable to the minister.

He solicited Nigeria's support to stop Qatar from acquiring the International Civil Aviation Organisation (ICAO) stating that ICAO had a negotiated agreement of 20 years with Canada.

Others present at the occasion were the Governors of Akwa Ibom and Gombe States- Dr. Godswill Akpabio and Ibrahim Hassan Dankwambo respectively; Foreign Affairs Minister, Olugbenga Ashiru; Minister of State for Power, Zainab Kuchi; Senator Iyiola Omishore and Nigeria's High Commissioner to Canada, Ambassador. Ojo Madueke.

The delegation are currently attending the Canada-Nigeria Investment Conference, holding in Toronto, from May 2nd to 4th.

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