Dr Emmanuel Kachikwu, Minister of State for Petroleum, has declared that Nigeria has the strongest economy in Africa and the most profitable investment destination in the world.
Kachikwu said this in Atlanta at ‘The Nigerian Oil and Gas Core Strategic Investors’ Meeting’, aimed at presenting the investment opportunities in Nigeria’s oil and gas industry to the United States’ investors.
The minister said Nigeria looked to the diaspora to see where they could form permanent partnerships that would invest in very critical areas in the country, where they could break even in three years.
Kachikwu said: “Infrastructure is key, the oil sector alone has an infrastructure deficit of over 30 billion dollars to get us to where we should be.
“We need to be able to supply gas sufficiently to power the entire country, and if we succeed in doing that over the next 10 year-period, we would have a very booming economy.
“Nigeria still has the strongest economy in Africa but we could double that, we could become quite frankly what America is to the entire American diasporas for Africa”.
The minister welcomed the investors to come and invest in Nigeria, assuring that their investments were safe and protected.
“So I invite you to a country that has its challenges but has huge opportunities probably the only country in the world where the average returns on investment is in excess of 25 per cent a year.
“This is massive. So the returns are heavy, the resources are there and there is a huge opportunity to playing in the field.
“It is now time quite frankly for a lot of us who sit here as investors, as players, to begin to look to the country of the future – Nigeria.”
He said since 2016, Nigeria started major policies called the ‘7 Big Wins’ focusing on gas, infrastructure growth, and trying to refine the country’s petroleum products locally.
The minister said Africa would not continue to be a continent dependent on aid, but that Africa had got to create trade, opportunities and mixes that would help the region stand on its feet.
“So quite frankly, there’s an urgency for Nigeria to move into the forefront of leadership both economically and politically in Africa and we need to begin to push that,” he said.