Efforts by the federal government to attract foreign direct investments to the nation’s economy will soon yield major fruits as a multinational group of high net-worth private investors based in Europe and Brazil are concluding plans to invest 40 billion Euros (N8.4trillion) in the country.
The mega project, tagged AMPLE – Agriculture & Aviation, Marine & Medicals, Petroleum & Power, Leisure & Leases, and Estates & Educational Development – has been designed to target investments in the specified areas.
The funds, a product of alternative investment markets, has huge collateral long and medium term notes and bank guarantees from high net worth banks and sovereign bond instruments for cash backed investments in Nigeria.
The offshore credit lines for the project are being managed by Barclays Bank and HSBC for direct investment in viable business ventures in Nigeria.
The Legal Adviser for the group, Mr Greg Anumenechi said in a statement the consortium of investors will partner credible local organizations in Nigeria to form a synergy for long term mutually beneficial economic development.
The investment, according to Anumenechi, will no doubt lead to massive employment of jobless Nigerians.
He added that the impact will jump start the nation’s economy in an unprecedented dimension.
Greg Anumenechi disclosed that the consortium has already signed a memorandum of understanding (MOU) with three Nigerian companies in the oil and gas, real estate and a private institution.
“The MOU is tailored towards the establishment of a modular refinery, a real estate development and a private international university in Nigeria to be built in Lekki axis in Lagos. The university will be in the class of Oxford, Harvard and Cambridge” he said.
Amunechi explained that though the funds providers have insisted that Standard Chartered Bank Nigeria must be the bankers to the local companies that will benefit from the funds because of the bank’s status, many Nigerian banks have shown a great deal of interest and are ready to provide huge credit lines to the approved Nigerian companies for collaterization, monetization and clean funds to Nigeria for these mega projects.
The founder of Zenith Bank Plc, Mr Jim Ovia, had last month called on foreign investors to invest in the Nigerian economy and reap one of the best returns in the world.
Ovia, who spoke at the World Economic Forum in Davos, Switzerland, said while the average return on investment in many countries is about 17 per cent, investment in Nigeria fetched about 35 per cent return.
“Foreign investors should come and invest in Nigeria and reap returns as high as 35 per cent compared to 17 per cent on average return in other parts of the world,” he said.
Culled :from ThisDay