December 6, 2011
ABUJA (AFP) - Nigeria and an Indonesian consortium on Monday signed a $960 million investment deal involving the mining, oil and rubber sectors in two southern states, a government statement said.
Trade Minister Olusegun Aganga signed the memorandum of understanding with Indonesia's Bakrie Group chief, Indra Bakrie, for the investments in Ogun and Akwa Ibom states within the next five years, it said.
The investment will be managed by Bakrie's Nigerian affiliate, Bakrie Delano Africa Nigeria Limited.
Bakrie said the group chose to invest in Nigeria because of the abundant investment opportunities as well as high investment returns, said the statement from the Nigerian minister's office.
"Nigeria is an emerging market country. Based on World Bank's report, the country is categorized as a middle income status supported by its abundant supply of natural resources, well-developed financial and legal system, communications, transport sectors and stock exchange, which is the second largest in Africa," he said.
