Nigeria opens doors to Filipino entrepreneurs

MANILA, Philippines - Nigeria’s Ambassador to the Philippines Akinyemi Farounbi said his country offers vast investment opportunities for Filipino entrepreneurs.

At least two Filipino companies have established their presence in Nigeria, Farounbi said. These include the International Container Terminal Services Inc. (ICTSI) which constructed the container yard for the Port of Lagos and Splash Corp. which has reached this West African nation.

Right now, Farounbi said Meralco is part of a consortium that is expected to take over two power firms by the third quarter of this year.

The 13th largest country in the African continent, with a population of 170 million and an area of a million square meters, Nigeria is bounded on the north by the Republic of  Niger, on the south by the Gulf of Guinea, on the east by the Republics of Chad and Cameroon and on  the west by the Republic of Dahoney.

Formerly  under Great Britain, modern Nigeria came to exist in 1914 when the two British protectorates, North and South Nigeria, were joined. Full independence was obtained in 1960 and the Freedom Charter adopted in 1963.

Since the discovery of oil in the 1950s, Nigeria has become the 7th largest producer of crude oil  and the 8th largest producer of natural gas. It is the largest producer of cassava (for ethanol), and its products include  palm oil, cacao, cocoa, rubber and minerals.

Rice production is still insufficient for Nigeria’s needs although it is hoped that by 2014 production will have increased.

Filipino teachers  came to Nigeria in the 70’s , according to the ambassador, and they have stayed on, not as teachers, but as  entrepreneurs engaged in oil and gas production and construction.

“There are opportunities for power and energy, food distribution, educational institutions, banking, movie production, mining, housing and new inventions,” he said.