Iran to diversify investments in Nigeria
In order to add value to both countries oil and gas resources, and to further boost the already existing economic ties, the Islamic Republic of Iran has said that it has decided to expand its business interests in Nigeria to include petroleum bye-products.
Morteza Rahini, Iranian Ambassador to Nigeria who disclosed this on Tuesday, saying that Iran was planning to invest in key areas of construction, Pharmaceuticals, power, oil and gas and agriculture sectors.
He said: “Instead of us exporting only crude and getting petroleum in return, we could refine locally and also explore investment opportunities in other petroleum bye products, we have found in Nigeria a strategic partner in this venture.”
Rahini, who led a delegation of Iranian business men and government officials to the Abuja Chamber of Commerce and Industry in Abuja, said that the visit was predicated on development and fostering business relations between both countries.
According to the envoy, “the Sectors that we believe that Nigeria and the Islamic Republic of Iran could have similarity and cooperation are pharmaceuticals, road construction, building constructions, oil, gas and energy.”
The envoy said that the Islamic Republic of Iran and Nigeria had enormous resources which include oil and gas, stressing that the country would want to invest in the oil and gas bye-products
He believed that with collaborations in the key areas of the economy and opening up investment opportunities in the sector, could spur further growth between the two oil producing countries.
“It would be better that both countries produce other commodities through the crude materials, rather than exporting the crude and only getting petroleum product in return.
“Both countries are selling oil and gas in a very cheap price. We have to bring out our countries from this situation.
“We must add value to our oil resources now, and we have found in Nigeria a strategic partner in this venture.
“Instead of us exporting only crude and getting petroleum in return, we could refine locally and also explore investment opportunities in other petroleum bye products,” he said.
He further stated that he had recently discussed with Mr. Mohammed Barkindo, Nigerian representative in OPEC on this issue, adding that further progress would be made on it
The president ACCI, Mr. Tony Ejinkonye, said that the visit was in preparatory to the visit of the Iranian foreign Minister to Nigeria in July.
Ejinkonye said that the ambassador would also lead a delegation of organised private sector from the country to Nigeria.
“As the voice of the organised Private sector in the country, the ambassador is engaging us to look at possible areas of Business cooperation, as they come with business delegation” he said.
The foreign minister of Islamic Republic of Iran would be visiting Nigeria next month.
As the voice of the private sector in Abuja, they want to engage with us to see possible areas of cooperation, for they would be coming in with a business delegation” Ejinkonye said.
