Global General

Greece keen on investing in Nigeria

(Xinhua)
Updated: 2010-01-09 17:31

LAGOS: The government of Greece has indicated their interest in investing in Nigeria's economy.

The interest has become imperative because Nigeria has the biggest market potential in Africa, the country's Ambassador to Nigeria, Dionisios Sourvanos, said on Friday.

He disclosed this when he paid a courtesy call on Nigeria's Minister of Commerce and Industry Achike Udenwa.

"The traditional ties between the two countries are fresh and cordial," he said.

"We have a very small but important Greek business community here and there is a need for foreign direct investment," he added.

"We have concerns in the shipping sector but we would like to explore oil and gas and agricultural sectors which have great prospects," the envoy said.

In response, Udenwa said the Nigerian economy had undergone a lot of metamorphosis and reforms to attract Greece to all sectors of the economy.

"We urge that arrangements be made for Greek investors to come and form partnerships with our local businessmen in the telecommunications, agricultural and solid minerals sectors," the minister said.

Forming such partnerships, he said, has been made easy by one- stop-shop, a department helping investors to begin businesses as fast as possible in the country.

"I do hope your posting to Nigeria and your visit will open a new chapter in our relations. Nigeria has one of the largest markets in Africa and is a hub for most African regions," he said.

Udenwa stressed that Greece had been an old business partner of Nigeria before independence as exemplified by the existence of companies like Leventis and Mandilas in the West African country.