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FG signs MoU with Japan on transport infrastructure investments

Hon. Minister of Transportation, Rotimi Amaechi,  with the 
 State Minister of Land, Infrastructure, Transport and Tourism of
Japan,  Tsukasa Akimoto, at the singing of the MoU  with the Federal Ministry of Transportation in Abuja. 

The Federal Ministry of
Transportation has signed a Memorandum of Understanding (MoU)with Japan for
cooperation in promoting quality infrastructure investment and continuing
cooperative relationship between Nigeria and Japan.

of Transportation, Rotimi Amaechi  signed the MoU with Japan
State Minister of Land, Infrastructure, Transport and Tourism, Tsukasa Akimoto, at the Federal Ministry of Transportation, Abuja.

In a statement, Israel Ibeleme said the
Japanese minister who was accompanied by Japan
s Ambassador to Nigeria, Yutaka Kikuta, expressed excitement on the partnership between Japan and
Nigeria in developing infrastructure.

As the State Minister in
charge of infrastructure in
  Japan, I have been
impressed that there is still a great deal of scope for Japan to co-operate in  building the infrastructure in your country.  

As you all are aware, your Excellency, Japan is
putting in a great deal of emphasis on providing high quality infrastructure
and in that respect, we are known in comparison to other countries such as
China, Korea and European countries, if you look at the country cycle of
infrastructure developed by the Japanese, ours is the most cost effective.

You are aware that in the past there has been much discussion
of Japan
s cooperation with Nigeria
in providing the other railway and development plan in Lagos Island and we hope
there will be more opportunities in the future for Japan to provide technical
expertise and capacity building also to providing high quality infrastructure
here in Nigeria,
Akimoto said.

his part, Minister of Transportation, Rotimi Amaechi,  said Japan
s interest to partner
Nigeria in infrastructural development is a welcome idea.

You have Identified the infrastructure deficit that
is huge. We are a developing country, so there will be huge infrastructure
deficit, and it offers Japan and Japanese Investors opportunity to come

Currently we have American Investors and the
Chinese Investors that are coming
  into the economy. For us
in Nigeria, we will be glad to see such investors. 

explained that
there are two types of
investment that the Nigerian government encourage, there is one we ask
government to government for a concessioning
  loan. Usually the concessioning
loan interest rate is about 1.5 per cent so we will be glad if the Japanese
government can come in as the Chinese Government have come in.

There is over 3500 kilometre of rail. The Chinese
have been able to do about 300 kilometres. Before the end of the year they will
do another 1200 kilometres to bring their own contribution to 1500 kilometres
which is concessioning loan.

We are talking with the Americans, but its not a
concessioning loan. They are bringing their investment and they will build 1500
kilometre of rail including two Sea Ports and they will be rapid by the profit
they get from the investment, so we still have about 1500 kilometres of
rail.  We will be glad if we can get concessioning loan from the Japanese Government or get Japanese investors.

also encouraged the Japanese to invest in other sectors of the economy.
There are other areas, even
though am not in charge, like Power, Housing, Water, Works etc. So there is
huge opportunity for Japanese investors in Nigeria,
” Amaechi said. 

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