Iran to invest in Nigeria’s energy, pharmaceuticals, other sectors

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Abuja  –  The Iranian Ambassador to Nigeria, Morteza Rahimi, on Monday said his country would like to invest in Nigeria’s construction, pharmaceuticals, power, oil and gas and agricultural sectors.

Rahimi disclosed this in Abuja when he led a delegation to the Abuja Chamber of Commerce and Industry (ACCI) on a visit.

“This visit is predicated on development and fostering of business relations between our two countries.

“The sectors that we believe that Nigeria and the Islamic Republic of Iran have similarity and cooperation are pharmaceuticals, road construction, building construction, oil and gas, and energy,” he said.

The Iranian envoy noted that the Islamic Republic of Iran and Nigeria had enormous resources including oil and gas, adding that the country would want to invest in oil and gas by-products.

He said he believed that collaborations between his country and Nigeria, in some key areas of the economy, would open up investment opportunities in the sector and spur further growth between the two oil-rich countries.

“It would be better if both of our countries produce other commodities using our crude materials, rather than exporting the crude and only getting petroleum products in return.

“Both countries sell oil and gas at 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 oil and getting petroleum in return, we could refine locally and also explore investment opportunities in other petroleum by-products,” Rahimi added.

The envoy said he had recently discussed with the OPEC Secretary-General, Mr Mohammed Barkindo, on the issue, adding that further progress would be made on it.

Responding, the Chamber’s president, Mr Tony Ejinkonye, welcomed the envoy and said the members of chamber were willing to partner with Iranian investors interested in doing business in Nigeria. (NAN

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