Iran to invest in Nigerian energy, pharmaceuticals, others

Jul 01, 2016 12:00 AM

Morteza Rahini, Iranian Ambassador to Nigeria, has said his country was planning to invest in key areas of construction, Pharmaceuticals, power, oil and gas and agriculture in the Nigerian economy.

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

According to him, “This visit is predicated on development and fostering of business relations between both countries.

“The sectors that we believe that Nigeria and the Islamic Republic of Iran could have similarity and co-operation 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 by-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,” he said

“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 by-products,” he said.

He said that he had recently discussed with Mr. Mohammed Barkindo, Nigerian Representative in OPEC on this issue, adding that further progress would be made in this regard.

Responding, Mr. Tony Ejinkeonye, the President of ACCI, explained that the visit was in preparation for the visit of the Iranian Foreign Minister to Nigeria in July.

Ejinkeonye said that the ambassador would also lead a delegation of organised private sector from the Iran 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.

“The Foreign Minister of Islamic Republic of Iran would be visiting Nigeria next month.

“They want to engage with us to see possible areas of co-operation, for they would be coming in with a business delegation,” Ejinkeonye said.

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