The Federal Capital Territory Administration (FCTA) has said it is ready to assist local and foreign investors to set up businesses in the FCT to explore the huge investment opportunities in the Territory, especially in solar power generation and processing of agricultural products for local consumption and export.
Minister of the FCT, Malam Muhammad Musa Bello made this disclosure in Abuja on Thursday, November 22, 2018 when the Siraya International Company, from Thailand, paid him a trade visit.
Welcoming the Chairman/CEO of the Company Prof. Shah Siraya, the FCT Minister, informed the visitors that relevant FCT agencies like Abuja Investment Company Ltd, the Abuja Enterprise Agency as well as the Abuja Chamber of Commerce have been strengthened to help both local and foreign investors and to make the process of investing in Abuja much easier.
Malam Bello noted that the policy of the Federal Government is to discourage rice importation from outside, adding that this shift in policy has opened up the business landscape for rice mills and other agricultural value chain, where Thailand has comparative advantage. He urged the company to invest in the domestic production of the rice mills and processing among others.
The FCT Minister also noted that small holder farmers in the FCT who are currently focused on maize, soya beans and cashew production, require investments and partnerships to have these products processed and branded for export, especially soya beans and cashew, urging the group to leverage their experience and expertise in this field to fill the gap.
According to the Minister, “We produce soya beans but we don’t consume much of it. So, this is an area if your country is interested, then you can partner with them and encourage the small holders through improved seeds and fertilizer so that you get the quality that is desired.
The FCT Minister while explaining the investment opportunities also in solar power generation, said that the demand for solar power by households and institutions in the FCT is on the increase. He said the solar power companies in operation are currently focused on establishing solar farms to feed into the national grid, adding that there is need to arrange for off-grid solutions to meet household and institutional need.
Malam Bello noted that a change in the country’s legal framework has made it possible for organizations to get their power without necessarily being tied to the system where they have to buy through a designated Distribution Company (DISCO).
He said the requirement is that every consumer that is able to show capacity to consume a minimum of two megawatts, which is 2,000 KVA, will be allowed to set up an independent off-grid solution. He urged the group to set up an solar companies in the FCT.
Malam Bello however emphasized the aversion of government to the idea of importing solar panels for resale in the local market, saying small artisans and other businessmen are already doings this.
Earlier while explaining their mission in the country, the leader of the global economic development group Prof. Shah Siraji, said their aim is to bring investors who will set up businesses in the country, using the mix of foreign expertise and local labour.
Prof. Shah disclosed that the team has business experts that are ready to collaborate with the FCT Administration in the areas of construction, transportation, communication, agriculture, solar power systems fertilizer and even household items.
He expressed the optimism that the team can do many things jointly in the future with the FCTA to develop the FCT and create job opportunities for the teeming populace.