JEDDAH, 6 April 2005 — The Kingdom’s private sector has evinced keen interest in participating in Nigeria’s investment and development projects.
This follows a meeting a Nigerian ministerial delegation had at the Jeddah Chamber of Commerce & Industry yesterday. The meeting was presided by Dr. Ghassan Al-Sulaiman who heads the JCCI.
Nigerian Minister of State for Power and Steel Professor Babalola Borishade, who headed a 10-member delegation, discussed the prospects that the African country held for the Kingdom’s private sector participation, both in terms of investment and implementation.
The minister’s delegation included J. Makoju, managing director of National Electricity Utility Company of Nigeria, and was accompanied by Nigerian Ambassador Ibrahim Kazaure.
Speaking to Arab News during the first meeting of Nigeria-Xenel Committee at Jeddah InterContinental Hotel last night, Borishade said the committee reported directly to Nigerian President Olusegun Obasanjoon and Khalid Alireza, vice chairman of Xenel group of companies.
“The committee is specifically established to direct Saudi investment to and undertake various projects in Nigeria,” the minister said. The committee has 13 members from the Nigerian side, which includes half a dozen ministers, he said, adding that the committee’s co-chairman is Adnan A. Abduljawad, president and chief operating officer of Hidada.
At the JCCI meeting, there was a lively interaction between the local business community and the visiting delegation. Businessmen wanted the minister to identifying the areas of investment and joint venture projects. “We discussed potential areas for Saudi private sector participation in general and will follow it up with specific details once we go back,” the minister said. Aside from electricity and steel, there are many other areas where Saudi investments can be directed, according to the minister. Some such areas include tourism and communications where the African country is projected to make rapid strides to keep pace with the rest of the world.