The Federal Ministry of Transportation has signed a Memorandum of Understanding with Japan for cooperation in promoting quality Infrastructure investment and continuing cooperative relationship between Nigeria and Japan.
Minister of Transportation, Chibuike Rotimi Amaechi signed the MoU with Japan’s State Minister of Land, Infrastructure, Transport and Tourism, Tsukasa Akimoto at the Federal ministry of Transportation, Abuja.
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.
Minister of Transportation, Chibuike Amaechi said Japan’s interest to partner Nigeria in infrastructural development is a welcome idea.
He 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.
The Minister encouraged the Japanese to invest in other sectors of the economy like Power, Housing, Water, Works saying this would be a huge opportunity for Japanese investors in Nigeria