The Netherlands to Increase FDI Inflows to Nigeria from € 8 billion to € 16 billion

The government of the Netherlands has confirmed plans to ramp up its investment inflows into Nigeria over the short-term. The Netherlands investments into Nigeria current ly stand at € 8 billion (N 1.7 trillion).

The vice-minister of Foreign Trade of the Netherlands, Mr. Simon Smits, disclosed to Mr. Segun Aganga, Nigeria’s Minister of Trade and investment that the European country planned to double that investment to about € 16 billion (N3.3) trillion in the short-term.

This increase is coming at a time many foreign investors are embracing a perception of heightened insecurity in the country. Especially after an Italian and British national who had been kidnapped over a year ago were killed after a joint Nigerian-British special forces team attempted to rescue them instead of meeting the kidnappers demands.

However Smits said many businesses in the Netherlands still consider Nigeria an attractive place to do business.

He said, “Many of our businesses have been active and committed to Nigeria for over 50 years. What I have observed during the past few days of my visit to Nigeria is that when I spoke with both business people from Nigeria and Netherlands, they said the opportunities in Nigeria outweigh the challenges.

“That is what I think is the right way to do business. Investments from the Netherlands to Nigeria now total about €8bn. However, there is always room for improvement.

“So, we hope to see the doubling of this investment in the coming years, and also in the balance of trade between the two countries.

“A number of our businesses have been into various sectors of the Nigerian economy for many decades. Obviously, they would not have still been here if Nigeria is not profitable for them because business is a two-way thing. And the fact that we are still around in Nigeria shows that some of our businesses have found the right place to do business. This is good for Nigeria and also for the Netherlands.”

“Nobody expects change to take place overnight, but I think certainly that there is a right track that the Nigerian government at the federal, state and local government levels have found it out in order to improve the welfare of the Nigerian people. We, as the Dutch, stand ready to assist Nigeria in this regard.”