BY MICHAEL EBOH
The Government of Canada said it plans to significantly increase its investment and presence in Nigeria within the next couple of months.

Speaking at the Young Entrepreneurs Forum, organised by the Nigerian Economic Summit Group, NESG and the Government of Canada in Lagos, Canadian High Commissioner to Nigeria, Mr. Chris Cooter, said Canada is considering investing in youth empowerment, Nigeria’s mining, oil and gas, telecommunication and education sectors among others.

Cooter said Canada’s minimum investment in mining sites in a number of countries around the world is put at $2 billion, and the country will not hesitate to replicate that in Nigeria’s mining sector.

According to him, Canada’s presence is currently not being felt in the Nigeria economy, and it is aware that a number of things are missing in its relationship with Nigeria.

He said currently the trade between Nigeria and Canada is going well, but a lot still has to be achieved in this area.

Cooter put the value of trade between both countries at about $2 billion in 2010, noting, however, it has already put machineries in motion to ensure an increase in the level of trade.

Mr. Chris Cooter

He said as part of the process of increasing the bi-lateral trade relationship between it and Nigeria, a number of Canadian companies will be setting up shop in Nigeria within the next couple of months to take advantage of opportunities in key sectors of Nigeria.

He said, “Nigeria and Canada have had a long relationship, but why can’t we have a bigger economic relationship. Some of the Oil and Gas companies are here, we are in information technology, blackberry is prepared to set up shop here in Nigeria, our businesses are establishing here, and they are realizing the potential of Nigeria.

We have Canadians in all sectors of the economy doing business here in Nigeria. We have airplanes here, we have services here, among others, and we are looking at doing much more.

“The trade between both countries is about $1 billion to $2 billion in goods alone, we are aware that there are lot more than that in other sectors, but we can do much more and we are working towards achieving that.

Cooter further stated that Canada has already started the process of increasing relationship with Nigeria, especially in the area of economic exchange.

He said Canada has increased its capacity for visa issuance, because it is aware that there are a lot more people traveling to and from Canada for business purposes.

Also speaking, Director-General of the NESG, Mr. Frank Nweke, said the Canadian government has shown a long-standing commitment to partnering with Nigeria over the years and has tapped into the opportunity presented to it by the NESG.

Nweke, said the programme is an offshoot of the National economic summit organized yearly by the NESG and has as its focus, taking the responsibility for foreign investment and global partnership.

He noted that the NESG is taking the responsibility and intervening in the quest to encourage foreign investors to invest in Nigeria.

He said the foreign investors can help in addressing Nigeria’s infrastructure deficit, help infuse capital, technological know-how and skills in driving Nigeria’s economic growth and development.

“We believe all this will help in reducing all the social tension generated by unemployment among others,” he noted.