The Federal Government on Monday in Abuja, signed a Memoranda of Understanding (MoU) with an Indonesia Business Group, mandating the Indonesian company to invest one billion dollars in mining, palm oil and rubber development.

Dr Olusegun Aganga, the Minister of Trade and Investment, signed on behalf of the Federal Government while Mr. Indra Bakrie, signed on behalf of the Indonesia business group.

Aganga stated that part of the fund which would also be invested in palm oil and rubber plantations, would be spread over a period of five years. According to him, the programme will be executed in seven states starting with Ogun and Cross River as pilot states.

“This is the product of the series of meetings we had been having with foreign investors outside the country, particularly our last meeting at the Commonwealth Heads of Government (CHOGM) meeting in Australia.

“The signing of the MOU is to make your job easier and to ensure you settle down to business quickly. This is the beginning of a long symbolic partnership between Nigeria and your group,” the minister said. Aganga assured the group that every information and logistics would be made available to them to facilitate the registration of their company.

Earlier, Bakrie told the minister that they were in Nigeria to invest one billion dollars in the mining sector as well as rubber and palm oil plantations.

Bakrie stated that Nigeria was not the first place they were doing business, noting that they had a track-record in countries like Liberia, Mozambique and Mauritania.  He assured the minister that they were not in Nigeria for jamboree, saying “we mean serious business”.