Singapore Eyes Investment in Nigeria’s Telecom, Others

Singapore Investment Corporation (SIC) has embarked on fact finding mission to Nigeria with interest in vast areas of investment opportunities in the country, especially telecommunication, oil and gas and solid mineral resources.

A team led by Mr Ang Eng Seng, SIC President, Europe and his Deputy, David Kosson, told journalists in Abuja while on visit to the Executive Vice Chairman of the Nigerian Communication Commission, NCC, Professor Umar Garba Danbatta that they would like to stake their investment in the telecommunication sector.

Mr Seng said Singapore was interested in Nigeria largely for her huge potentials and opportunities  bolstered by her population and land mass within the continent, stating that Nigeria is one that was being talked about in the international arena.

He said his team was on fact finding mission to back local industries and enterprises with the needed finance to enable Singapore participate in ventures that would improve the economic fortunes of Singapore and Nigeria.

According to him, the team would stake its investments in oil and gas, solid minerals and telecommunication, especially in telecom infrastructures such as broadband projects, Spectrum and other areas open for international investment.

Mr Seng who demanded details of the opportunities available from the management of the NCC, hinted that the team would further engage the management on the matter to enable it commence work on time.

The NCC  Executive Vice Chairman, Professor Umar Danbatta represented by Miss Josephine Amuwa, the Director of Policy, Competition and Economic Analysis, said the Commission would be glad if the visitors would invest in broadband projects considering the huge challenges in the area.

Amuwa who led other top management team to welcome the Singaporean investors to the headquarters of the Commission in Abuja, said besides the information at its websites the NCC would avail the team with information manual and its brochure to enable it make an informed investment decision.

She said the NCC had began moves to license infrastructure companies (Infracos) to build broadband projects in the South East, South West, South South, North Central, and North East, stressing that the sector holds attractive opportunities for would-be investors to find investment partners.

She added that the NCC would want more expansion in the broadband of the metropolitan cities across the country, stating that investment in the segment would bring improved services and high return.