Wpid Marubeni
Marubeni Corporation Lured To Invest In Nigeria

MARUBENI

The Federal Government has asked Marubeni Corporation to invest in the country as there are many opportunities and incentives from the administration to encourage investors.
Speaking today in an audience with the management of the Japanese company in the State House, Abuja, Vice President Namadi Sambo urged Marubeni Corporation to take advantage of the opportunities that abound in the country, especially in the gas sector as the Gas Master Plan has many incentives for the investors.
He told the management of the company to also explore opportunities in the solid minerals sector, noting that the sector has been neglected and the administration is working hard to develop it.  He urged Marubeni to take advantage of the huge deposit of coal in the country as government is encouraging the private sector to engage in the coal-power project.
Sambo said there are opportunities in water supply as various cities in the country need water, adding that the Federal Government is building new dams and bringing on board the old ones to enhance water supply, agriculture and electricity.
Sambo assured that government was taking necessary steps to deal with the issue of shortage of gas, which has been a problem for the newly built thermal power plants.  He urged the company to invest in this sector as the price of the product in the country is cheaper than anywhere in the world and that it assures good returns on investment.
He also said the multi-year tariff order (MYTO) has increased and National Electricity Regulatory Commission (NERC) is there to bring a balance in the sector, stressing that gas lines are linked to the railways and inland ways to ensure availability of the product where it has been difficult to link it hitherto.
He said government will convene a meeting with the Ministers of Finance, Power, Bureau of Public Enterprises (BPE) and Marubeni Corporation, to discuss how to access the $77billion Yen Credit Loan the government of Japan is offering Africa.
The VP commended the Chinese company for helping in the building of hydro dams, especially the Mambilla dam and other dams, saying Marubeni ? a world-class company in Japan, should also invest in this area as government is building over two hundred dams in order to achieve ten thousand mega watts of electricity at the end of the year.
Earlier, a member of the Board of the Company and Chairman, Special Committee for Sub-Saharan Africa in charge of Machinery Group, Mr. Shigerm Yamazoe, said Marubebi Corporation is a trading company and consist of twelve (12) business segments each of which focus on its specialized business area, namely, Food Group, Energy and Chemicals, Metal and Mineral Resources, Machinery and Lifestyle, Forest Products, ICT and Realty Group.
He said the company is independent power producer and developer for global power assets and had engaged in power activities in fifty countries as well as having a strong base in Africa.
In his briefing, Mr.Takeshi Mamiya, who is in charge of the company in Nigeria, said Marubeni Corporation, has engaged in NIPP projects in the country, namely Kainji ? 440mw hydro project, Jebba ? 540mw hydro project, Egbin P/S ? 1,320mw Thermal project, NIPP projects in Sapele, Delta State, Ihovbo, Calabar and others.
He said the mechanical work on Lot ? 1, Calabar, Lot ? 3, Ihovbor and Lot ? 6, Sapele have been completed but the challenge of transmission line and lack of payment of long outstanding $12.8 million due to lack of approval by BPE and shortage of gas.

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