BoI foresees huge opportunities as Israel plans trade expansion with Nigeria

Bank of Industry (BoI) foresees huge opportunities in the economy as Israel plans to expand trade volumes with Nigeria to tap into emmerging opportunities in Africa’s leading economy.
 Guy Feldman, Isreali Ambassador to Nigeria, who paid a courtsy visit on BOI recently said Nigeria and Israel could still do more in terms of trading with each other.

“Just about two weeks ago, an Israeli company was bought by Intel for $50.4 billion. The company is called Mobil-I, that’s Mobil and I. What came out of that was a meeting between our prime minister and the finance minister on what they could do with almost $1 billion in tax revenue. About a year ago, I was in China, as an adviser to the minister of infrastructure, energy and water resources. We went to China to open the biggest ever investors’ meeting with Chinese companies. There were about 110 Israeli companies and Mobil-I was there. On the other side were 1,200 Chinese companies. This is what trade can do,” Feldman said.

According to him, the trade between Nigeria and Israel was not working well, stressing that his country was reputable in innovation, hi-tech, rocket science, energy and water. He added that Israel was number two in exporting cyber security to the world, after the US, adding that his country could partner with Nigeria to provide solutions to its challenges.

Waheed Olagunju, acting managing director/CEO, BoI, explained to the ambassador that there was a lot of money to be made by Israeli companies in Nigeria.

Olagunju disclosed that MTN, a telecom giant, came to Nigeria and within few months made $500 million, adding that the success story of Dangote Group was also an indication that there were enormous opportunities in Nigeria.

He explained that Nigeria had enterprising people, which were big assets, saying that Africa’s largest economy was always ready to work with Israel.

“Only recently the Central Bank of Nigeria (CBN) launched the N500bn Cotton, Textile and Garment (CTG) Fund, which we are managing. Prior to that, it was N100bn. This is coming at the right time when the country is trying to improve its agro productivity. We look forward to more domestic and foreign partners,” the BoI’s acting MD said.

“Whoever wants to do business in Nigeria, let them come to BoI. We will give them the necessary support.  We are ready to work with Israeli companies in Nigeria and you can always count on us,” he added.