The Foreign Investment Protection Agreement (FIPA) has been signed between Nigeria and Canada in Ottawa the Canadian capital today.
The ceremony was witnessed by the Vice President Arc Mohammed Namadi Sambo while Nigeria’s Minister of Trade and Investment, Dr. Olusegun Aganga and Hon. Ed Fast his Canadian counterpart conducted the signing agreement.
Earlier on arrival at the Canadian Parliamentary building the Vice President held a closed door meeting with the Canadian Prime Minister Stephen Harper. The meeting centered on Bi-national Commission and other sundry matters.
At a meeting with Hon. Ed Fast, Canadian Minister of International Trade and Minister for the Asia-Pacific Gateway, the Vice President used the opportunity to detail the Minister of Nigeria’s journey to prosperity. He dwelt on efforts directed at infrastructural development such as power, transportation, and Agriculture.
He noted the expertise of Canada in hydro power and briefed the Minister of the progress recorded on Zungeru with the signing of the 1.3 billion dollar contract on completion to generate 700 megawatts of electricity , Mambilla to cost 6.4 billion dollars which when completed will generate
3050 megawatts, Gurara phase two pursued on a PPP arrangement when completed will generate 360 megawatts, minerals exploration efforts, implementation of the transportation master plan, dredging of River Niger up to Baro up north and Benue river up to Adamawa .
The Vice President noted that in spite of all these efforts the greatest challenge faced by the Nigerian entrepreneur is access to cheap funds. He stated that loans granted by multilateral agencies are channeled through local banks who structure them in their traditional system. He requested Canada to support the Nigerian economy.
Earlier Hon. Ed Fast had used the occasion to express Canada’s gratitude over the manner the issues surrounding Manitoba Hydro was resolved. He promised to address the request by Nigeria over fumigation of her wheat imports.
As regards provision of profitable loans, he promised to take a second look at Nigeria’s request noting, however, that they do not interfere with the decision making process of their banks even though they are accountable to the Minister. He solicited for Nigeria’s support to stop Qatar from acquiring the International Civil Aviation Organisation (ICAO) stating that ICAO has a negotiated agreement for a further 20 years with Canada.
Present at the occasion were the Governors of Akwa Ibom and Gombe States Dr. Godswill Akpabio and Ibrahim Hassan Dankwambo, the Ministers of Trade and Investment and Foreign Affairs Dr. Olusegun Aganga and Olugbenga Ashiru, Minister of State Power Zainab Kuchi, Sen Iyiola Omishore and Nigeria’s High Commissioner to Canada, Amb. Ojo Madueke.
Vice President Sambo is in Canada for the Canada-Nigeria Investment Conference, holding in Toronto, from 2nd to 4th May 2013. The Conference is aimed at showcasing Nigeria’s investment potentials, as well as avail the robbing of minds between the Nigerian business community and their Canadian counterparts.