Equatorial Guinea woos Nigeria for 2020 investment drive

Johannesburg – Equatorial Guinea’s minister of mines and hydrocarbons, Gabriel Mbaga Obiang Lima, has met with Nigerian investors, bankers and financiers to punt his country’s 2020 Year of Investment campaign. 

At the launch of the project in November last year, Lima said Equatorial Guinea was striving to make 2020 “a historic year of investment” by soliciting foreign-direct investment and regional backing for “investment-ready” projects such as its modular oil refineries, gold smelter and ammonia plant. 

According to a statement issued by the African Energy Chamber, Lima met Nigerian executives from the Africa Finance Corporation, Polaris Bank, Sterling Bank, First Bank, UBA and Zenith Bank as well as Simbi Wabote, executive secretary of the Nigerian Content Development and Monitoring Board.

“Such discussions with all the leading figures who have been a true engine of growth for the Nigerian economy is essential as Nigeria continues to be Africa’s largest economy. Minister Obiang Lima presented key opportunities for them to expand their portfolio by investing in Equatorial Guinea,” said the statement. 

Lima said Equatorial Guinea aimed to lessen its dependence on foreign imports while boosting local entrepreneurship. The investment drive further sought guaranteed energy security, boosting utilisation of home-grown products and growing local markets using regional partnerships.