Taiwanese consortium targets multi-billion solar energy investment in Nigeria, seeks government support
Taiwan-Africa Business Association, TABA has responded to the quest of the Nigerian government for foreign investment as it plans to establish a multi-billion solar plant in Nigeria.
Taiwan-Africa Business Association, TABA has responded to the quest of the Nigerian government for foreign investment as it plans to establish a multi-billion solar plant in Nigeria.
Huang Chih-Peng, Chairman of the investors’ association made this promise to a group of Nigerian journalists who visited his office in Taipei, Taiwan on Monday.
He said 19 year-old TABA is choosing Nigeria in Africa because of its economic size and population. Nigeria is currently a country of about 230 million people. On the other hand, Taiwan with a population of 24 million people is an economy of over $884 billion.
Chih-Peng who is retired diplomat, having served in Vietnam as Taiwan Ambassador said TABA is hoping to contact the relevant government agency such as Nigerian Promotion Council, NPC to facilitate the establishment of the solar plant in the country.
“We want to build a solar power plant in Africa and our first priority is Nigeria. But we want to contact and formalize discussion with government agency for some feedback on this proposal” Chil-Peng said.
The plant, according to the trade association is to be executed by a company called Everlum Co. but it will be an integration of resources and investment for the manufacture of solar panels for electricity.
The promise by the private association whose responsibility is to strengthen bilateral relations between Taiwan and Africa is coming at a time Nigerian government is canvasing for foreign investment to boost the economy and create employment.
For some time, Nigerian government officials have been visiting countries, engaging with international business community for investment in Nigeria, leveraging youthful population and abundant natural resources to assist stimulate the economy which will create jobs for Nigerians.
The TABA chairman regretted that traditionally, some investors and “the association in the last years have been paying attention to the historical bigger economies and countries in the West, Europe and Asia. “That’s our fault. We now understand that because of this rapid rising of Africa and because of this big continent with a lot of population and a lot of natural resources, Africa is already popularly recognized as the continent of the future”
He noted that why Taiwan really paid too less attention to the growing Africa in the past was because the entire Africa trade with Taiwan only accounted for less than one percent of Taiwan’s global trade. “And our bilateral trade with Nigeria only reached $204 million dollars”.
He however said that investors have realized that there is a big room to kick the ball rolling, to increase partnerships, to grow the trade in areas of exportation of machineries and auto parts to Nigeria. Nigeria can also export agricultural and mining products and oil.
Also speaking, David Lin, TABA Executive Supervisor noted that some investors are lacking knowledge of African economies, including Nigeria.
“Some people don’t know Africa well. A lot of people don’t know that the GDP growth is 4% there, and there’s totally 1.5 billion people in Africa and there are over 200 million people in Nigeria alone”.
On feedback from over 75 Taiwanese companies in Nigeria, Chih futher said the information have been good which indicates that the environment is good for business, if not they would have relocated.
It will be recalled that Tinubu administration has over time demonstrated intensity and desire of unlocking the country’s economic potential and put Nigeria on a stronger path towards growth to achieve $1 trillion economy.
