Nigeria is one of the best investment destinations in the emerging markets, according to Senator Ali Modu Sheriff, Governor of Borno State in Nigeria.

Borno State Governor’s speech was read in absentia at the 3rd Nigeria-India Business and Investment Forum (NIBIF 2010) organised by the Confederation of Indian Industry (CII) in partnership with Nigeria Investment Promotion Commission (NIPC) here on Friday.

He urged the Indian industries to partner with their Nigerian counterparts for transforming economy of this West African country and Borno state in particular.

In view of the similarities and mutual understanding that existed between the two countries, India would be the right business partner for Nigeria in identifying the areas of concerns and working jointly on them.

He said Nigeria was blessed with natural resources including oil and other minerals and Borno was the gateway to many African countries, even as the state acted as a hub to global markets which would offer immense benefit to investors and businessmen from India.

NIPC executive secretary and CEO Mustafa Bello said Nigeria was looking for  investments in power, education and health sectors from India which had achieved commendable progress in these domains.

He highlighted the investment opportunities being extended to foreign investors and various incentives given by the Nigerian government to attract foreign capital and expertise. He said agriculture contributed 40 per cent to Nigeria’s GDP, he said.

Nigerian High Commission economic minister Gafai Ibrahim Usman elaborated on the business opportunities available for the private sector in Nigera through bidding for global tenders being floated by his government for undertaking a number of infrastructure projects.

He also said the Nigerian government has simplified the Visa process for business travellers including multiple entry Visas and added the Nigerian High Commissioner in New Delhi was the only authorised person to extend such facilities to Indian businessmen.

During his presentation, Industries Department Principal Secretary Rajeev Ranjan said Tamilnadu was the most urbanised State in India with highest number of industrial units.

‘The State is poised to emerge as the top 10 auto clusters in the world and has immense potential for cooperation with Nigeria in several sectors. Some of the potential sectors include energy and power, ICT, biotech, agriculture and education where the state has a competitive advantage in terms of infrastructure, skilled manpower and low-cost labour.

Tamilnadu government was in the process of setting up a Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIR) in Cuddalore and Ramanathapuram districts in Tamilnadu with an investment of Rs 50,000 crore, he said.

Earlier in his welcome address, Ashok Leyland director and CII - Subcommittee on International Business chairman J N Amrolia said the bilateral trade between India and Nigeria has grown by nearly 20 per cent to $10.43 billion in 2008-09 from $8.70 billion in the previous year.

‘In the growing economies this trade figure is not enough and we all have to work hard to increase the bilateral trade between India and Nigeria,’ he said.