Equatorial Guinea Speeds Up Year of Investment Drive with Nigerian Investors

In line with its commitment to attract regional capital investment into the country, H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea, met with high-level Nigerian investors, bankers and financiers to discuss the opportunities offered by the country’s Year of Investment initiative.

The delegation from Equatorial Guinea met with several Nigerian executives from the Africa Finance Corporation, Polaris Bank, Sterling Bank, First Bank, UBA and Zenith Bank but also captains of the industry such 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. The Equatorial Guinea delegation also listened to their expectations on investing in Equatorial Guinea, while advising Nigerian businesses on the latest development and opportunities offered to African investors within the country’s rapidly developing oil and mining sectors.

A clear consensus came out of the discussions that only Africans can fully develop Africa while working with other partners coming from Asia, the Middle East, Europe and North America.

“Equatorial Guinea's mission is to cut the dependence on foreign imports. It is important to boost local entrepreneurship, energy security and using our products to grow the local economy while engaging the regional market,” declared Minister Obiang Lima.

As such, H.E. Gabriel Mbaga Obiang Lima committed to using Nigerian expertise to develop local content in Equatorial Guinea and also work with Nigeria on gas-related matters, oil market stabilization with OPEC, and industry coordination through APPO. “The great relationship that has existed between H.E. President Muhammadu Buhari and H.E. President Obiang Nguema Mbasogo has really opened many doors for us. We don’t take this engagement lightly and we must deliver. More than before, I am optimistic that we are going to have better collaboration and sign deals that will improve the lives of Nigerians and Equatorial Guineans and ensure our relationship reaches new heights,” added H.E. Gabriel Obiang Lima.

In that regard, Minister Obiang Lima confirmed his participation and attendance at the Nigeria International Petroleum Summit, set to take place in Abuja on February 9-12, 2020.

Distributed by APO Group on behalf of African Energy Chamber.