Egyptian Investors Set to invest in Nigeria’s Sports and Pharmaceutical Sectors
A team of Egyptians led by Mr. Maguid Younes, have indicated major investment interests in Nigerian sports and pharmaceuticals.
The Egyptian businessmen are being wooed to Nigerian by a local counterpart, Pat Oramah, who was present in Nairobi, Kenya where the Egyptian investors commissioned a sports club recently.
Younes’s team said they have made findings and are convinced that the sports club which is of world class standard with state of the art facilities if built in Nigeria will not only groom world class athletes from Nigeria but will create jobs and contribute significantly to the nation’s economy.
Building from Lagos, they intend to extend to other states in Nigeria. Each of the intended club investments estimated at a cost 25 million dollars would take about three months to complete with necessary support from relevant stakeholders, they said.
They also intend to invest in pharmaceuticals and will bring their technology down to Nigeria, do the manufacturing here with emphasis on quality. This too will save Nigeria’s foreign exchange as some drugs which are still being imported like drugs for treatment of hepatitis b and other ailments will be manufactured here by them.
Over 100 million dollars have been earmarked for this project too.
On whether they are aware that Nigeria is battling with recession and the impact it may have on their business the investors expressed optimism that Nigeria will come out in no time and that their intention is part of measure to key into the diversification plan of the federal government
The Nigeria investor who wooed them however called on relevant stakeholders to create enabling environment for foreign and other private investors to thrive. He made reference to the issue of land which the investors are still finding difficult to get allocation from relevant authority.