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Nigeria woos foreign investors at World Bee Conference

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Nigeria woos foreign investors at World Bee Conference

Nigeria has called on foreign investors to utilise the investment opportunities in the country by investing in bee farming.

The Consul General of Nigeria in New York,  Amb. Lot Egopija, made the call at the closing of 2022 World Bee Conference, organised by the Nigeria-USA Chamber of Commerce in collaboration with the Collaborative Chambers Alliance in Cleveland, Ohio, U.S.

Egopija said the country’s potential in bee farming had been estimated at over 10 billion dollars annually as against the current inflow of 4.5 million dollars.

In his words, “Nigeria has the potential of becoming the largest producer of honey and manufacturer of honey products in Africa given it huge land size and lush vegetation.’’

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According to the envoy, the Federal Government of Nigeria is currently working on a medium to long-term development agenda to transit from oil-based economy to a green economy.

He said the Government was working to transit to a green economy which food security and environmental conservation, especially through agriculture, as areas of focus.

“It is estimated that about 10 million Nigerian households consume an average of one litre of honey annually at the cost of 30 million dollars, half of which is imported.

“With the appropriate facilities and funds, large quantities of different grades of honey can be sourced locally and packaged for exports to reduce pressure on our foreign exchange for honey importation.

“As the largest economy in Africa and one of the most profitable investment destinations in the world for potential investors, business opportunities are abundant and are on the increase in Nigeria,’’ he said.

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According to him, Nigeria enjoys duty-free trade with ECOWAS Member countries and as the largest consumer market in West Africa.

He said the Trade and Investment Desk of the Consulate-General was readily available to guide potential investors to fully maximise the benefits of the Federal Government’s visa on arrival policy, the pioneer status incentive, and the expanded tax holiday incentives, among others.

Egopija, therefore, pledged support for foreign investors willing to utilise the investment opportunities in Nigeria by investing in bee farming.

Nigeria woos foreign investors at World Bee Conference

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