Innoson, Chinese partners set to Invest $1bn in Media and Software sectors in Nigeria
Posted by Admin | 7 years ago | 2,469 times
The Federal Government’s quest for foreign investments to reflate the economy seems to be paying off.
The Innoson Group of Companies and its Chinese partners have announced plans to invest $1 billion in broadcast media-related and software sectors in Nigeria.
Vice President Yemi Osinbajo, who received the cheering news at the Presidential Villa on Monday, said that the Federal Government will work with the parties to achieve the goal.
The Chairman and Chief Executive Officer of Innoson Group, Chief Innocent Chukwuma, led a delegation of Chinese investors to the State House, Abuja.
The Chinese firms participating in the project are Shangdong Broadcasting Group and Shangdong Cable Interactive Services, regarded as leading TV operators, as well as Inspur Group, said to be China’s leader in Cloud Computing solution suppliers and Information Technology (IT) services provider.
Innoson and Shangdong Broadcasting Group will invest $100 million on technology-based Direct-To-Home Digital Bing Television Stations in Nigeria.
There is also a credit facility of $300 million for local production and supply of up to eight million Set-Top Boxes for the Digital Switch-Over in broadcasting in Nigeria to meet the target date of June 2017 for full digitalisation.
Another is an investment of $600 million for Smart City Closed Circuit Television (CCTV) camera and IT solutions for taxation, using Cloud Computing, and e-Education IT solutions with big data centres in all federal universities and polytechnics in Nigeria.
According to Chukwuma, the Chinese firms have decided to invest the $1 billion in the Nigerian economy within the next 12 to 24 months and “every plan to make a success of these projects have been concluded between the parties.”
Osinbajo told his guests that “we are looking forward to working with you in the next few months to realise the plans that you have laid out.”
The VP said: “Manufacturing in Nigeria is a primary objective of this government; it is a work we intend to do in the next few years to manufacture and produce in Nigeria as much as we can.”
The Vice President explained that it is because of the administration’s commitment to local production that the initiative of Innoson Group to work with Chinese partners is being addressed as a “strategic collaboration.”
The Deputy Minister of the Communist Party in Shandong Province and Chairman of the Shandong Broadcasting Group, Mr. Liu Baoju, and Mr. Huang Gang, Senior Vice President of Inspur Group, attended the meeting with Vice President Osinbajo.
Source: Authority News
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