Following last October’s investment forum arranged by Musa Capital, in which South African organisations were introduced to business and investment opportunities in Nigeria’s richest oil-producing state, Bayelsa, the Bayelsa Development and Investment Corporation (BDIC) will officially open its South African offices on Thursday 9th May 2013.
As part of a state visit, Bayelsa’s governor, Henry Seriake Dickson, will attend the opening, along with a number of Nigerian and South African government officials, including representatives from President Zuma’s office. The establishment by the BDIC of a South African presence is the first such initiative by any Nigerian development agency and, in seeking assistance internally within Africa rather than from extra-continental entities, marks a shift among African decision-makers.
South Africa’s IDC is providing capacity building support for the BDIC and considering several investment initiatives in the State. Co-founder of Musa Capital, Antoine Johnson, says the BDIC office and Bayelsa residence are evidence of the practical approach being taken by politicians and businessmen in both countries, ensuring that the investment bridges being built convert rapidly into benefits on the ground.
South African investors and businesspeople were doing site visits for other projects, including the building of an airport, a sea port, road infrastructure, and a hotel, in Bayelsa last week. Musa Capital is co-arranging a USD$500 million debt facility for the State to enable it to implement various infrastructure projects.
Johnson says: “Helping to give effect to Bayelsa’s development objectives meshes closely with Musa’s own ethos of bridging the world to African opportunity and, in this case, linking the continent’s juggernauts in order to nourish African opportunity with African capital.”