More that 500 investors from Nigeria and Kenya were present at a Nigeria-Kenya Business Forum presided over by President Goodluck Jonathan and his Kenyan counterpart, President Uhuru Kenyatta in Nairobi on Friday.
The business forum, jointly was part of the activities lined up for the second day of official visit of President Jonathan to Kenya.
President Kenyatta, announced five to 10 years visa duration for Nigerian business men coming to Kenya at the forum. He said the policy would ease the challenges of visa procurement and encourage investors from Nigeria to Kenya. Mr. Kenyatta said he was taking cue from President Jonathan who had already approved the policy in Nigeria.
Nigeria Billionaire, Aliko Dangote announced that the Dangote Group is to invest $400 million (about N64 billion) in cement production in Kenya within the next two years. In his remark, Mr. Dangote, who served as the chairman, dialogue group, said the forum underscored the need for Africans to look inward for partnership in trade and investments. He said the forum decried the situation where intra trade in the continent is below 12 per cent and decided to use the Nigeria-Kenya initiative as a model in Africa.
Also disclosed at the forum was the intention of a leading Indian textile manufacturing company, Bei Textile Ltd. to invest in textile and garment industry in Nigeria. A Memorandum of Understanding was also signed at the Forum to strengthen the already existing Nigeria-Kenya Chamber of Commerce and Industry.