Nigeria, Australia inaugurate investment council

Nigeria and Australia have inaugurated a joint investment platform, under the auspices of the Nigeria-Australian Trade and Investment Council.This is aimed at strengthening existing bilateral ties between the two countries as well as promoting trade and investment among its people. The decision was part of the highlights of President Goodluck Jonathans recent official visit to Perth, Australia, where he attended the just concluded 2011 Commonwealth of Heads of States and Governments meeting. This was contained in a press statement presented to the media by the spokesperson for the Ministry of Foreign Affairs, Mr. Ode Ogbole, in Abuja, on Friday. He said in establishing the council, it was acknowledged that Nigeria is a strongly growing emerging market; and currently, Australias second largest trading partner with six Australia mining companies already active in Nigeria. Giving an insight into other areas where agreements were reached, Ogbole said the council would initially focus on collaboration between Australia and Nigeria in the area of energy, mining, agriculture and financial services; With private sector backing, statement said the council would establish secretariats in Perth and Lagos; Founding co-Chairs of the Council would be the Chief Executive Officer, First Charmock Australia, Mr. Hugh Morgen; and Chairman of Diamond Group Advisory Board, Nigeria Mr. Pascal Dozie. Ogbole also said Nigeria led debates on CMAGs report on how to strengthen its role and suggested the way forward on establishing the process for the establishment of a charter. "Nigeria also argued in favour of strengthening existing mechanisms for monitoring adherence to the fundamental principles of the organisation, instead of creating a new office of a Commissioner for Democracy, Human Rights and the Rule of Law," he said. He maintained that the establishment of the council signaled the determination of the two sides to work closely together and expand the frontiers of the ties that bind the two countries.
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