South Sudan rallies Nigeria, others to investment opportunities

Governor of the Bank of South Sudan, Dr James Alic Garang, said his country is open to investors, including Nigerians, who are willing to take advantage of its vast opportunities.

The regulator stated this ahead of the African Central Bank governors’ meeting holding in Abuja today where Garang will be speaking to an audience comprising government officials and investors.

Garang, in a speech to woo investors to his country, said notwithstanding the tumultuous history of the country, having been engulfed in wars at different times, South Sudan has investors’ friendly policies, including capital mobility.

He noted that the core of the pursuit for growth is rooted in the Revitalised Peace Agreement, which has anchored the stability of the country relatively well since 2018, as a result of which the country is gearing towards general elections in December 2024.

Garang, who is also the Chairman of the Monetary Affairs Committee for the East African Community, said while the crisis lasted, the government has established institutions of governance and accountability, while consolidating peace and strengthening bilateral and multilateral relations.

He said the country not only has immense oil potential with the latest statistics pointing to 3.5 billion barrels of oil, making it the singular contributor to the economy in the past.

The country also boasts great potential in agriculture, tourism, fishing, timber and mining.

“Many people associate South Sudan’s fortunes with oil resources. What many do not know, however, is that many other factors will ensure sustainable development for South Sudan. For instance, we have other natural endowments besides oil. Just like other countries in the region, South Sudan is now deepening relations with international financial institutions, including the International Monetary Fund (IMF), the World Bank and the African Development Bank (AfDB),” the central bank chief said.

He said oil has been the mainstay of the economy in recent years until it was interrupted by conflict between the Sudan Armed Forces (SAF) and the Rapid Support Forces (RSF).

In response to the resultant economic shocks, he said, the government has embarked on exploring other untapped sectors of the economy as the country has huge potential in agriculture, tourism, fishing, timber and mining.

He said development partners have also shown greater interest and need to see improvements in these areas, with implications on efficient resource allocation, and prudent policies.

“Take mining as an example, studies have shown that South Sudan is sitting on vast wealth that can propel its progress even in the absence of oil money.”
“The country, for instance, has huge deposits of precious minerals, including gold, iron ore, copper, zinc, lead, manganese, tin, silver, nickel, cobalt among others, which are spread across the country.

“In addition, the aerial survey in June 2024, which established that the country experiences the largest mammal migration in the world, points to South Sudan’s rich natural endowment. The survey conducted over the Boma and Badingilo National Parks and Jonglei region, known as the Great Nile Migration Landscape, showed that about six million antelopes cross every year. This finding dwarfs the two million wild beasts that move across Tanzania’s Serengeti National Park into Kenya’s Maasai Mara, considered one of the seven wonders of the world,” he noted.