Bank of South Sudan Governor in Nigeria Woos Investors

James Alic Garang, Governor of the Bank of South Sudan and Chairman of the East African Community Monetary Affairs Committee, highlighted investment opportunities in his country.

Garang arrived in Nigeria for the meeting of governors of African Central Banks to be held in Abuja next Friday.

“The country encourages investors to invest in key sectors of the economy, especially agriculture, where we have a comparative advantage. Secondly, we welcome everyone to come and experience our investor-friendly political environment. Finally, we are proud to announce that South Sudan is open for business and all are welcome,” he said.

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In a statement seen by BusinessDay, he said South Sudan’s economic future includes more than its well-known oil reserves. With an estimated 3.5 billion barrels of oil, the sector is the backbone of the economy. However, Garang stressed the need for a differentiated approach to ensure sustainable development.

“While it is true that oil has been our primary economic driver, South Sudan is endowed with other natural resources and has implemented investor-friendly policies to attract diverse investments,” Garang said. “The Revitalized Peace Agreement, which has been strong since 2018, has laid the foundation for these efforts, leading us to general elections in December 2024.”

Garang outlined South Sudan’s turbulent history, detailing its journey from brutal conflict that began in 1955 to achieving autonomous status in 2005 following the conclusion of the Comprehensive Peace Agreement. Despite a resurgence of internal conflict in 2013, the country has continued to build governing institutions and develop relationships with international financial bodies such as the IMF, World Bank and African Development Bank.

“Conflicts and a focus on oil have hindered our economic diversification,” Garang said. “But we are now exploring untapped sectors such as agriculture, tourism, fishing, timber and mining. These sectors have huge potential and are key to our economic resilience.”

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Recent studies have highlighted South Sudan’s vast mineral wealth, with significant deposits of gold, iron ore, copper, zinc and other valuable minerals scattered throughout the country. In addition, an aerial survey conducted in June 2024 showed that South Sudan experiences the world’s largest mammal migration, with some six million antelope crossing it annually, surpassing the famous wildebeest migration in the Serengeti.