Expert challenges Nigerians to promote country’s investment opportunities to grow FDIs
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The Chairman, Nigerian Investment Gateway UK Limited,(NIG) Chidi Umeano has challenged Nigerians to continuously add value by promoting investment opportunities in the country as a means of attracting Foreign Direct Investment,FDI into Africa’s largest economy.
He made this known on Thursday while speaking at the Nigerian Investment Gateway’s inaugural symposium tagged “Agenda for Investment Destination Nigeria”. Speaking on the mission of NIG, he announced that their primary objective is to promote the best in terms of investment opportunities in Nigeria.
Noting the value of the Nigerian market to the international economy, he also cited the profit made by telecomm giants MTN in Nigeria which allegedly accounts for 27% of their global profit and also plans of expansion on the path of Shoprite chain of malls. “Sometimes it takes an outsider to see and help us harness what we have here in Nigeria”
Speaking to pressmen about what distinguishes NIG from other investment promotion organizations, Umeano further stated that NIG is driven in its mandate to not only pursue foreign investments, but also provide avenues for young Nigerian entrepreneurs to present their business ideas at events such as the upcoming Best of Nigeria Investment Exhibition (BONIE 2018) which is scheduled to hold in London and is a partnership between NIG and other international agencies.
He also commended the efforts of the Government through various agencies such as the Nigerian Investment Promotion Commission (NIPC) and the Presidential Enabling Business Environment Council (PEBEC) in making it easy for investors to set up in Nigeria.
Presenting a paper on leadership at the symposium, Jermaine Edwards, Chairman, British International Institute for Leadership and Management (BIILM) spoke on the importance of leadership in relation to inviting investment into the economy.
“Trust in terms of leadership has caused $1.9 billion loss in investment according to research by the World Economic Forum and the PWC”
Noting that the lack of functional and transparent leadership is partially responsible for averting investment from Nigeria, making reference to his own hesitation in coming to Nigeria. Edwards also shared information about his interaction with the Obama Foundation and plans to invest in future leaders of tomorrow, by running a leadership and mentorship programme in Nigeria aimed at youths ranging from 16 – 25 years of age.
A presentation by Chidi Izuwah, CEO of the Infrastructure Concession Regulatory Commission (ICRC), highlighted the imperative part infrastructure plays in the development of the economy and how efficient infrastructure can only be achieved by Public Private Partnerships between the Government and the private sector.
Izuwah made reference to certain projects such as the recent renovations at the Murtala Mohammed Airport, Lagos which came about by virtue of a mutually beneficial collaboration between the Federal Government and a private sector company. Stating that one of the major hindrances to human capital development in Nigeria, happens to be the lack of proper infrastructure.
Ekaette Umoh, Managing Director, Springforth Integrated Services Limited, also made a presentation on some of the essential skills and requirements entrepreneurs need to attract proper investment in their businesses. Drawing from her years of experience as the head of a Microfinance Bank, she noted that the lack of clarity and purpose on the part of entrepreneurs is a common malady in the Nigerian business scene.
Umoh also reiterated that loans should be a last resort when it comes to acquiring capital for businesses. This she explained, is due to the fact that loans are not grants and need to be paid back with interest. She also called for proper research and well drafted out business plans, which would help in edging out competition when seeking for external investment or loans.
Presentations were also made by a representative from the Nigerian Investment Promotion Commission, Shettima Barma and the Chief Executive Officer of the National Office for Technological Acquisition and Promotion, Dan Ibrahim, all clamoring for proper development and presentation of projects to the international investment market.
Addressing the audience during the panel discussion, Umeano stated that NIG will not rest on its oars until opportunities are presented to not just city centers but also the rural areas. Two attendees who brought their business plans to the symposium were immediately granted free mentorship, an all-expense paid trip to the UK to attend BONIE 2018 and investment into their businesses.
HARRISON EDEH & CONRAD OMODIAGBE, ABUJA