Garba Shehu
On Thursday last week, the Nigeria International Economic Partnership Forum was held in Manhattan, New York in the middle of the most important international event of the year: the United Nations General Assembly (UNGA).
The Forum was enormously popular, attracting some 500 guests
and delegates – almost double the expected number. While this resulted in a
somewhat chaotic atmosphere at times, the Forum was a resounding success: a
clear indication of investor confidence in Nigeria.
Nigeria is the biggest economy in Africa and seeks to raise
GDP to USD 965 billion-almost a trillion Dollars by 2027.
Under President Muhammadu Buhari, the nation has recorded
marked progress in highways construction, bridges, railway, power,
electrification and capacity addition in airports and their modernization.
As the President spoke, making the determination of his
government to open more and more sectors of the economy to the private sector,
a particular participant stunned, not a few when he announced that he manages
pension funds of USD 1.3 Trillion, money well in excess Nigeria’s current GDP,
five times over.
First, well over a billion dollars’ worth of deals
benefitting Nigeria and her partners were signed at the Forum, including a $1.3
billion investment from Sun Africa for a new solar energy project; $70 million
ring-fenced by Adryada and Noblesse Green Energy for a new biodiversity
project; strategic financing support for a new refinery on the Niger Delta
announced by Honeywell UOP; and a major philanthropic investment in data for
Nigerian schools announced by Airtel Africa that would be setting up internet
connection for 100 schools each year for five years running.
A highlight of the event was the Presidential Luncheon,
which saw Guest of Honour President Buhari joined by CEOs and Senior Executives
from some of the largest and most prominent American and African companies,
including GE, Chevron, Honeywell, Bell Flight, Sun Africa, McGraw Hill,
American Tower and many more.
The full guest list of participants included the American
Tower Corporation, Aveva, Big Sun Holdings, Citi, CrossBoundry Group, Cure
Violence Global, Entrust, Educational Testing Service, ExxonMobil , GE
Healthcare,Gilead Sciences and Hello Tractor.
Also in attendance were Google, McLarty Associates,Medici
Land Governance, NBA, Odum Capital, Oracle, Pearson,Rendeavour, Roche,Seed
Global Health, Standard Bank,TIAA/Nuveen, UBA America, the AfDB, African EXIM
Bank and its US equivalent, Export Import Bank of United States, headed by Reta
Jo Lewis, the first ever African-American to lead the organization, and the
Jeddah-based Islamic Development Bank, IDB.
We had also in actual participation, the World Food Program,
WFP, the Food and Agriculture Organization, FAO, the International Fund for
Agriculture, IFAD and NEPAD agency for Africa.
Of course no one could have overlooked the overarching
presence and actual participation of the Corporate Council of Africa whose
current President, Florie Liser addressed the meeting, saying that the
organization is pushing for a private sector roadmap to support investment in
several sectors to aid economic growth in Nigeria.
Some of the this country’s biggest corporations were also
represented at the highest levels, including, but not limited to the great oil
behemoth, the NNPC Limited, the Nigerian Ports Authority, the NIPC, NEXIM Bank,
Ndimi’s Oriental Energy, First Bank, Airtel, Flour Mills Nigeria, the
Fertilizer Producers Association of Nigeria, the Pharmaceutical Manufacturers
Association of Nigeria and so many others.
Interestingly, there were also in attendance, several young
Nigerian entrepreneurs who are continually making their mark on the global
business landscape.
After breakfast and the opening session, we had the first
plenary on Nigeria’s economic outlook and the second one on high level
conversations about scaling up international partnerships for Nigeria on the
development drive. Thereafter, eight breakout sessions convened simultaneously
for the real business that brought everyone here.
There was a thematic group seeking answers to important
questions about growing Nigeria’s agriculture for food security and access to
export market. It addressed questions of increased investment in fertilizer and
urea, opportunities for Nigeria-EU partnerships in view of the Russia-Ukraine
war and such issues as the need for technology support and innovative financing
mechanisms for agriculture.
Nigeria’s Oil and Gas sector came under discussion with a
focus on “reforms, results and the road ahead,” where international interest
was canvassed for the two pipeline projects taking Nigeria’s gas to Europe
through Morocco and Algeria. Awareness was also raised by the NNPC Limited on
the dangers of crude oil to Nigeria and the world at large. They called it
“blood oil.”
The investment climate in Nigeria including systemic risk
issues and the vistas of the African Continental Trade Agreement were also
brought under focus.
Infrastructure opportunities in power, clean energy,
transportation and water came under discussion, as did the ways and means of
increasing capital flows into Nigeria, industrial financing, international
development financing and the road to greater financial inclusion.
Nigeria also brought for international discussion at this
forum, the quest for scaling up international resources for financing education
in the continent as well the need for innovative deal-making mechanisms to link
government, deal sponsors and international pools capital in the health sector.
There was also a very comprehensive discussion on the next
steps for technology development: emerging technologies, satellite technology,
digital communication, financing clean industries and the use of technology to
combat insecurity.
There have been some of criticisms about the size of the
venue and the number of guests; it can only be said that those making those
criticisms have never experienced New York during UNGA – one of the world’s
busiest and most important international events attended yearly by world
leaders from around the globe.
The President himself pointed to the significance of the
representation at the forum when he said “the beauty of this forum is that the
Ministers responsible for all of these sectors are here today, as are some of
Nigeria’s premier business leaders who are already excelling in these spaces.”
There were some who criticized the quality of speakers at
the Forum. With a lineup that included the President himself, the country’s
most senior ministers and the most senior executives from those prominent
companies already mentioned, these claims can only be described as inaccurate.
As for those bandying around other names of supposed speakers who did not
attend, they are merely misinformed, and taking their information from a dated,
draft list of potential invitees – not from the final list.
Sadly, there are those who will always seek to criticize
Nigeria for their own political gain and put her down even in moments of her
greatest success. The resoundingly successful Nigeria International Economic
Partnership Forum is a clear example. We look forward to an equally successful
repeat next year.
Nigeria has everyone to thank for this successful program,
and not least in this category is the Chief of Staff to the President,
Professor Ibrahim Gambari, a veteran of the UN and global systems who was the
linchpin of the entire event.
Shehu is the Senior Special Assistant to the President on
Media and Publicity.
0 comments:
Post a Comment