The inaugural Abuja Business and Investment Summit kicked off on Wednesday, October 16, 2024, at the Shehu Musa Yar’Adua Centre, Abuja, under the theme “Optimizing Investments through Partnership.”
The event gathered top government officials, captains of industries, Heads of foreign missions, development partners, business leaders, and prosperous investors. The summit aimed at showcasing the vast investment potential within Nigeria’s Federal Capital Territory (FCT).
In his opening remarks, the minister for the Federal Capital Territory, Barr. Nyesom Wike delivered a powerful address urging collaborative investments. He highlighted that Abuja presents significant opportunities across agriculture, healthcare, tourism, construction, mining, and renewable energy sectors. He emphasized that his administration plans to launch nine major projects next week to enhance investment conditions in the FCT.
“Security is paramount in attracting investors. The safety of our investments is our top priority,” Barr. Wike said.
He also emphasized the ongoing security measures to foster a conducive business environment.
In his keynote speech, the Former Central Bank of Nigeria (CBN) and the incumbent governor of Anambra State, Prof Charles Soludo, raised concerns regarding Nigeria’s low foreign direct investment (FDI) flows and highlighted the need for Nigerians to support local products.
The governor described foreign companies exiting Nigeria as “opportunistic” firms that jump from one country to another “the day they have itchy feet”.
“Dear friends, there is the new mercantilism and pseudo-nationalism; it’s both a threat and an opportunity. In today’s world, in many countries, new nationalism is back. Economic nationalism is back, new mercantilism is back,”
“People are saying ‘America first’. We must be intentional. The agenda of ‘Nigeria first’ as a philosophy is something that we must mainstream. This will require us to nurture national champions for sustainability intentionally.
“If you see the companies that have pulled out of Nigeria, how many of them are national companies? None. The day they have itchy feet, they jump to the next one (country); they are very opportunistic. Extremely opportunistic, with no emotions to it. So, for long-term sustainability, we must nurture the domestic capital and build them.” He said.
In her remark, Amb. Maureen Tamuno, PhD, the Group Managing Director of the Abuja Investment Company Limited, AICL, and the summit’s host, expressed confidence in the selected panellists, anticipating that their insights would pave the way for new economic growth.
“This summit is aimed at promoting investment opportunities in the Federal Capital Territory while facilitating networking among investors,” she stated.
In messages of support, Mr. Alade Akinremi, representing the Minister of Foreign Affairs, emphasized the importance of partnerships to maximize investment returns. He reflected on the uniqueness of the FCT as a melting pot of Nigerian families, fostering an inclusive business environment.
Former First Lady of Benue State, Mrs Yemisi Suswan, highlighted challenges in affordable housing, urging stakeholders to consider upgrading informal settlements in the FCT. Meanwhile, Hon. Shino Oyedeji from the House of Representatives praised the summit for aligning with President Ahmed Tinubu’s vision of a “New Nigeria.”
A series of panel discussions commenced, focusing on critical topics, including infrastructure development and establishing public-private partnerships (PPPs) as practical means of enhancing infrastructure and services in the territory.
The summit aims to forge partnerships to amplify Nigeria’s potential for investment, drive growth, and enhance economic prosperity across various sectors.
The event climaxed on Day 2 with a series of insightful panel discussions:
The first panel, with the theme; Leveraging Technology for Economic Growth was moderated by Mrs. Kate Pam Semiek, CEO of Stalwart Group, who zeroed in on how Nigeria can utilize emerging technologies—such as artificial intelligence, blockchain, and the Internet of Things—to foster economic development.
Panelist Precious Adah Ogbuehi, Regional Head for West Africa at Tepfx, emphasized the transformative power of technology in trading.
She stated that in the age of AI, trading has become effortless.
“You simply invest your money, and the AI manages the trades while you sleep,” she said.
She described technology as an “enabler,” integral to accelerating progress—no longer a luxury but a necessity.
On his own, Mr. Soyinka Shodunke, Chief Information Officer at MTN Nigeria, reinforced this idea by stating that he processes about 52 billion records daily thanks to technological capabilities. Meanwhile, Mr. Yusuf Shafeek Isah, Managing Director of Abuja Technology Village, highlighted Abuja’s strategic location as a beacon for potential investors.
The second-panel discussion, moderated by Kimberly Nwanachukwu, focused on investment opportunities in Nigeria’s thriving entertainment sector, which reportedly contributes over $7 billion annually to the economy.
Dr. Emeka Rollas of the Actors Guild of Nigeria, AGN, lamented that despite Nollywood’s potential, many producers struggle financially.
“Nollywood isn’t earning its full potential, which results in a visible disparity among industry professionals,” he said.
Abiodun Akanbi, AICL’s Chief Investment Officer, noted that Abuja is poised to become a major entertainment hub, with plans for a dedicated Abuja Film Village.
Fidelis Duker, Chairman of FAD Media Group, called for government support in building infrastructure for the industry. “Just as footballers don’t build stadiums, the government should invest seriously in film,” he stated.
The founder of the Best of Nollywood Award, BON, Seun Oloketuyi, praised the organizers for this noble summit.
“I appreciate the event organizers for deeming it fit to include entertainment at the summit. This only happens sometimes. People sometimes mix entertainment with business summits in this part of the world. He therefore encouraged AICL to boost the economy of Abuja by partnering with notable entertainers.
Arise News correspondent Nissi Ochoche Gabriel moderated the third panel. The speakers examined how streamlined government policies could bolster investment.
Mrs. Toyin Bashiru, a partner in a legal firm, discussed the impact of technology on simplifying regulatory processes and reducing the need for physical document stamping. Dr. Emomotimi John Agama from the Securities and Exchange Commission (SEC) spoke on financial literacy, stressing its importance for small and medium-sized enterprises looking to attract investment.
He encouraged, “Transparency and effective processes build confidence, which is essential for achieving our investment goals.” He also addressed the challenges of financial mismatches that hinder long-term business growth.
The day’s final panel, moderated by business development expert Jacklin Yawa, delved into the agriculture sector—a field facing a $35 billion funding gap despite its significant contribution to Nigeria’s GDP.
Akin Orebiyi, founder and CEO of Ewari Farms, projected that Africa’s agribusiness market would reach $1 trillion by 2030, stressing the need for investments in various facets of agriculture, from production to logistics. Mr Oladele emphasized the importance of cluster farming in reducing operational costs through shared resources.
Promise Amahah, CEO of Mainstay Agro Allied Limited, highlighted that successful agriculture goes beyond farming. He called attention to the need for extensive pre- and post-production planning to unlock untapped potential in the Federal Capital Territory.
Meanwhile, the summit’s goodwill message, delivered by Dayo Israel, commended Ambassador Tamuno for facilitating the event and reiterated the importance of creating a conducive environment for businesses to thrive.
