Ease of Doing Business
Reforms Under Focus As London Hosts 5th NDDIS
…ERGP on course
By Clifford Agugoesi
Another opportunity is around the
corner for Nigeria to demonstrate to the global investment community that her Ease
of Doing Business Reforms are working in line with the government’s economic recovery
and growth plan (ERGP), which seeks to restore the nation’s economic status
following the high rate of inflation and recession. Although Nigeria has exited
recession, the country’s inflation rate hovers around 16 per cent.
As at December 2017, for
the tenth consecutive time, Nigeria's Consumer Price Index, CPI, which measures inflation, decreased to 15.90 per cent making it 0.01 per cent lower
than the 15.91 per cent recorded in October 2017, according to statistics
released on the website of the National Bureau of Statistics (NBS).
As per
Afrinvest Research, the Presidential Enabling Business Environment Council
(PEBEC) was set up to remove the administrative bottlenecks associated with
doing business in Nigeria. At the tail end of 2016, the operational arm of
PEBEC - the Enabling Business Environment Secretariat (EBES) agency - became
functional with a delivery span of 2 years to implement the reforms of PEBEC.
The impact
of these reforms were manifest in the recently released Doing Business 2018
report titled “Reforming to Create Jobs” as Africa’s largest economy moved up 24 places (surpassing the target of
20) to 145th and ranked in the top 10 most improved countries.
Now, the
reforms look set to be further tested as arrangements are in top gear to hold
the 5th Nigerian Diaspora Direct Investment Summit (NDDIS), from
April 27-28, 2018 in London, the United Kingdom.
The two day event
is being organized in partnership with the Federal Ministry of Communications
and Information, The Nigerian High Commission in London, British African
Business Alliance, Office of the Senior Special Adviser to the President on
Diaspora and Foreign Affairs, Africa Leadership Forum, Afford UK, Cruxstone
Development and Investment, NDDIS Business Club, NIPC, UK Department of
International Trade and several other high profile partners.
Minister of
Communications Adebayo Shittu, while briefing journalists in Abuja, recently,
hinted that about 3000 delegates, including telecommunications companies,
investors, funders, government leaders, business leaders, British business
leaders, Diaspora business leaders, equipment and technology suppliers,
bankers, entrepreneurs, venture capitalists, states and federal government
agencies, are expected to participate in the event.
The minister
said the aim of the summit “is to galvanize Nigerian businessmen and women in
the Diaspora and their counterparts in UK Business environment along with
international investors to establish new
businesses in Nigeria.” He also
explained that the summit would be an opportunity to identify potential sources
of finance, technology and technological skills that could boost the promotion
and stimulation of enterprise and the creation of jobs in Nigeria.
Chairman of
the British African Business Alliance,(BABA) marketers of the event, David
Smith, communicating with GutsyPen4ICTD,
over LinkedIn, seems to agree with Shittu on the number of delegates. He told us: “Over 2 days the Ministry and
Communications Industry Leaders will be appraising the diaspora of the
investment and commercial opportunities that are arising in Nigeria and will
help to deliver the Ministry targets of broadband deployment throughout the
country.
“Nigerian companies
and those organisations that support the communications industry and the diaspora.
We think delegate numbers will be in excess of 1000 people. However, we are
offering an exhibition opportunity that will be open to a wider public and will
not be limited by seating. We therefore envisage that the Nigerian Diaspora
will attend in large numbers.” Currently,
the marketers are “finalising the details of the venues and costs.”
BABA
currently has networks in Aberdeen, Edinburgh, Glasgow, Newcastle, Middlesborough, Manchester,
Birmingham, Leicester, Oxford, Reading, London, Edmonton, Peckham/Dulwich,
Croydon, Southend, Kent, Sussex and Belfast.
The main event
speaker, Shittu, will meet and present investment opportunities to investors,
the office of the Special Adviser to the President on Diaspora and Foreign
Affairs led by Mrs. Abike Dabiri-Erewa will present new government position as
it affects the Diaspora and other foreign investors; while the delegation from
the National Assembly will be led by Senator Lanre Tejuosho.
Several
Director-Generals of Federal Parastatals in the Information and Communication
Technology (ICT) sector will present opportunities from their various agencies
to the audience. Opportunities will be provided for Nigerian based companies to
liaise with and explore partnership opportunities with investors from Europe
and with the Diaspora.
Shittu
listed the Nigerian ICT Road Map 2017-2020, the National Strategic Plan
2016-2024, and the Broadband Plan (2013-2018) as some of the strategies put in
place by government to address some of
the sector’s challenges.
He said:
‘‘The sector is the fastest growing at a rate over 25 per cent and currently
contributes about 10 per cent to the country GDP. Nigeria’s over 60 per cent internet
penetration means that more 90m people would be online in the coming years.
Cloud usage is expected to move more than double to 80 per cent of businesses
in the next year.’’
Nigeria has
attained a broadband penetration of 22 per cent and telecom analysts are
optimistic the nation will achieve its 30 per cent by end 2018.
The Executive Vice Chairman of the Nigerian Communications Commission
(NCC), Professor Umar Danbatta, disclosed recently that the ICT sector is
contributing nearly 10 per cent to the GDP annually, while stating the
telecommunications sector has attracted more than US$68billion in private
sector investment since 2001."
The NDDIS was wet up to address the questions being raised
by the Diaspora and other foreign investors who want to engage with businesses
in Nigeria. Many Nigerian business owners and ideas generators are keen to
participate in the economic boom of Africa in general and Nigeria in
particular.
The
Executive Director of NDDIS, Bimbo Afolayan stated: “NDDIS was established to
address the questions being raised by the Diaspora and other foreign investors
who want to engage with businesses in Nigeria. Many Nigerian business owners
and ideas generators are keen to participate in the economic boom of Africa in
general and Nigeria in particular.”
Nigeria’s High Commissioner to the United Kingdom, Ambassador
George Adesola Oguntade said: “The
economic and technological power of the United Kingdom offers huge potential to
the Nigerian Diaspora in the UK and to Nigerian Business, as Nigeria seeks to
grow to new economic heights - The Nigerian High Commission is at the forefront
of stimulating this interaction.”
Since its
inception in June 2013, the NDDIS has hosted several highly successful summits
and events that once attracted over 2,000 delegates.
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