Ease of Doing Business Reforms Under Focus As London Hosts 5^th 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 5^th 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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