Key Points
- Business Summit Group targets more than $100bn in investments across key sectors.
- Proposed investments will cover oil and gas, technology, agriculture, mining and infrastructure.
- Group says Nigeria’s large market and natural resources remain major attractions for investors.
- International Investors Summit is scheduled for Nov. 10 and 11 in Abuja.
Main Story
The Business Summit Group says it is targeting more than $100 billion in investments for Nigeria as it seeks to attract international capital into key sectors of the economy.
The President of the group, Mr Haider Uzzaman, disclosed this at a news conference in Abuja on Tuesday.
Uzzaman said investors from different parts of the world were increasingly looking towards Nigeria for business opportunities, describing the proposed investment mobilisation as a major push for Foreign Direct Investment (FDI).
He said the group would focus on structured and existing projects with viable business models and the necessary documentation to attract investors.
According to him, targeted sectors include oil and gas, technology, renewable energy, agriculture, mining, infrastructure, tourism and hospitality, human capital development, education and healthcare.
Uzzaman said the investment drive was coming at a time when a significant volume of global capital was seeking viable investment opportunities.
He maintained that despite challenges relating to security and infrastructure, Nigeria remained an attractive investment destination because of its large population and natural resource base.
He identified the country’s oil production and market of more than 200 million people as some of the factors capable of attracting international investors.
Uzzaman, however, expressed concern about the level of investment in electricity generation, saying more investment was required to address the country’s power needs despite the government’s liberalisation policy.
He also announced that the group would host the International Investors Summit in Abuja from Nov. 10 to Nov. 11.
The summit is expected to bring together international investors, global business leaders, government representatives and project owners to explore investment opportunities in Nigeria.
Uzzaman said the decision to hold the summit in Nigeria followed requests from Nigerian companies and state governments that participated in the previous edition held in Bangkok, Thailand.
He said the country offered significant opportunities because of its human capital, natural resources and strategic position within Africa and the global economy.
The group president encouraged Nigerian companies, state governments and investment promotion agencies to participate in the summit, particularly those seeking international capital, technology, partnerships and access to new markets.
He also urged state governments seeking to attract FDI to use the platform to present viable investment opportunities to international investors.
Uzzaman cited Plateau State as an example, saying the state had secured investment commitments valued at more than $1 billion within the previous six months.
The Issues
Nigeria is seeking to attract more foreign investment into sectors including energy, infrastructure, technology and agriculture, but investors continue to assess the viability of projects alongside challenges such as infrastructure and security. The proposed summit is intended to connect international capital with bankable Nigerian projects.
What’s Being Said
“On electricity generation, the current level of investment in the sector is completely unacceptable, in spite of government’s liberalisation policy,” – Mr Haider Uzzaman, President, Business Summit Group
“This is a very important moment for us because we are bringing together international investors, global business leaders, government representatives and project owners from across the world.” – Mr Haider Uzzaman, President, Business Summit Group
“Our objective is to create a platform where these opportunities can be presented directly to serious international investors,” – Mr Haider Uzzaman, President, Business Summit Group
“It is equally important for state governments that are serious about attracting FDIs into their states.” – Mr Haider Uzzaman, President, Business Summit Group
What’s Next
The Business Summit Group will hold the International Investors Summit in Abuja on Nov. 10 and 11, where investors, government representatives, project owners and Nigerian businesses are expected to discuss potential investment opportunities and partnerships.
Bottom Line
The Business Summit Group is positioning Nigeria as a destination for international capital, with a target of mobilising more than $100 billion across sectors while using its November summit to connect investors with Nigerian projects.
