By Garba Shehu
On Thursday, September 22, 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.
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.
Interestingly, there were also in attendance, several young Nigerian entrepreneurs who are continually making their mark on the global business landscape.
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.
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 have been some 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 criticised 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 criticise 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, Media and Publicity.
