With the commissioning of four major companies at the just concluded Kaduna Investment Summit (KADINVEST) 6.0, the Kaduna State government has succeeded in boosting the investment potentials of Northern Nigeria by $2.6 billion.
Some companies, including the Dangote Peugeot Automobile Nigeria (DPAN) Limited, Tomato Jos Factory, the Galaxy Mall and Kasuwan Magani market, were formally commissioned by the Vice President, Professor Yemi Osinbajo.
Governor Nasir El Rufai also launched the Kaduna State’s Tourism Catalogue and signed the Mutual Accountability Framework with development partners.
Speakers at the event like Vice President Yemi Osinbajo; a former governor of the Central Bank and Khalifa, Muhammadu Sanusi, as well as the Minister of Power, Engineer. Abubakar D. Aliyu, drew the attention of participants on the need to develop human capital in order to move the economy.
Osinbajo, while speaking at the summit on day one, said Nigeria needs to focus on developing a knowledge-based economy where human capital is developed to become a productive asset that can be sold for profit across the world.
Prof. Osinbajo said that rather than natural resources, well developed and nurtured human capital has become an invaluable asset anywhere in the world, as digital, ICT and technology are performing wonders and ruling the world.
He lamented however that Nigeria is yet to take full advantage of its young talents, adding, “The focus today must be developing a knowledge-based economy, the knowledge-based economy referred to stands for human capital development.
He however said that the 100kWP solar hybrid mini grid in Kasuwan Magani, Kajuru Local Government Area of Kaduna State deployed by the Rural Electrification Agency (REA) through a Public Private Partnership (PPP) with Blue Camel Energy Limited under the Rural Electrification Fund (REF) projects and the modern market worth N2.2bn in the same market, symbolizes effective coordination between the federal and Kaduna State governments.
He further said the solar-powered plant would not have been possible without the intervention of President Muhammadu Buhari’s administration despite the passage of the Electric Power Reform Act in 2005, the activation of Rural Electrification was only commenced in 2019, which is 14 years after the act was passed.
“Rural Electrification provides subsidies, a clear and transparent process. In the key Rural Electrification Farm circle so far, more than N6bn worth of projects have been executed, with 42,000 connections for an estimated 200,000 Nigerians.
“There is a key focus globally on renewable electrification that we can take advantage of, especially to expand rural electrification in the country, to provide electricity for underprivileged communities.”
On the modern market, he said, “I am also happy for the Ministry of Power who through the Rural Electrification Agency partnered with the Kaduna State government to create a sustainable free source of power for the market.”
Lending his voice at the summit, the immediate past Emir of Kano, Khalifa Muhammad Sanusi, raised an alarm that the Nigerian economy is about to collapse totally, as the goose laying the ‘golden egg’ for Nigeria is about to die.
He said that aside from the fact that Nigeria is having difficulties in oil production; the product is now being rejected in the global market, as there is no future in carbon.
The former CBN governor, who pointed out that the future lies in knowledge-based economy, which is the theme of the summit; however, lamented that Nigeria is behind many African countries in innovation index and ranking 114th globally.
He lamented that while Ghana with a smaller economy invests more in education, Nigeria spends only seven per cent of its budget in that direction, saying “Only eight of every 100 Nigerians who start primary school, complete university.”
According to him, “Globally, work is being redefined, 30 to 40 per cent of workers in developed economies will need to significantly upgrade their skills by 2030. And what are the major drivers of this redefinition? ICT and remote working which we have seen even here with COVID-19 shows there is increased automation and artificial intelligence. Very soon, robots will take over work in most countries and those who would have jobs are those who operate the robots, manufacture the robots or service the robot.”
He however stressed the need for skill creation for the young people which will create an enabling environment for economic growth and development adding, “Data is one of the most crucial supports that can be given to entrepreneurs for innovation.”
He then congratulated the government for inaugurating its Development Plan, 2021 to 2023, to transform the state into a knowledge-based economy, describing the aspiration outlined in the plan as “critical” to addressing the country’s dwindling economy resulting from the over-dependence on oil revenue.
Giving a recap of the previous five editions and where Kaduna State intends to be, Governor Nasir el-Rufai said the state government has attracted $2.8bn investments and created 100,000 direct and indirect jobs.
He said the state has risen from 14th to 4th position in Internally Generated Revenue (IGR) realising N50.7bn in 2020, adding that the state is developing a $50m 21.9 kilowatts solar mini grid power supply at Igabi.
“We have been offered a $200m loan to build a bus rapid transit (BRT) metro system in Kaduna. The Peugeot Dangote Automobile plant, launched in 2019 to produce saloons, SUVs and trailers, would be commissioned before the end of the year. We will soon open Shoprite at the Galaxy Mall. A $650m iron ore company to produce steel is nearing completion in Jere, Kagarko Local Government Area.
“We signed an agreement with Arla of Denmark to build a ranch that would settle 1,000 Fulani herders and their families with all facilities; grass, water, schools, hospitals at the cost of N12bn. N8bn is from CBN and N2bn from Kaduna State. Arla will contribute €5m.
According to him, over 5,000 young people have been trained in entrepreneurship, about 600 have submitted business plans and 200 of them have been funded by the Bank of Industry (BOI) and the businesses are thriving.
Governor el-rufai commended the vice president for accepting to commission the power and market project which is people-oriented and disclosed that the market was ready for commissioning since last year but had to wait for the vice president to be available to commission it.
On his part, the Minister of Power said the commitment of the federal government in powering communities through the use of off-grid solutions, the energy gap in the nation will continue to close at a pace Nigerians will be satisfied with.
President of AfreximBank, Prof. Benedict Oramah, said the Covid-19 pandemic highlighted the risks associated with Nigeria’s excessive dependence on primary commodity without adding value to the commodity. He said anything that affects the price of crude oil would affect revenue allocation to the three tiers of government.
He however expressed hope that the Africa Continental Free Trade Area (AfCFTA) would improve intra Africa trade to reduce volatility across the global trade if effectively implemented. He also called for sustainable growth of intra Africa trade and changing from reliable supplier of raw material to reliable supplier of finished products.
In her remarks, the state’s Deputy Governor, Dr. Hadiza Balarabe said the government had also initiated reforms, enacted laws and strengthened Institutions to keep its commitment by creating a favourable business client and offering protection for private investment.
She expressed the belief that private investment holds the key to solving the big challenges of job creation, rising government revenue and driving economic growth on a sustainable basis.
Also, the Executive Secretary, Kaduna Investment Promotion Agency (KADIPA), Hajiya Umma Aboki, while justifying the theme of the summit said, “In an era where information is key, building one’s economy with knowledge as a backbone is the best way towards achieving a responsive, innovative and resilient economy, especially after the global exploits of COVID-19.”
“Kaduna believes that private investment is the best vehicle for job creation, and it is eager to bring together the private sector, international development partners and development finance institutions to identify opportunities in the state and take the investment initiatives that create growth.
“The short-term goal of the summit is delivering on job creation, inclusive economic growth, social-economic transformation and improvement in quality of life through higher productivity and competitiveness. The long-term goal includes investment in public-private partnerships, agro-allied industries, railways, road transport, hospitality and retail,” she stressed.
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