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INVESTORS’ FORUM, CONSOLIDATING THE GROWTH OF FOREIGN DIRECT INVESTMENT IN NIGERIA (FDI).

INVESTORS’ FORUM, CONSOLIDATING THE GROWTH OF FOREIGN DIRECT INVESTMENT IN NIGERIA (FDI).

Nigeria is an investment haven for many foreign companies as well as individuals. The vast natural resources which the country possesses and its renowned status as the “Giant of Africa” natural resources, no doubt, creates an attraction of Foreign Direct Investment to foreigners all over the world. However, statistics from institutions such as the World Bank and the International Monetary Fund reveal that the ratio of Foreign Direct Investment in Nigeria is abysmally low in comparison to its potential. As a result, promoting foreign participation in Nigeria has been a focal point for the Nigerian Government in recent times, through the implementation of various policies and issuance of directives.

Interestingly, from the third quarters of 2017, Nigeria has witnessed and continues to witness continuous growth in different sectors of her economy, thanks to her economic policies. To sustain this land mark achievements, efforts have been geared towards sensitizations and implementations of policy directives of the government on ease of doing business in Nigeria by the Federal and State governments alike.

As a result of this policy directive, Ogun State government of Nigeria on 20th of March, 2018 unveiled the theme of the state’s Investors’ Forum 2018, held between March 20 and 21. Unveiling the theme, “Consolidating the Gains and Accelerating the Growth“, at a press conference in Abeokuta the state capital, the state governor said the focus is to consolidate on those gains and accelerate the growths that the state has achieved over time.

More than 1,423 key players in the industrial, agricultural and technological sectors of the Nigerian economy gathered at the June 12 Cultural Centre, Kuto, Abeokuta, Ogun State on 20th and 21st March, 2018 for the fourth edition of the Ogun State Investors’ Forum 2018 to brainstorm and cross fertilize ideas on how the investment potentials in the state can drive the economy of the state in particular and that of Nigeria in general.

The state is set to use the investors’ forum to consolidate areas of success, especially in agriculture and agric business, and to explore the value chains in agriculture, industry and technology, to drive socio-economic development. This reiterates the government’s resolve to encourage backward integration and import substitution, with the primary focus on Medium, Small and Micro enterprise, to strengthen the economy.

The government is expected to also focus on mining sector to leverage on the value chain in the agricultural sector to leapfrog the development strides of the state while consolidating on the gains made since 2012. Ogun State is one of the West Africa’s fastest growing investments destinations as the state has made tremendous progress with over 304 new industries within its investment climate and 75 percent of Foreign Direct Investment in Nigeria attracted into the state. The breakdown of this figure shows that 148 firms had each invested between 2 million to 2 billion US dollars while the remaining 156 has invested 50 million dollars each.

The effect of this foreign direct investment has been well felt by the state government whose monthly Internal Generated Revenue (IGR) galloped from meager 730 million naira in 2011 to its current position of 7 billion naira in 2018.

The investment climate of Ogun State has changed tremendously. In 2011 the state was ranked 35th in terms of doing business in Nigeria but with the economic policy of the present administration, the story has changed for better in February, 2014 when the state was rated as number four in Nigeria. Since then the state has continued to dictate the pace for other states in Nigeria.

Ogun State is a State with a vast economic hub with great potential for Nigeria market that would be fully tapped through partnerships with foreign investors and stakeholders. A World Bank report on Ease of Doing Business and another survey by Manufacturers Association of Nigeria (MAN), showed that 75 percent of Foreign Direct Investment (FDI) that came to Nigeria between 2016 and 2017 were domiciled in Ogun State.

CONCLUSION:

Ogun State was recently accorded the status of being among the First Five States in Nigeria to be certified as “INVESTOR FRIENDLY” under the Nigerian Investment Certification Programme for States (NICPS). While Ogun State in particular and Nigeria in general have been enjoying steady inflow of foreign direct investment with its attendant benefits, it is expected that this year’s investors’ forum, will act a missing link to other foreign investors who hitherto were unaware that Nigeria has reclaimed its position as an investment haven for many foreign  and local companies as well as private individuals.

In actualization of the Government’s vision of agricultural production and industrialization of the State, the Government has put in place strategies to assist and enhance the development and growth of the sector. In an attempt to attract technological innovations to Ogun State, the State Government has partnered with a major tech provider in laying fiber optic cables in choice areas of the State.

We urge you to invest in Ogun State of Nigeria, to enjoy the economic benefits associated with same.

For more details on investment in or partnership with the government of Ogun State contact the undersigned for professional advice and guidance.

Prince Joel Esq

gbalahan@immigrationlawyernigeria.com

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