The Nigerian Economic Summit Group (NESG) and the Federal Government National Planning Commission will play host to both the local and global investing community at the 17th Nigerian Economic Summit, held from the 10th to the 12th of November, 2011 in Abuja, Nigeria. This annual summit promises to be a dynamic event, providing a window for investors to leverage business opportunities, given the abundance of possibilities that exists in Nigeria’s emerging markets. The Summit will focus on Nigeria’s national competitiveness both in context of attracting FDI’s into the country as well as relevant issues that must be resolved. According to Foluso Phillips, Chairman of the Nigerian Economic Summit Group “we ended last year on a high note of job creation... but for that to happen we need to have some sort of investment, both in terms of FDI and local investment” the aim of which he explains is for the greater transfer of knowledge, technology and expertise.
The 17th annual summit has been structured to include a presidential policy dialogue with Nigeria’s President Goodluck Jonathan and global CEOs of some of the world’s largest corporations from Europe to Asia, the Americas, the Middle East and Asia. Other sessions will include Nigeria’s Place in the Global Economy and Nigeria’s Economic and Investment Agenda. Furthermore, some Governors of Nigeria’s 36 states will be presenting opportunities available in their states, while Cabinet ministers will be making sectoral presentations and there will be opportunities for private meetings between investors, local partners and top government officials.
Identified by Goldman Sachs as being one of the Next 11, Nigeria, Africa’s largest market with a population of 160 million and 15% of Africa’s GDP, is projected to be the largest economy in Africa in the next 10 years. Nigeria’s vision is to be one of the 20 top economies by the year 2020, coupled with an aggressive transformation agenda undertaken by President Jonathan’s administration. By tackling the infrastructure, power, transportation and ICT sectors, an environment conducive to making Nigeria a preferred investment destination will be made.
According to Foluso Phillips, local partnerships will allow an international player to leapfrog hurdles, muscling through the landscape with customised policies bringing global expertise, thereby adding value to both the system and society. He adds “Let us concentrate on producing to satisfy our local requirements; which expanding beyond Nigeria’s 160 million population, encompass up to 280-300 million with ECOWAS”. This scope of market is therefore not to be ignored. As has been pointed out, Africa can be “the solution to the stagnating global economy.”
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