NBCC

The Nigerian-British Chamber of Commerce (NBCC) has unveiled plans to hold its maiden exhibition fair aimed at unlocking opportunities in trade, investment and healthcare sectors, via the intra- chamber economy in the country.

Mr Akin Osuntoki, Vice President and Chairman, Trade and Investment Committee, NBCC, made this known during a news conference on Monday in Lagos.

Osuntoki said that the NBCC, since its existence had toed the path of advocacy, trade facilitation, networking and training, particularly to promote trade and investment between Nigeria and Britain.

He said that the bi-annual conference and exhibition was aimed at bringing together business leaders, investors, policy makers and other key stakeholders in the trade and investment ecosystem.

Osuntoki listed speakers engaged to be present at the event to include: Mr Olukayode Pitan, Managing Director, Bank of Industry (BoI) and Mr Lamin Manjang, Managing Director, Standard Chartered Bank.

Others, he said, were Chief Leonard Stanley Ekeh, Chairman, Zinox Group and Dr Adesola Adeduntan, Managing Director, First Bank of Nigeria Ltd.

Osuntoki added that the event would afford them the opportunity to share insights and garner more knowledge about the theme: “Fast Tracking Productivity – Leveraging Technology.”

He added that it would also afford businesses the support and avenue needed to network, make connections, cross deals, and realise their potential.

“In furtherance of our commitment to building and expanding business opportunities for our members, the NBCC is set to host its first trade conference and exhibition from March 22 to 24 at Eko Hotel.

“The benefits of participating in this event are enormous and the NBCC is poised to ensure it serves as an efficient platform that affords member businesses the opportunity to exhibit their brands and provide services to potential investors.

“The event would facilitate new partnerships, foster foreign market opportunities, and encourage public-private partnership between NBCC members, external participants, and the government,” he said.

Osuntoki said that a major highlight of the event would be free wellness checks on the first session of Day-2; courtesy of Avon Healthcare Ltd. alongside the Commissioner, Lagos State Ministry of Health, Prof. Akin Abayomi.

He added that other key players in the healthcare space would be in attendance.

“Coming out of the pandemic, we learnt that technology has helped significantly to move work and business online and it appears to remain so, even after the pandemic.

“It is, therefore, very important that we discuss about it and look to know how technology can leverage productivity both in the business space, healthcare and other sectors of the Nigerian economy.

“There is the need for public and private sector to join hands to continue to build what we were forced to build during the COVID-19 era, so that we can have a robust and better healthcare system in Nigeria, going forward.

“Already, about 70 businesses under our various sectoral groups have confirmed attendance and reflecting on the capacity of our members, we are looking at great volumes of deals and great returns geometrically from the conference,” he said.

The Nigerian-British Chamber of Commerce (NBCC) and stakeholders in the technology sector have emphasised the need to build infrastructure that allows technology to thrive.  

They gave the advice at the NBCC first edition Next Generation Series with the theme: ‘Pacemakers in the Technology Sector’, held physically and virtually on Thursday in Lagos.  

Mrs Bisi Adeyemi, President, NBCC, described the Information Communications and Technology sector as one of the fastest-growing in Nigeria.  

Adeyemi, represented by Mr Ray Atelly, Deputy President, NBCC, said that in spite of the COVID-19 pandemic, in 2020, the sector contributed 15 per cent of the country’s gross domestic product (GDP), second only to agriculture.  

This growth, she noted, had positioned Nigeria as the largest tech market on the African continent, with tech hubs and a growing and vibrant customer base.  

Adeyemi stated that over 180 million people (72 per cent of the population) had access to a mobile telephone and projected internet penetration to reach 65.3 per cent in 2025, up from under 2 per cent in 2001.  

She said Nigeria needed to explore the sector, build better infrastructure, and maximize the benefits for the collective good of the stakeholders, beneficiaries and the country at large.  

“The sector has grown and has made a significant impact both in Nigeria and around the globe.  

“It has been estimated by Jobberman that the sector is on track to add US$88 billion to the economy by 2027.  

“Today, we are honoured to have in our midst tech experts and professionals who have distinguished themselves in the tech space as they share with us insights that would drive the sector to its fullest potential,” she said.  

On his part, Mr Collins Onuegbu, Executive Chairman, Signal Alliance, said that technology had moved from being an exotic thing two decades ago to a necessity in the current century.  

Also, Mr Adetayo Bamiduro, Co-Founder, MAX Africa, a vehicle subscription platform, said that technology had enabled distribution, access and reduced costs at a never seen before scale.  

Bamiduro stated that technology was the leverage to even the unequal financial gap between the older rich generation and the younger poor to middle income earners.  

He noted that the concept of infrastructure had changed over decades, with fundamental infrastructure now being technological infrastructure.  

“Value creation is about building infrastructure, and infrastructure today is no longer physical but digital,” he said.  

Mr Bismarck Rewane, Chief Executive Officer, Financial Derivatives, has pegged Nigeria’s economic growth for 2022 at 3.4 per cent. 

Rewane made the forecast at the Nigerian-British Chamber of Commerce (NBCC) January Breakfast Meeting with the theme: “2022 Economic Outlook” on Thursday in Lagos. 

Rewane based the projection on the success and high level of productivity in key sectors such as Information and Communication Technology (ICT) and financial services. 

He, however, projected that the country’s inflation rate was expected to remain structurally high with a full year average of 13.3 per cent. 

The economist explained that the development would be driven by cost push factors such as fuel subsidy removal, electricity tariff and taxation. 

He said the country’s Gross Domestic Product (GDP) rate would also be revised upwards to 2.8 per cent from its current 2.1 per cent premised on improvements in services and manufacturing sector. 

He stated that urgent policy actions were required in four areas: reducing inflation, catalysing private investments, addressing fiscal pressure and eliminating fuel subsidy. 

“Nigeria would be richer and better off in 2022 and key sectors to drive the expected growth are ICT and the financials because other sectors use it to drive productivity. 

“However, whilst they push productivity, they also lead to displacement of jobs. 

“There has been a 90 per cent surge in electronic payment, e-commerce, digitalisation and technology. 

“2022 would also see sustained inflation as basic products such as medications, food have increased by over 100 per cent while real GDP growth would be sublime,” he said. 

Rewane said Nigeria’s gross external reserves would decline towards 39 billion dollars as the Central Bank of Nigeria (CBN) increased foreign exchange supply and allowed Naira convergence. 

He added that government would increase borrowing to meet deficit financing needs and may result in sovereign debt default. 

In the business space, Rewane said there would be new initiatives and opportunities in the retail business, with new frontiers opening up in Fintech. 

He added that massive opportunities existed in aviation and construction sectors. 

“There would be increased investments by existing players to raise entry barriers and competition within certain industries,” he said. 

For the country’s monetary policy outlook, Rewane said CBN’s policy directions would be influenced by global development, which would result to Monetary Policy tightening in 2022. 

“The Apex bank will continue with the adoption of the crawling peg strategy in a shift towards greater exchange rate flexibility,” he said. 

Rewane noted that fiscal policy would be impeded by political considerations and labour union activities. 

“After all the thearetrics, we are going to have a situation where it is in the best interest of Nigeria for subsidy removal or reduction, while holding government responsible for what is done with the revenue. 

“I believe that there would be some arrangements or agreement to gradually remove the subsidies to reduce the incentives to smuggle and increase government revenue accompanied by a demand for accountability and good governance beneficial to Nigerians. 

“The twitter ban lift is also good as it means open market communication which leads to information and brings competency,” he said. 

Mrs Bisi Adeyemi, president, NBCC, said the major objective of the event was to conduct a vigorous and comprehensive assessment of this year’s economic outlook. 

This, she said would point out the threats and opportunities for businesses in Nigeria. 

“This event is in alignment with our cardinal mandate as a chamber and our commitment to upscale the value proposition for members and all our stakeholders,” she said. 

Mr Ben Llewellyn-Jones, British Deputy High Commissioner to Nigeria, reiterated the United Kingdom’s commitment to supporting trade and investment in Nigeria. 

“We are interested in growing diversity of several sectors such as the creative sector among others and are trying to unblock obstacles that make trading difficult between both countries,” he said.