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Tinubu to attend 5th Arab-African Summit to woo investors

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Abuja, Nov. 6, 2023: President Bola Tinubu is to attend the Arab-African and Saudi-Africa summits holding this week in Riyadh, Kingdom of Saudi Arabia as part of efforts to seek for foreign investors.

Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, disclosed this on Sunday while briefing State House Correspondents in Abuja.

He said that the attendance of president was predicated on the administration’s drive to use all avenues to attract Foreign Direct Investment into the various sectors of the economy.

‘’The president will use the summit to attract Foreign Direct Investment into the country. The two summits will surely yield tangible economic benefits for the country and Africa.

He added that the president would be aggressive, like in all other of his engagements, in attracting genuine foreign investors into different sectors of the economy.

The Arab-African Summit is aimed at establishing practical solutions for developing Arab-African cooperation and catching up with the emerging and influential international powers in African.

The summit seeks to identify fields for cooperation, build a common vision for sharing knowledge and experience, and identify projects and frameworks for improving bilateral and multilateral ties between Arab and African countries.

‘’In light of the geostrategic shifts unfolding in the international system, Arab countries are collectively and diligently seeking to diversify their strategic partners.

‘’This effort has created opportunities for establishing promising strategic partnerships in several fields with many actors in the international community,’’ Dr Khalid Manzalawi, Assistant Secretary-General for International Political Affairs of the League of Arab States, said at a meeting in Cairo in October.

Some of the objectives of the Summit include reinvigoration of the Arab-African Relations, addressing issues relating to conflicts and counter-terrorism as well as tackling challenges such as poverty, education, health, food security, developmental matters, debt crises, and global challenges like climate change, migration, and humanitarian aid.

The Summit was last held in 2016.

Ngelale said that detailed briefing would be made in the course of the various meetings by the president with investors, which are relevant to the economic rejuvenation of the country.

He said that the president would be accompanied to the summit by cabinet members, the business community as well as other relevant government functionaries.

German African business summit to hold in Ghana

Nigeria set for opportunities at Africa-Korea Business summit – Udeagbala 

Abuja, Sept. 11, 2023: Former President of Nigerian Association of Chambers of Commerce and Industry (NACCIMA) Chief John Udeagbala says Nigeria is set to explore opportunities provided by the Africa-Korea Business Summit.

Udeagbala who is to represent Nigeria at the summit said this in a statement on Monday in Abuja.

The 2023 Africa-Korea Business Summit scheduled for Tuesday is with the theme “Africa-Korean Partnership in an Era of Great Transformation’’.

Udeagbala, who is also an ex-officio member of the Council of the International Chamber of Commerce (ICC) said that Nigeria wad to explore how Korean players can enable and synergise with deeper trade integration in Africa.

“The summit would build a complementary partnership for the 21st century through its technological leadership across a wide array of sectors from agriculture, mining and renewable energy to manufacturing and digitisation.

“It would attract leading voices and decision makers from the African and Korean policy, business and investment communities,’’ he said.

According to him, the Africa Continental Free Trade Area (AfCFTA) reached major ratification milestones in 2023.

“It was on the back of unprecedented political momentum for closer regional integration to see the emergence of Africa as a global growth hub representing a quarter of the world’s population and a 16.5 trillion dollar market by 2050.

“Two moderated panel and networking sessions will take place to explore the drivers and stumbling blocks to this formidable growth trajectory, teasing out risks and opportunities to Africa’s trade partners with a focus on Korea,’’ he said.

Udeagbala said that the summit to be hosted by the Korean Chamber of Commerce and Industry and the Korea-Africa Foundation, in partnership with the Korean Ministry of Foreign Affairs would have Wamkele Mene, Secretary-General, AfCFTA as speaker.

“Other speakers are Sim Tshabalala, CEO, Standard Bank, Choi Kyong-lim, Former Chair of WTO Council for Trade in Goods.

“Seo Sang-hyeon, Senior Economist, POSCO Research Institute, Sohn Jie-Ae, CNN Correspondent in Seoul as session moderator,’’ he said.

investment in iron ore, steel will boost economy

FG inaugurates committee for 29th Economic Summit

Abuja, Aug. 1, 2023: The Federal Government inaugurated a joint planning committee for the 2023 Nigerian Economic Summit on Monday in Abuja.

The summit, the 29th in the series, is expected to hold on Oct. 23 and Oct. 24, also in Abuja.

Permanent Secretary at the Ministry of Budget and National Planning, Mr Nebeolisa Anako inaugurated the planning committee.

He described the summit as veritable platform for the private and public sectors to strengthen Nigeria’s development policies.

“The annual summit provides a veritable platform for dialogue among policy makers, corporate leaders, organised private sector, and civil society organisations and development partners.

“ It also provides the opportunity to strengthen existing symbiotic relationship between the public and private sectors in the overall interest of the country,’’ Anako said.

He added that key outcomes of previous annual national economic summits had played important roles in shaping government’s policies.

“In particular, the summits had in the past contributed to entrenching the culture of development planning in the country.

“Most recently, the public-private partnership helped in the development of the National Development Plan (NDP 2021-2025) and the Nigeria Agenda 2050.

“The contributions of the Nigeria Economic Summit Group in this regard are well appreciated. I am confident that this partnership will continue to endure going forward,’’ Anako said.

He added that arrangements had been concluded to forward the 29th summit’s recommendations and outcomes to the Federal Executive Council in the form of Council Note for information and guidance.

He said members of the joint planning committee for the 29th summit were selected in recognition of their antecedents and knowledge in organising summits and their keen interest in national development.

In his remarks, Chief Executive Officer of the Nigerian Economic Summit Group (NESG), Mr Laoye Jaiyeola, noted that the annual summits had united influential policymakers, private sector leaders, and representatives of civil society.

“As a crucial event for the government and business communities, the summit provides a veritable platform for fostering consensus and mutual understanding of the country’s economic policy trajectory and growth strategies,’’ Jaiyeola said.

He noted that having been around for three decades, national and international policymakers and business leaders had recognised the NESG as the primary forum for facilitating constructive public-private dialogues.

“We acknowledge these advancements; we must also confront the harsh realities that our nation currently faces.

“Weak economic growth, high poverty rates, rising cost of living, increasing unemployment and widening income gaps continue to challenge us.

“These economic headwinds indicate that this is no time for a business-as-usual approach to economic governance,’’ Jaiyeola stressed.

He noted also that Nigeria has vast opportunities given its abundant natural resources and population.

“Concerted efforts and strategic planning are required to harness these resources effectively to maximise national competitive advantages and create opportunities for sustainable economic development,” he said.

Jaiyeola said Nigeria had long been pursuing structural economic transformation, and observed that the nation’s heavy reliance on crude oil as its primary foreign exchange source had resulted in an unbalanced economy.

The oil sector, he said, remained dominant in spite of contributing less than 10 per cent to national output and generating limited employment opportunities.

He commended the President Bola Tinubu-led administration for promptly taking decisive actions on the economy.

He said steps already taken were crucial to diligently address the potential impact of government’s policies on the citizens.

“As the NESG, we reiterate our unwavering commitment to collaborating with government to ensure that policies are implemented with minimal adverse consequences on the people,’’ Jaiyeola said.

African-Union

Russia-Africa summit to improve security, economic ties

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Abuja, July 6, 2023: The Convener of the Second Russia–Africa Economic and Humanitarian Summit will bolster ties between Russia and Africa in security, sustainable economic and humanitarian development.

Anton Kobyakov, an Advisor to the President of the Russian Federation and Executive Secretary of the Organising Committee for the Russia–Africa events, made this known on Wednesday.

Kobyakov, in its programme schedules said the summit would create the basis for the establishment of powerful, prosperous and safe regions in new realities.

The forum will take place in St. Petersburg, Russia at the Expo Forum Convention and Exhibition Centre from July 27 to July 28, 2023.

He said that the summit would strengthen Russian-African cooperation and outline the trajectory of Russia’s relations with African countries in the long-term.

“The summit programme includes more than 30 panel sessions and thematic events on the most important issues involving cooperation between Russia and African states.

“African countries will obviously play an increasingly important role in the emerging architecture of a multipolar world.

“The summit’s business programme consists of four major thematic pillars that encompass all areas of cooperation between Russia and Africa.

“They are; `The New Global Economy’; ‘Integrated Security and Sovereign Development’; ‘Cooperation in Science and Technology’ and ‘The Humanitarian and Social Sphere: Working Together for a New Quality of Life’,’’ he said.

According to him, the programme of the pillar ‘The New Global Economy,’ will focus on the kind of prospects Russian businessmen have for doing business in Africa.

He said the experts would discuss topics on expanding business cooperation between Russia and African countries, their export potential amidst the new challenges, as well as cooperation in agriculture, energy, and logistics.

Kobyakov said the main theme of the ‘Integrated Security and Sovereign Development’ pillar would dwell on international security, political stability, food security and joint efforts to combat epidemics and emergencies.

“The key question that experts plan to answer as part of this pillar is: “How can Russia’s experience in ensuring security be beneficial to African countries?”

“During the panel discussions of the ‘Cooperation in Science and Technology’ pillar, experts will discuss collaboration between Russia and Africa in advanced technologies.

“The key themes of the pillar are how industrial cooperation leads to technological sovereignty and advanced technologies for Africa’s sustainable development.

“Separate sessions will be devoted to nuclear, digital, and healthcare technologies. During the discussions, speakers will talk about how high-tech solutions could unleash Africa’s potential and have a positive socioeconomic impact on numerous areas of society,” he said.

Kobyakov explained that these topics would be addressed as part of the pillar ‘The Humanitarian and Social Sphere: Working Together for a New Quality of Life’.

He said events on the sidelines of the Russia–Africa Economic and Humanitarian Forum would include the Media Forum, the Congress of University Rectors and a roundtable.

KPMG

KPMG registers thousands of participants for 2022 Africa Digital Summit

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An audit, tax and advisory service provider, KPMG International, on Saturday said that more than a thousand business executives and participants across various sectors had registered for its forthcoming 2022 KPMG Africa Digital Summit.

A statement by Ms Hellen Onokpite, Event Coordinator, KPMG Events And Special Projects in Lagos, said the participants included executives in fast-moving consumer goods, telecommunications, media and technology.

She said further that participants from financial services, oil and gas, government institutions, regulatory bodies, and other stakeholders with keen interest in digital innovation would also be present at the summit.

According to her, the summit will provide a forum for discussion on the application of cutting-edge digital solutions to commercial, economic and social concerns.

“The annual flagship event will showcase global digital trends that industry leaders can leverage to accelerate digital transformation agenda.

“The adoption of digital transformation is necessary for organisations to remain successful in the present society,” she stated.

The statement revealed that the theme of this year’s summit, which will be hosted hybrid across the continent, is: “Sustainable Growth through Digital”, adding that it would be directed towards three focal areas as Resilience, Sustainability and Innovation.

“The summit provides a forum for discussion on the application of cutting-edge digital solutions to commercial, economic and social concerns, involving among others, growth, financial inclusion, innovation, supply chain, route to market, and operational efficiency.

“The key topics include Bridging the Digital Skills Gap; Exploring the Metaverse; Leveraging APIs for Business Expansion; Open Banking and Open Finance; Transforming Industry through ESG Tech; Digital Trust and other relevant topics,” it said.

Ms Nancy Mosa, Partner And Head, Digital Transformation, KPMG East Africa, said the summit was one of many strategic programmes designed to position the organisation as a leading professional services provider delivering excellent digital transformation and innovation solutions.

Mr Sharmlin Moodley, Partner, Digital Transformation, KPMG South Africa, said he realised how adopting digital transformation was crucial for successful organisations, having led the firm’s Information Technology Asset Management team in Africa.

Mr Boye Ademola, Partner And Head, Digital Transformation, KPMG Africa, expressed optimism for a highly engaging digital event where attendees should expect to network and gain invaluable insights from distinguished speakers and panelists from all over the world.

KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services.

“KPMG” is used to refer to individual member firms within the KPMG organisation or to one or more member firms collectively.

NESG

Group re-schedules national economic summit

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The Nigerian Economic Summit Group (NESG) has postponed its 28th edition of NES-#28 programme to hold from Nov. 14 to 15, 2022.

This is contained in a statement by Aderibigbe Sheriff, Programme Officer of NESG, against backdrop of the economic programme earlier scheduled to hold in October, in Abuja.

Sheriff said, “After close consultation with key stakeholders from the Federal Ministry of Finance, Budget and National Planning and NESG have decided to reschedule the NES-#28, due to unforeseen circumstances.

“We regret inconveniences the rescheduling may cause to all our stakeholders already preparing to attend the programme.

“The 28th Summit initially scheduled to hold from Oct. 24 to 25, 2022 will now hold from Nov. 14 to 15, 2022 at the Transcorp Hilton Hotel, Abuja with virtual communication options.

“The programme will be attended by national and global leaders in government, business, politics, development, civil society and academia and feature deliberation on issues about Nigeria’s transition.

“The rescheduling will enable addition of critical sessions essential to achieving shared prosperity for Nigerians: details will be communicated shortly across all touch points.”

He mentioned that the group would work closely with various stakeholders to articulate the development goals in Nigeria.

Also to chat way forward on issues about security, social justice, political stability, environment and draw agenda for sustainable economic development.

infrastructure

WorldStage Economic Summit 2022 to focus on Nigeria’s infrastructural deficit

As major Nigerian political parties choose their presidential candidates for the 2023 general election, WorldStage Economic Summit 2022 is to focus on the nation’s infrastructural deficit.

According to a statement by World Stage Ltd., the organiser, the objective of the summit with the theme, ‘Nigeria’s Economy: Bridging the infrastructural gap’, is to examine the infrastructural  challenges in the country.

The statement said the summit would also proffer solutions that would significantly help at improving prospects of achieving the nation’s economic potential.

It said that the summit which would hold virtually through zoom and physically at the IBIS Hotels, Ikeja, Lagos, would have the lead paper delivered by Dr Oluseye Ajuwon, a lecturer and researcher in economics at the University of Lagos.

The statement said policy makers from the Federal Government, state governments, National Assembly, private sector, and the academia, would deliberate on values-driven, high-standard, and transparent infrastructure partnership among other issues.

It said, “Nigeria is currently facing huge infrastructural gap that has hindered desire to exploit its rich natural andk human resources to stimulate kill k until development.

“Though, the Nigerian Government approved infrastructure related Public-Private Partnership (PPP) worth $9 billion between 2010 and 2021.

“This is under the regulatory guidance of the Infrastructure Concession Regulatory Commission (ICRC), about $1.5 trillion is still needed over a 10-year period to achieve an appreciable level of the National Infrastructure Stock.”

WES 2022 is the 6th in the series of 10 editions since WorldStage consolidated its economic conferences under the umbrella of an economic summit.

It is conceived to address economic challenges through diagnoses and application of practicable solutions with public and private sector engagement in a research and innovation driven platform.

This is to inspire new thinking in business initiative, policy formulation or implementation, economic reform and development.

World Stage Ltd., is a research and technology driven Africa focused firm with expertise in multidimensional communication services that helps public and private organisations to realise their full potential.

Buhari in Japan for 7th Tokyo confab on African development

Buhari, business moguls arrived in Riyadh for of Investment Summit

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President Muhammadu Buhari and selected business moguls have arrived in Riyadh, Saudi Arabia to join other leaders for the investment conference organised by the Future Investment Initiative Institute.

The aircraft carrying the president and some members of his entourage landed at the King Khalid International Airport Riyadh at about 11.00 p.m. local time.

The president was welcomed at the airport by a team of Saudi government and Nigerian Embassy officials, some cabinet ministers from Nigeria as well as some members of Nigerian community in Saudi Arabia.

The president is expected to be joined at the 5th edition of the flagship investment event by business executives from Nigeria, bankers, captains of industry and energy experts to discuss issues on the future of investments across the globe.

According to an earlier statement on the summit, reissued by Malam Garba Shehu, spokesman of the president, on Monday in Abuja, the three-day event, with the theme, Investment in Humanity, would host global executives and asset managers.

It would deliberate on progress and prosperity with energy; true final frontiers in investments; science in action; and impact of climate change on communities among others.

Shehu also disclosed that the president would perform the lesser Hajj in Madinah and Makkah before returning to the country on Friday.

Those accompanying the president on the trip include the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo; Minister of Communications; Digital Economy, Prof. Isa Pantami, and Minister of State for Foreign Affairs, Amb. Zubairu Dada.

Others are the Minister of State for Petroleum Resources, Mr Timipre Sylva; Director-General of National Intelligence Agency, Amb. Ahmed Rufai, and Managing Director of Nigerian Sovereign Investment Authority, Uche Orji.

Some of the invitees from the private sector include Alhaji Mohammed Indimi, Alhaji Aliko Dangote, Tope Shonubi, Wale Tinubu, Alhaji Abdul Samad Rabiu, Hassan Usman, Omoboyode Olusanya, Abubakar Suleiman, Herbert Wigwe, Leo Stan Ekeh, Alan Seinfield and Alhaji Dahiru Mangal.

NESG

Economic Summit Group unveils theme, calls for urgent measures on Nigeria’s future

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The Nigerian Economic Summit Group (NESG) has unveiled the theme for the 27th edition of its annual summit scheduled for later this year, according to a statement by Yinka Iyinolakan, Head, Corporate Communications of the NESG.
The statement issued on Wednesday, in Abuja, cited “Securing our future: the fierce urgency of now”, as the theme of the National Economic Summit (NES).
Iyinolakan stated that the summit was a collaboration between the public sector, represented by the Federal Ministry of Finance, Budget and National Planning and the organised private sector represented by the NESG.
While welcoming participants to the unveiling event, the chairman of the NESG, Mr Asue Ighodalo said the annual summits had been sustained by the public-private dialogue between the NESG and the Finance ministry of finance.
“The summit is the foremost platform through which the Federal and state governments engage with corporate leaders and discuss Nigeria’s national and sub-national economic realities.
“It helps to co-create reform strategies that are critical for the advancement and reform of the Nigerian economy,” he said.
Ighodalo stated that given the present state of Nigeria’s economy, increasing unemployment, pervasive insecurity and dwindling investments in critical sectors, the time was ripe to question the path for securing a long-term future for Nigeria.
He added that governments at all levels must intensify efforts at addressing the challenges of insecurity, kidnappings, theft and other social vices.
“A secure environment is a pre-condition for economic growth, job creation and poverty reduction.
“With the current state of the Nigerian economy, it has become critical for the country to adopt a different approach with a profound sense of urgency; in finding workable measures and taking concerted actions towards achieving economic growth and national security.
“This 27th NES will present a platform for stakeholders to highlight Nigeria’s core socio-economic vulnerabilities and associated risks,to come up with solutions.
“Such solutions should alleviate these vulnerabilities while exploring potential opportunities and priorities that will accelerate economic development,” the NESG chairman said.
He revealed that the private sector-driven NESG, was currently collaborating with the Federal Ministry of Finance, Budget and National Planning to develop the long-term National Economic Development Plan, the Nigeria Agenda 2050.
He said it was imperative that the 27th NES deepened the trust and collaboration between the public and private sector to enhance the growth of the Nigerian economy.
Meanwhile, the Minister of state, Budget and National Planning, Mr Clem Agba, in his remarks, assured that Nigeria’s inflation rate was showing a downward trajectory despite global economic challenges.
Agba stated that the Summit provided a platform for effective partnership and strengthened relationships.
He added that the conclusions and recommendations of the 26th NES, held in 2020, had been forwarded to the cabinet office and would soon be deliberated upon by the Federal Executive Council (FEC).
He revealed that government was on the verge of completing the medium and long-term National Economic Development Plan, to serve as a successor plan to the long-term National Vision 20:2020.
The minister said the forthcoming summit would galvanise stakeholders to commit to a sustainable economy and agree on a compact that compelled stakeholders to ensure that key recommendations were urgently implemented.
He stated that the joint planning committee for the 27th NES had been saddled with the responsibility of reviewing the report of the NES26, make preparations for NES27, articulate budgetary requirements and prepare a report while undertaking any other work that might lead to the success of the summit.
He announced Mr David Adeosun and Mrs Ijeoma Taylaur as co-chairs and representatives of the public and private sectors, respectively.
The News Agency of Nigeria (NAN) reports that the first NES held from Feb. 18-20, 1993 resolved that it was imperative for the private sector to continuously dialogue and cooperate with the public sector.
The NESG, a private sector think-tank and non-profit organisation, had since then organised the Economic Summit annually, in partnership with the Federal Government.

NIPS

FG changes summit name to Nigeria International Energy Summit

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The Federal government has changed the Nigeria International Petroleum Summit (NIPS) name to the Nigeria International Energy Summit.

The Minister of state for Petroleum Resources,  Chief Timipre Sylva, made the announcement at the closing ceremony of the 4th edition of NIPS in Abuja.

He said that the changes was in line with the move of government towards energy transition  and decalaration of the decade of gas.

He said that the successful host of the 2021 NIPS was an indication of resilence and determination of government to ensure transition into a gas economy.

“NIPS narrowly escaped shutdown in 2020 because the summit ended few days before the whole world closed down because of coronavirus pandemic.

“This year,  we already had a good outing with the turn out of participants and discussion that we had,  it is a testament that NIPS is God’s own event.

” Going forward from today, the NIPS will be called Nigeria International Energy Summit,” he said.

Sylva noted that so far the summit had brought about various development in the sector, adding that the outcome of the 2021 summit would be more impactful.

” Last year, WalterSmith Modular Refinery was at the presentation stage, talks were still on taking the Final Investment Decision( FID) on Train seven and the Ajaokuta Kaduna Kano(Akk) gas pipeline were still not on board.

“Today in 2021, we are celebrating these projects as reality and milestone. This is a clear demonstration of how far we can go as a country,” he added.

The minister commended the cooperation of all stakeholders in ensuring that the country utilised its huge deposit of gas to join the global league of industrialised nation.

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