Nigeria more Compelling Investment Destination – Doyin Salami

 

Nigeria’s leading finance and business daily newspaper, yesterday kicked off its annual Nigeria-South Africa investment summit at a breakfast held on the sidelines of the on-going World Economic Forum on Africa (WEF) in Cape Town.

The event attracted an array of CEOs, investors and diplomats from both countries and it was held at the prestigious WESTiN Hotel, adjacent to the Cape Town International Convention Centre.

Doyin Salami, a senior fellow at the Lagos Business School, (LBS) presented the lead paper, titled ‘Emerging Opportunities in the Nigerian Market’, at the breakfast and it drew long applause from the audience which also included journalists from around the world.

Salami pointed to the recently concluded successful elections and hand-over in Nigeria, which he said have made investment in the country even more compelling.

The erudite economist showcased a number of industrial sectors in Nigeria, including manufacturing and energy, as well as the changing spending habits of Nigerians, which combine to make the country an attractive proposition.

Salami listed some of the challenges facing the country, such as power and frustration over the regulatory space, but said investors had good reason to expect that the new government would mount the required reforms.

Lulu Louis Mnguni , South African High Commissioner to Nigeria, who gave the welcome address at the event ,said both countries have come a long way and that despite occasional spats, business and investment ties were set to further grow in the years to come.

Mnguni said while attending the recent inauguration of President Muhammadu Buhari, President Zuma of South Africa had held vital talks with his Nigerian counterpart and that both countries agreed on the need to work together to improve life for their own people and Africa as a whole.

Folusho Phillips, chairman of the Nigeria South Chamber of Commerce, who also spoke at the event, said both governments needed to further improve understanding among their people, of the interdependence of both countries and in particular, said Ambassador Mnguni would have to do more to improve perception among Nigerians.

Chris Maroleng, MTN’s group corporate affairs executive, said the company would continue to make the required investment in Nigeria to support the business which now boasts 60 million lines and he drew envy from many of the businessmen in the audience.

Yewande Sadiku, CEO of Stanbic IBTC Capital, said the investors raising funds to enter or expand in Nigeria would find a worthy and competent partner in Stanbic IBTC.

Frank Aigbogun, publisher of BusinessDay, announced at the breakfast that the annual investment summit would move location between the two countries under a partnership with South Africa’s Mail & Guardian Africa newspaper. MTN Nigeria and Stanbic IBTC sponsored the event.