Where oil wealth is not enough to join the class of wealthy nations
The 4th edition of the Nigeria Diaspora Investment Summit (NDIS) summit coming up on the 16th-17th of November 2021 will be making a bold attempt to attract much-needed dollars from investors and immigrant entrepreneurs to Nigeria.
The Theme of the summit is Partnership & Linkages For Post Covid Economic Growth. The Summit is aimed at establishing a platform where Nigerians and Nigerians in Diaspora investors can interact with potential sponsors, partners, collaborators and government officials.
They will have direct round table deals for mutual benefits and for those seeking investment opportunities in Nigeria. Growth prospects from a wide range of industries will be showcased.
The event will be hosted by the Chairman, Nigerians in Diaspora Commission (NiDCOM), Hon Abike Dabiri-Erewa while the Special Guest of Honour will be His Excellency, the Vice President, Professor Yemi Osinbajo.
The event is specially targeted at Diaspora investors and potential foreign investors with a favorable risk appetite, seeking opportunities for investment in Nigeria.
Also being reached are financial intermediaries and stakeholders with an interest in the resurgence of diversification efforts.
The sectors to be highlighted at the Summit include: Healthcare, education, agriculture telecommunications, manufacturing and real estate.
Agriculture and the top 3 sectors for investment in Nigeria
This year’s Summit comes on the heels of the government’s current emphasis on providing unprecedented support for the small business sector, agriculture, and massive infrastructure development. Given that these are the top three job creating sectors in any economy, the Summit organisers also prioritized them.
Diaspora investors will therefore be encouraged to channel their investments into these, as well as the other sectors.
Registration for the virtual summit can be done HERE. Dr. Badewa T. Adejugbe-Williams, the Summit Coordinator confirmed that over 400 companies have already registered to participate.
This private sector-driven summit is in collaboration with Nigerians in Diaspora Commission (NIDCOM). NIDCOM is the commission responsible for ensuring the engagement of the Nigerians in the Diaspora in the policies, projects, and participation in the development of Nigeria. It was established in 2019 and has Hon. Abike Dabiri as Chairman/CEO.
The global remittance industry’s $930 billion projection and challenge for Nigeria
Foreign direct investment (FDI) inflows to Nigeria increased to $2.4 billion in 2020 from $2.3 in the previous year despite the COVID-19 pandemic that plagued global economies.
The global remittance industry was estimated at $682.60 billion in 2018, and is anticipated to hit $930.44 billion by 2026.
The rise in cross-border transactions & mobile-based payment channels, reduced remittance cost & transfer time, increase in adoption of banking and financial services fuel the growth of the global remittance market.
Remittance flows into low-income countries offer strong support to households and provide the much-needed tax revenue. But, the outbreak of the pandemic has paralyzed the economies of several states.
The question is how much of this massive global remittance will flow into Nigeria? Given the increasing state of insecurity, rapid fall of the local Naira currency and inadequate structure, attracting foreign investment will be challenging
The Diaspora Investment Summit will attempt to change the narrative and help amplify the viability of Nigeria as an investment destination.
Abike Dabiri noted that “the primary aim of this initiative is to demonstrate that at a time when competition for Foreign Direct Investment (FDI) is at its fiercest, targeting Nigerians in Diaspora for inward investment is probably the best strategy, particularly in the light of a heightened risk profile for the country.
“This is further corroborated by the fact that a number of first- and second-generation Nigerians in Diaspora are among a narrow but growing demographic band, experiencing increased wealth with more disposable incomes in the societies where they reside.”