"Nigeria Investment Forum" on the sidelines of the U.S.-Africa Leaders Summit

Following the Nigeria Business and Investment Roundtable was the “Nigeria Investment Forum,” which was the last of the CCA’s sideline events for the week. The discussion was an opportunity to present the strong case for U.S. investment in Nigeria to a large audience of interested CCA member companies, and investors. Speakers included senior U.S. and Nigerian government and private sector leaders. H.E. President Muhammadu Buhari made remarks followed by a panel discussion, moderated by the Senior Director at Procter and Gamble and member of the CCA board, Temitope Iluyemi. Florie Liser, the President and CEO of the Corporate Council on Africa, started the forum by welcoming the stakeholders and announcing the CCA’s upcoming 30th anniversary. Mrs. Liser emphasized that CCA members’ Fintech, health, finance, and energy working groups are excited to partner with Nigerian government and private partners. This forum presented an opportunity for more cooperation especially as President Biden announced, during the summit, that over $16 billion worth of deals have been signed just this week. Furthermore, H.E. President Muhammadu Buhari delivered remarks highlighting initiatives and policies implemented by the Government of Nigeria, under his leadership, in promoting investment into the Nigerian economy. President Buhari thanked businesses for their stamina in Nigeria reminding them that their investment is appreciated. H.E. President Buhari also affirmed that technology, like power, “is coming to our rescue” and even terrorism cannot interfere its advancement. Following this, Mrs. Temitope introduced the forum’s topic: “Beyond Oil and 2023: The Sustainability of Nigeria’s Growth and Development. Crude oil represents 80% of Nigeria’s foreign earnings, however, the COVID crisis and oil prices’ volatility have triggered the government’s actions to diversify Nigeria’s economy through the ‘Zero Oil Plan’ and Nigerian Economic Sustainability Plan. Panelists shared ways to sustain Nigeria’s growth beyond oil. The Managing Director of the Bank of Industry, Mr. Olukayode Pitan, presented the attractive incentives they offer to prospective investors in Nigeria. Similarly, The CEO of the Nigerian Investment Promotion Commission (NIPC), Saratu Umar, presented the NIPC’s investment promotion, advocacy, and monitoring in Nigeria to ensure policies respond to investors’ needs. Moreover, the governor of Kwara State, H.E AbdulRahman AbdulRazaq, indicated the advantages of investing in this Lithium-rich state. Demonstrating unity despite political dissent, the Governor of Bauchi state, an opposition state, stated the presidency’s good economic policies, healthy competition, and “level playing fields” as a reason for their attractive agricultural policies. Overall, the forum highlighted why Nigeria is a compelling place for investment on the continent, presenting the country’s favorable policies, united leadership, and investment opportunities, beyond oil. Panelists recommended businesses follow those, like Flour Mills and Coca-Cola, who “know the road” and have successfully invested in Nigeria. The forum’s final word can be summed up as such: “If you are not investing in Nigeria it means you’re notinvesting in Africa.”