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Abuja Business and Investment Summit ends in grand Style

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The inaugural Abuja Business and Investment Summit kicked off last Wednesday, October 16, 2024, at the Shehu Musa Yar’Adua Centre, Abuja, under the theme “Optimizing Investments through Partnership.”

 

The event gathered top government officials, captains of industries, Heads of Foreign Missions, development partners, business leaders as well and prospective investors. The summit is aimed at showcasing the vast investment potential within Nigeria’s Federal Capital Territory (FCT).

 

In his opening remarks, the minister for the Federal Capital Territory, Barr. Nyesom Wike, delivered a powerful address, calling for collaborative investments. He highlighted that Abuja presents significant opportunities across sectors, such as agriculture, healthcare, tourism, construction, mining, and renewable energy. He emphasized that his administration plans to launch nine major projects next week to enhance investment conditions in the FCT.

 

“Security is paramount in attracting investors. The safety of our investments is our top priority’,’ Barr. Wike said.

 

He also emphasised the ongoing security measures to foster a conducive business environment for residence and investors in the FCT.

 

Wike further outlined that the FCT is poised for investment due to its strategic location and developing population.

 

“Abuja is not just the political capital of Nigeria; it is a place of opportunities waiting to be harnessed.” He added.

 

He also encouraged both local and foreign investors to explore vast opportunities in real estate, technology, Agro-business, and more.

 

Former Central Bank of Nigeria, CBN and the incumbent governor of Anambra State, Prof Charles Soludo, in his keynote speech, raised concerns regarding Nigeria’s low Foreign Direct Investment (FDI) flows. He pointed out the need for Nigerians to support local products.

 

The Anambra state governor described foreign companies exiting Nigeria as “opportunistic” firms that jump from one country to another “the day they have itchy feet”.

 

“Dear friends, there is what we call the new mercantilism and pseudo-nationalism; it’s both a threat and an opportunity. In today’s world, in many countries, new nationalism is back. Economic nationalism is back, new mercantilism is back,”

 

“People are saying ‘America first’. We must be intentional. The agenda of ‘Nigeria first’ as a philosophy is something that we must mainstream. This will require us to intentionally nurture national champions for sustainability.

 

“If you see the companies that have pulled out of Nigeria, how many of them happen to be national companies? None. The day they have itchy feet, they jump to the next one (country), they are very opportunistic. Extremely opportunistic, with no emotions to it. So, for long-term sustainability, we must nurture the domestic capital and build them.” He said.

 

He expressed the hope that “both forex and price level will stabilise and the interest rate and monetary policy will loosen” for business owners to borrow at reasonable rates to have real return on investments

 

He also said lower interest rates would shore up domestic investment, even foreign investment.

 

Continuing, he maintained that the oil and gas sector would remain a game-changer for the Nigerian economy, he however encouraged the government of the day to shore up daily oil production to around three million barrels per day to boost forex.

 

“In the short to medium term, the oil and gas sector will remain the game changer for Nigeria. It is still going to be very critical,” he said, adding that addressing security challenges and fostering ease of doing business would help fast-track economic recovery.

 

In her remark, Amb. Maureen Tamuno, PhD, the Group Managing Director of the Abuja Investment Company Limited, AICL and the summit’s host, expressed confidence in the selected panelists, anticipating that their insights would pave the way for new economic growth.

 

“This summit is aimed at promoting investment opportunities in the Federal Capital Territory while facilitating networking among investors,” she stated.

 

In messages of support, Mr. Alade Akinremi, representing the Minister of Foreign Affairs, emphasized the importance of partnerships to maximize returns on investments. He reflected on the uniqueness of the FCT as a melting pot of Nigerian families, fostering an inclusive business environment.

 

Former First Lady of Benue State, Mrs. Yemisi Suswan, highlighted challenges in affordable housing, urging stakeholders to consider upgrading informal settlements in the FCT. Meanwhile, Hon. Shino Oyedeji from the House of Representatives praised the summit for aligning with President Ahmed Tinubu’s vision of a “New Nigeria.”

 

A series of panel discussions commenced, focusing on critical topics including infrastructure development and the establishment of Public-Private Partnerships (PPPs) as effective means for enhancing infrastructure and services in the territory.

 

The summit aims to forge necessary partnerships to amplify Nigeria’s potential for investment, drive growth, and enhance economic prosperity across various sectors.

 

The event climaxed on Day 2 with a series of insightful panel discussions:

 

The first panel, with the theme; Leveraging Technology for Economic Growth was moderated by Mrs. Kate Pam Semiek, CEO of Stalwart Group, who zeroed in on how Nigeria can utilize emerging technologies—such as artificial intelligence, blockchain, and the Internet of Things—to foster economic development.

 

Panelist Precious Adah Ogbuehi, Regional Head for West Africa at Tepfx, emphasized the transformative power of technology in trading.

 

She stated that in the age of AI, trading has become effortless.

 

’You simply invest your money, and the AI manages the trades while you sleep,” she said.

 

She described technology as an “enabler,” integral to accelerating progress—no longer a luxury but a necessity.

 

On his own, Mr. Soyinka Shodunke, Chief Information Officer at MTN Nigeria, reinforced this idea by stating that he processes about 52 billion records daily thanks to technological capabilities. Meanwhile, Mr. Yusuf Shafeek Isah, Managing Director of Abuja Technology Village, highlighted Abuja’s strategic location as a beacon for potential investors.

 

The second panel discussion, moderated by Kimberly Nwanachukwu, focused on the investment opportunities within Nigeria’s thriving entertainment sector, which reportedly contributes over $7 billion annually to the economy.

 

 

 

Dr. Emeka Rollas of the Actors Guild of Nigeria, AGN, lamented that despite Nollywood’s potential, many producers struggle financially.

 

“Nollywood isn’t earning to its full potential, which results in a visible disparity among industry professionals,” he said.

 

Abiodun Akanbi, Chief Investment Officer at the AICL, noted that Abuja is poised to become a major entertainment hub, with plans for a dedicated Abuja Film Village.

 

Fidelis Duker, Chairman of FAD Media Group, called for government support in building infrastructure for the industry. “Just as stadiums aren’t built by footballers, the government should invest seriously in film,” he stated.

 

The founder of the Best of Nollywood Award, BON, Seun Oloketuyi on his own gave kudos to the organisers for this noble summit.

 

‘’I appreciate the organisers of the event for deeming it fit to include entertainment to the summit, this does not happen every time. People don’t always mix entertainment with business summits in this part of the world. He therefore encouraged AICL to boost the economy of Abuja by partnering with notable entertainers.

 

The third panel was moderated by Arise News correspondent Nissi Ochoche Gabriel. The speakers examined how streamlined government policies could bolster investment.

 

Mrs. Toyin Bashiru, a partner in a legal firm, discussed the impact of technology in simplifying regulatory processes and reducing the need for physical document stamping. Dr. Emomotimi John Agama from the Securities and Exchange Commission, SEC spoke on financial literacy, stressing its importance for small and medium-sized enterprises looking to attract investment.

 

“Transparency and effective processes build confidence, which is essential for achieving our investment goals” He encouraged. While also addressing the challenges of financial mismatches that hinder long-term business growth.

 

The day’s final panel, moderated by business development expert Jacklin Yawa, delved into the agriculture sector—a field facing a $35 billion funding gap despite its significant contribution to Nigeria’s GDP.

 

Akin Orebiyi, founder and CEO of Ewari Farms, projected that Africa’s agribusiness market would reach $1 trillion by 2030, stressing the need for investments in various facets of agriculture, from production to logistics. Mr. Oladele emphasized the importance of cluster farming to reduce operational costs through shared resources.

 

CEO of Mainstay Agro Allied Limited, Promise Amahah, highlighted that successful agriculture goes beyond just farming. He called attention to the need for extensive pre- and post-production planning to unlock untapped potential in the Federal Capital Territory.

 

Meanwhile, the summit’s goodwill message, delivered by Dayo Israel, commended Ambassador Tamuno for facilitating the event and reiterated the importance of creating a conducive environment for businesses to thrive.

 

“As we come together to explore investment opportunities, we must ensure Abuja and Nigeria are recognized as trustworthy partners for investors.

 

With these discussions, the Abuja Business and Investment Summit 2024 is set to generate critical insights and forge valuable partnerships aimed at enhancing Nigeria’s economic landscape’’ He added.

 

 

 

The summit concluded on a high note, emphasizing the critical role women play in driving Nigeria’s economic growth.

 

In her insightful opening remarks, the Special Guest of Honour, Dr. Mariya Mahmoud, the Minister of State for the Federal Capital Territory (FCT) outlined that empowering women entrepreneurs is not just a matter of equity; it is an economic imperative. While she also highlighted that women-owned businesses represent about 41% of Small and Medium Enterprises (SMEs) in Nigeria, and urged stakeholders to help overcome barriers such as limited access to financing and mentorship for women entrepreneurs.

 

Dr. Mahmoud underscored the dual impact of women in business: driving innovation and fostering social change.

 

“Women are breaking barriers in various sectors, including technology, agriculture, manufacturing, and services. Their contributions are as diverse as they are impactful,” she added.

 

The convener of the summit, Ambassador Maureen Tamuno, also echoed these sentiments in her welcome address. She called for leaders and change-makers to dismantle barriers that hinder women’s progress, fostering a business environment that promotes gender equity. Her remarks set the stage for two impactful panel discussions centred on women’s empowerment and impact investment.

 

The first panel discussion, titled ‘Women Development and Economic Empowerment’ explored strategies to fuel inclusive economic growth through investment in women-led enterprises. Moderator Hasatu Adegbite, a National Consultant with UN Women, guided a dialogue featuring prominent leaders, including Pamela Shodipo, Executive Director of Fidelity Bank, who discussed targeted financial products aimed at supporting women entrepreneurs.

 

Princess Layo Bakare Okeowo, CEO of FAE Limited, emphasized the importance of employing women, noting that “80% of her staff are women because they are detail-oriented. Bonaventure Okhaimo, COO of the Development Bank of Nigeria, highlighted the bank’s commitment to funding women-led Micro, Small, and Medium Enterprises (MSMEs) and offering capacity-building programs.

 

The second panel delved into “Impact Investment,” led by moderator Treasure Okuku. Panelists include Mrs. Kai Orgah, MD/CEO of ARM Investment Managers, Dr. Mrs Felicia Mogo, Fiaona Ahmed, Ahime, and Dr. Kayode Akinade, who discussed the significance of investments that not only generate financial returns but also yield positive social impact. Together, they illustrated how Nigeria can harness impact investing to stimulate development across vital sectors like healthcare, education, and agriculture.

 

Senator Binta Garba gave her success story, encouraging women not to give up no matter how tough the situation.

 

The summit also provided a platform for attendees to share inspiring success stories, fostering a culture of resilience and determination among women entrepreneurs.

 

In her closing remarks, Ambassador Tamuno expressed gratitude to all participants, attributing the summit’s success to their collective efforts. She reaffirmed her commitment to continuing the work of AICL in empowering women and driving economic growth in Nigeria.

 

The summit concluded with a renewed call for collaboration and partnership as essential tools for promoting innovation and creating lasting economic impact.

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Adeleke swears in new Osun LG chairs, urges good governance

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27 mins ago

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February 23, 2025

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Osun State Governor, Senator Ademola Adeleke, on Sunday, inaugurated the newly elected local government chairmen and councillors in the Saturday poll.

Adeleke urged them to focus on good governance while warning against any attempt to forcibly occupy council secretariats.

He also expressed gratitude to President Bola Tinubu for resisting attempts by some forces to destabilise Osun State.

Speaking at the swearing-in ceremony in Osogbo, the governor described the occasion as a major milestone in the state’s democratic process, emphasising that the election was conducted in line with due process.

“We are here to conclude a democratic process for which we all laboured so hard to achieve,” Adeleke said.

Before proceeding with his address, the governor called for a minute of silence in honour of those who lost their lives during the “illegal APC takeover of local government secretariats.”

The governor recounted the journey leading to the local government election, stating that the Osun State Independent Electoral Commission had duly followed all legal procedures.

“The state electoral body had issued due notice of election a year ago. I know the commission had complied with all extant rules and procedures which led to the emergence of new local government chairmen and councillors,” he stated.

While acknowledging the legal controversies surrounding the election, Adeleke affirmed that his administration acted within the ambit of the law.

“It is, however, a thing of joy that the facts are out in the public domain, and we are satisfied that we are on the side of the law within the context of the rule of law and the constitution,” he added.

Call for Good Governance….

Addressing the newly sworn-in officials, Adeleke charged them to be “agents of change, community developers, and deliverers of the dividends of democracy.”

“You have the mandate to deliver on good governance in your respective local governments.

“I charge you to develop plans of action within the manifesto of the Peoples Democratic Party (PDP).

“As our government is transforming the state for the better, I call on you to be agents of change,” he said.

The governor also appreciated the people of Osun for their steadfast support, assuring them that his administration would remain committed to their welfare.

“Osun people demonstrated courage and passion to exercise their voting rights, and they did so by massively supporting our party despite all the constraints. We will not fail you. People’s welfare will continue to be our watchword,” he promised.

Adeleke commended OSIEC, security agencies, and state officials for ensuring the success of the election.

Appreciation to Tinubu

In a significant moment, the governor expressed gratitude to President Bola Tinubu for resisting attempts by some forces to destabilise Osun State.

“I should not end this address without acknowledging the contributions of Mr. President, Senator Bola Ahmed Tinubu.

“I am most grateful to Mr. President for rejecting efforts by some forces to plunge Osun into chaos,” Adeleke stated.

He reaffirmed his commitment to upholding the rule of law and the constitution in governance and conflict resolution.

Warning Against Forced Takeover
The governor strongly advised the newly elected chairmen and councillors to avoid confrontation at local government secretariats, citing an ongoing legal process to resolve the leadership crisis.

“I urge you and your councillors to please stay away from the council secretariats to avoid any clash with those whom the police had aided to forcefully occupy the local government secretariats,” Adeleke cautioned.

He referenced an Osun State High Court ruling that had affirmed vacancies in both chairmanship and councillorship positions before the election on February 22, 2025, assuring that his administration would rely on the judiciary to remove those illegally occupying the secretariats.

“Please be patient and always abide by the rule of law,” he advised.

With that, Adeleke formally declared the swearing-in of the elected local government officials.

“It is on this note that I, Senator Ademola Jackson Nurudeen Adeleke, the Executive Governor of Osun State, hereby effect the swearing-in of elected local government chairmen across Osun State. Congratulations and God bless you,” he concluded.

 

 

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Alcohol, tobacco record highest inflation rate

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1 hour ago

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February 23, 2025

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The National Bureau of Statistics has disclosed that alcoholic beverages, tobacco, and narcotics recorded the highest inflation rate at 14.80 per cent, according to its latest rebased Consumer Price Index for January 2025.

In a graphical illustration presented in its CPI report, the NBS noted that the alcohol and tobacco item division was followed by restaurants and accommodation services, which had an inflation rate of 14.14 per cent, while transport and clothing and footwear recorded 12.77 per cent and 12.73 per cent, respectively.

The report, which rebased Nigeria’s CPI to 2024 as the new base year, revealed that headline inflation stood at 24.48 per cent in January 2025, meaning that the general price level of goods and services rose significantly compared to the same period in 2024.

The report by the NBS read, “The rebased All Items index in January 2025 was 110.68, while the headline inflation rate on a year-on-year basis stood at 24.48 per cent in January 2025.

“This means that the general prices of goods and services in Nigeria increased by 24.48 per cent compared to January 2024.”

The CPI rebasing was necessary to reflect current economic realities and consumption patterns in Nigeria.

The rebased CPI structure covers 934 product varieties, classified under 13 divisions based on the 2018 Classification of Individual Consumption According to Purpose.

The divisions include food and non-alcoholic beverages, clothing and footwear, transport, housing and utilities, furnishings, health, communication, and education, among others.

The weighting structure was adjusted to account for changes in consumer spending, with food and non-alcoholic beverages maintaining the highest weight at 40 per cent, although it declined from 51.8 per cent in the previous base year of 2009.

According to the report, inflationary pressures varied across different categories, with food and beverages inflation at 10.64 per cent, reflecting the continued rise in staple food prices.

The personal care, social protection, and miscellaneous goods and services division recorded 12.04 per cent inflation, while furnishings, household equipment, and routine household maintenance saw an inflation rate of 11.48 per cent.

The health sector recorded 9.42 per cent inflation, while housing, water, electricity, gas, and other fuels increased by 7.61 per cent.

The education sector and insurance and financial services recorded the lowest inflation rates, standing at 4.88 per cent and 4.65 per cent, respectively. Information and communication, which was newly assigned a higher weight in the rebased CPI, had an inflation rate of 7.54 per cent.

The recreation, sport, and culture category recorded 6.85 per cent, highlighting moderate price increases in these services.

The NBS report highlighted the divergence in inflation trends between urban and rural areas, with urban inflation at 26.09 per cent, while rural inflation stood at 22.15 per cent.

This suggests that price pressures were more severe in urban areas, particularly in sectors such as housing, transportation, and restaurant services, where cost increments were more pronounced.

The rebasing exercise introduced new methodologies to enhance the accuracy of inflation tracking.

Data collection was fully digitised, replacing paper-based surveys with computer-assisted personal interviewing devices, which allowed real-time transmission and verification of price data.

The high inflation rate for alcoholic beverages and tobacco is linked to multiple factors, including excise duties, exchange rate volatility, production costs, and supply chain disruptions.

We further observed that Imo State emerged as the most expensive state to reside in Nigeria following the rebasing of the Consumer Price Index by the NBS.

The development marked a significant shift in Nigeria’s inflation rankings, as Bauchi, which held the top spot for seven consecutive months, was dethroned.

The change comes after the NBS updated its methodology, adjusting the base year from 2009 to 2024, revising the weighting structure, and expanding the consumer basket to better reflect household spending patterns.

Earlier, the Statistician-General of the Federation and Chief Executive of the NBS, Prince Semiu Adeyemi, said, “Rebasing our GDP and CPI allows us to align with these transformations, providing a more precise and relevant picture of Nigeria’s economic landscape.

“This process is foundational to informed policymaking, strategic planning, and effective governance; hence, it is one exercise that the NBS is conducting with significant importance and professionalism.”

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News and Report

Fire guts MTN booster station in Oyo

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1 hour ago

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February 23, 2025

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An MTN booster station located on the premises of the University of Ibadan, Oyo State, was gutted by fire on Saturday.

Our Investigations revealed that the fire, which broke out at the booster station within the Faculty of Nursing, was caused by an electrical surge.

One of the witnesses told our correspondent that “the incident occurred in the early hours of Saturday around 4 am.”

Another source said, “The incident affected the Mikano electrical generator, board, and other telecommunications gadgets in the booster station.”

When contacted in Ibadan, the state capital, the Special Adviser on Fire Services Reform to Governor Seyi Makinde and Chairman of the State Fire Services Agency, Moroof Akinwande, confirmed the incident.

He said the booster station belonged to the MTN.

He said, “The state Fire Service’s prompt response doused the fire at the MTN booster station beside the Faculty of Nursing, University of Ibadan.

“The fire incident was reported exactly at 04:00 hrs on Saturday, February 22, 2025.

“The fire personnel, led by ACFS Olubunmi, were promptly deployed to the scene and arrived on time.

“On arrival, we met the Mikano electrical generator and board on fire. We quickly joined hands with the university’s fire marshals, and the fire was extinguished completely. The fire was caused by an electrical surge”, he explained.

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