Nigerian Diplomats, Businesses Engage Global Partners to Boost Investments, Grants at UNGA79

By Folorunso Ibrahim, Abuja

Nigerian envoys and businesses have continued to rally global investors and donors to boost sustainable investments, grants and interventions in the country at the UNGA 79 Forum for Global Investors.

At a High-Level Roundtable on Sustainable Investments, Grants and Interventions held at Nigeria House in New York, the officials and businesses took turns to highlight the abundant Nigeria’s investment opportunities.

L-R: Amb. Abubakar Jidda, Consul-General of Nigeria in New York, Governor Nasir Idris of Kebbi and U.S. Ambassador to Nigeria from 2007 to 2010 at the High-Level Roundtable on Sustainable Investments, Grants and Interventions held at Nigeria House in New York

The Consul-General of Nigeria in New York, Ambassador Abubakar Jidda, in his welcome address, said Nigeria’s strategic location, abundant resources, dynamic population and commitment to reforms positioned it as a prime destination for investors.

A statement from the information desk of the Consulate, signed by Mr Tiamiyu Arobani, quoted Ambassador Jidda as saying , “Nigeria is not just an opportunity; it’s a gateway to the future of trade and investment in Africa,”

He added that the ongoing reforms under President Bola Tinubu are aimed at creating a favourable environment for investments.

The Consul-General of Nigeria in New York encouraged participants to leverage on the roundtable discussions to forge partnerships that could lead to transformative projects across various sectors, including agriculture, infrastructure, technology, healthcare and renewable energy.

He said the discussions offered a unique opportunity to build partnerships that could drive sustainable transformation, encouraging participants to take advantage of the roundtable to share credible information to unlock opportunities in one of the most promising and lucrative markets in Africa.

Acting Permanent Representative of Nigeria to the UN, Mr Syndoph Endoni, expressed worries that Africa’s FDI accounted for only 3.5 per cent of global FDIs in 2024, and declining by three per cent to 53 billion dollars in 2023.

His words, “It is against this backdrop and necessity to significantly boost FDI and ease of doing business in Nigeria that President Bola Ahmed TINUBU, upon assumption of office established a Presidential Committee on Review of Fiscal Policy and Tax Reform.

“This position also informed Nigeria’s leadership on the need for the adoption of a UN Framework Convention on International Tax Cooperation to ensure inclusivity in global tax decision making and protection of African economies from shortchange and tax evasion.

“As we speak, Nigeria is spearheading the discussions at the UN on the adoption of a UN Framework Convention on International Tax Cooperation, that about a month ago the UN unanimously adopted the Terms of Reference,” he said.

The Nigerian diplomat also said being a fossil fuel-dependent economy, Nigeria was seeking some guaranties from the developed countries for transfer of knowledge, in the transition to green energy, that will enable the country to be economically viable.

Endoni noted the recent extension of U.S. tourist visa validity for Nigerians from two to five years but urged further improvements in reducing the wait time for visa interviews, which currently extended up to three years, and called for reciprocal measures from both countries to ease travel restrictions and enhance bilateral relations.

Mr Kunle Yusuff, the Executive Vice Chairman/CEO of Merited Negotiating Consulting, convener of the event, said the roundtable served as a strategic platform for fostering global partnerships aimed at accelerating sustainable investments, grant accessibility and intervention support.

Yusuff added that the roundtable was centered on partnership, synergy, cooperation, financing, and co-funding for sustainable investments, grants, and interventions targeting Sustainable Development Goals, climate change, green environments, agribusiness, youth development, gender mainstreaming, and capacity building for future generations.

He explained that the event had also enhanced relationships with development partners and donor agencies across the globe, as well as an avenue to highlight Nigeria’s potential as a strategic investment destination.

Yusuff further said that “any development intervention that advances Nigeria is a step toward advancing 20 per cent of the global Black population”.

“With the largest population and the biggest market in Africa, Nigeria offers a unique opportunity for development interventions. The government’s bold economic liberalization efforts have positioned the country as a lucrative hub for both domestic and international investors, particularly in West and Central Africa.”

He said the success of 2023 event established key partnerships with the CEO Summit, Liberty University, America Asia Africa Consulting Cooperation, Satnaam Development Contracting Group LLC, The Phoenix Group, Green Yelwa Organic Fertilizer, USA, and Strategic Groups, USA.

Kebbi Governor, Nasir Idris, who made a presentation on the investment opportunities in the state, highlighted the rich agricultural potential of the state and assured of the friendly investment climate for prospective investors.

Idris emphasized the importance of AI grants and women’s empowerment for Nigeria’s sustainable development, and vowed to make the state a Mecca for AI, leveraging it for agriculture production.

The governor expressed gratitude to the Nigerian missions in New York for hosting the event as the initiative will help turn the fortunes of Nigeria around adding, subnational governments can achieve their full potential through such collaborations.

Prof. Tai Balofin, who spoke on “Nigeria’s readiness to harness global business opportunities”, dwelt on Nigeria’s attractive reforms and regulatory environment, the human capital development, and roles of the diplomatic mission.

Balofin said Nigerian government has undertaken significant reforms to enhance the ease of doing business, attract investment, and ensure a level playing field for all investors through the Companies and Allied Matters Act and the Petroleum Industry Act.

He said Nigeria offered a wide range of investment incentives designed to attract and retain investors like the pioneer status incentive, visa on arrival policy, and free trade zones, among other.

Former U.S. Ambassador to Nigeria from 2007 to 2020, Robin Sanders, said visa processing delays were not specific to Nigeria but a global challenge due to capacity constraints.

“I just wanted to say on the visa portion in terms of the wait time because it’s like a huge issue. I just wanted to explain that sometimes it’s based on the demand capacity to be able to execute. So we address that issue,” Sanders said.

Some of the participating organizations at the event included the Governments of Nasarawa and Ogun States, the House of Representatives Committee on Foreign Affairs, Bank of Industry, and NACCIMA.

Others were UN Institute for Training and Research; UN Satellite Centre; the Commonwealth; the Organisation of African, Caribbean and Pacific states; AI Grant USA; Xlink Resources Group USA; Inter Group Co. Ltd, Thailand; EOS Alliance; and Blockchain Capital.