Nigerians in Diaspora Commission, NIDCOM, is to hold its investment summit to explore new areas and innovative avenues to attract diaspora direct investment back home and emerge effectively into a diversified Nigerian economy effective.
This Chairman Nigerians in Diaspora Commission (NiDCOM) Dr Abike Dabiri-Erewa said this at a press conference ahead of the 5th Annual Nigeria Diaspora Investment Summit (NDIS), in Abuja.
Dr Dabiri-Erewa also said that the opportunities would enhance National development and accelerate the socio-economic development of the country.
“We need to talk about the ease of doing business because we know that one of the things the diaspora talk about is how easy it is for us to invest in Nigeria, so we will be focusing on that. There has been tremendous improvement, but there is room for more. Our summit, NDIS is a private-sector initiative backed and enabled by the government through the Nigerians in Diaspora Commission (NiDCOM). Its primary aim is to demonstrate that in the face of stiff competition for Foreign Direct Investment (FDI), targeting Nigerians in Diaspora for inward investment is probably the best strategy for a country like Nigeria with over 15m of its citizens gainfully domiciled in the Diaspora. Our diaspora should be our first target for investment in the country that’s the best strategy for Nigeria with over 17m Nigerians in the diaspora globally. So we are going to look for foreign direct investment, we are targeting our diaspora as our first and key investors against what we succeeded in the last five years, and I know we will continue to do better,” she explained
According to the Chairman, over 900 business links have been established since the commencement of the Nigeria Diaspora Investment Summit, NDIS.
She said; “Since inception NDIS has recorded many success stories, both in terms of business connections and social impact. With over 3,000 participants recorded, 900 business links established and over 200 deals closed, NDIS has come into its own as the leading business networking event for connecting Nigerian business owners and NGO operators with Nigerian Diaspora-based investors. It has also provided a platform for the Diaspora community to give back by providing support for several deserving NGOs. To build on the successes achieved through previous summits, this edition has Ondo State in focus. These investments are going to the grassroots therefore there is a need to decentralize the concept to optimize it to target the right investments.”
Dr Dabiri-Erewa explained that with the successes recorded by NDIS, it has become a leading business networking event for connecting Nigerian business owners and NGO operators with Nigerian Diaspora-based investors.
She said; “A few of the local firm’s companies that have benefited through participating at NDIS, include start-ups like Opalson Nigeria Limited which exports agro commodities from Nigeria to the international market and Nairaxi (logistics tech); Surejobz App (recruitment tech) and iSTEMLabs Africa (education tech) all of which have been featured at previous NDIS summits.”
She said; “As a result of the connections made and information gained during previous summits, several participants have been inspired to start their businesses while some investors had tripled their stake in the country based on the insights gathered from the summit.
“Some non-profit organisations also benefitted from donations from US-based grant-maker ROBUR Foundation. Some state governments like Borno, Nasarawa and Ondo, have keyed into this strategy and are already reaping the rewards. At the 2021 summit, the Ondo State Development and Investment Promotion Agency (ONDIPA) made a strong pitch anchored on its vast opportunities in cocoa production (leading producer in the country); oil palm production (4th largest); oil and gas (5th largest) as well as tourism and its proximity to Lagos.”
Owing to the close linkage between ease of doing business and investor attraction, NDIS has maintained a collaborative working relationship with the Presidential Enabling Business Environment Council (PEBEC) to help eliminate bureaucratic barriers to doing business in Nigeria and make the country an easier place to start and grow a businessss. It also attracts foreign direct investment into the country, especially for Nigerians in Diaspora.
This year’s summit, which will be chaired by Nigeria’s Vice President Professor Yemi Osinbajo, with the theme “Optimizing Investment Opportunities for National Development” is set to hold from 15th to 16th November 2022.
Mercy Chukwudiebere
