Nasarawa State was the centre of attraction recently when notable players in economic, industrial and agricultural sectors, as well as policymakers, converged on its capital, Lafia, for the “Nasarawa Investment Summit 2024” which was held from May 15 to 16, 2024.
The summit, tagged: “The Nasarawa Industrial Renaissance”, was designed to build on the success of the inaugural one which was held in 2022 by creating and expanding pathways for leveraging the immense industrial, agricultural and mining potential of the state for inclusive and sustainable wealth creation.
According to the event’s organisers, at the core of the second summit was the emphasis on infrastructure development to drive the state’s industrialisation. The programme featured curated sessions that interrogated pressing issues and strategic considerations relevant to the state’s economic progress.
At the event, President Bola Tinubu lauded Governor Abdullahi Sule for his vision in transforming and repositioning the state to the number one choice for agricultural and solid minerals investment within a short period.
Represented by the Minister of Trade and Investment, Doris Nkiruka Uzoka-Anite, Tinubu specifically commended Sule for creating a viable industrial ecosystem that attracted investments, created jobs and stimulated innovations.
Tinubu said, “I want to praise Governor Sule’s efforts in implementing policies and programmes that foster a business-friendly environment, investment in infrastructure and promoting value addition in key sectors such as agriculture, mining and energy.
“I, therefore, urged other states to emulate Nasarawa’s example by intensifying efforts to attract investment. Initiatives like this investment summit are pivotal in showcasing the vast opportunities awaiting investors across all sectors of the Nigerian economy.
“Nigeria is truly proud of Nasarawa State, particularly for the strides it has taken within the mining sector. This state has shown great vision in ensuring that their vast lithium deposits are developed and processed in ensuring that raw materials are not exported out of this country without any value addition.”
Recall that Tinubu’s predecessor, former President Muhammadu Buhari, through his then Vice, Yemi Osinbajo, during the commissioning of the multi-million naira Pandagric Novum Farms, an integrated feeds and food manufacturing company, located in Panda in Karu LGA of the state, in September, 2022, similarly praised Governor Sule for blazing the trail in agro-allied investment in the country.
Pandagric is one of the many of such agro-allied industries to make inroads into the “Home of Solid Minerals” under the leadership of Governor Sule. At that forum, Osinbajo also rated Nasarawa as the most investor-friendly state in the country.
The Nasarawa success story, analysts observed, derived its foundation from the Nasarawa Economic Development Strategy (NEDS) document launched at the onset of Governor Sule’s administration in 2019.
The NEDS policy document, which defines the governor’s development blueprint, led to the establishment of the Nasarawa Investment Development Agency (NASIDA).
Governor Sule sought out 15 thoroughbred global economic players and conscripted them into a think tank called the Nasarawa State Economic and Investment Advisory Council (NSEIAC) and tasked them to bring to bear their wealth of experiences and ginger the implementation of NEDS as a pathway to unlocking all constraints which might have hitherto hindered the inflow of investments into Nasarawa.
When he presented a copy of the NEDS document to the United Nations (NU) Deputy Secretary General, Amina Mohammed, on the sidelines of the 74th UNGA in New York, US, in September, 2019, Governor Sule promised that Nasarawa would be one of the top three competitive states in Nigeria when he rounded up his first term in office in 2023.
NASIDA’s Managing Director and Chief Executive Officer, Mr Ibrahim Abdullahi, told journalists at the end of the second economic summit a few weeks ago that Tinubu’s speech at the occasion confirmed that Governor Sule performed beyond his set targets as the state marched towards a historic industrial revolution.
The position was also echoed by the UN Deputy Secretary General, Amina, during her speech which she gave virtually during the second summit; that NEDS had proven sceptics wrong, while recommending the model as a key economic blueprint to other states willing to adopt it.
The African Development Bank (AfDB)’s President, Akinwumi A. Adesina, aligned with Amina that Nasarawa had continued to consolidate its position as a top investment destination in Nigeria through an enduring blueprint which stood the test of time.
Adeshina stated that the theme of the second summit, which focused on attracting capital for infrastructural development and entrepreneurship to drive industrialisation, resonated with the demands of the time, as well as the “Industrialise Africa Strategy” of AfDB.
He noted that the progress made through NEDS had greatly impacted the state’s Internally Generated Revenue (IGR) which grew marginally by 3.8 per cent from 20.7b in 2021 to 21.09bn in 2022.
Governor Sule attributed the success of the effort to the holistic implementation of the NEDS document, even as he noted that the second summit further expanded the existing pathways to leverage on the industrial, agricultural and mining sectors towards enhancing inclusive and sustainable wealth creation and economic prosperity.
According to him, the key fundamentals required to drive the industrial agenda and present other minerals to investors have already been built and solidly in place, while calling on investors to continue to take advantage of the conducive business environment in the state.
NASIDA’s CEO, Mr Abdullahi, said more industrialists had indicated interest to join the momentum to invest in the state following the pathway created by the administration.
He explained that a number of memoranda of association to the effect were signed on the sidelines of the second summit a few weeks ago, explaining that they included the Nasarawa Renewable Energy in collaboration with the Nigerian National Petroleum Company Limited (NNPCL); development of a Compressed Natural Gas (CNG) infrastructure with PowerGas and NNPCL; Gas Aggregation Company of Nigeria (GACN) and Nigeria Gas Marketing Limited (NGML).
Others are a gold project between Box More, Earth Metal and the Nasarawa State Government in Uke Development Area of Karu LGA; a lithium and zinc development project in collaboration with Box More with the participation of the African Finance Corporation (AFC) and the Solid Minerals Development Fund (SMDF).
He said with more companies showing interest and solid structures to drive the processes in place, the industrial revolution journey was smooth.
