NDIS: Why Home-grown Investment Drive Focuses On Ondo  

The Nigerians in the Diaspora Commission (NIDCOM) is set to host the 5th Annual Nigeria Diaspora Investment Summit (NDIS) to drive direct investment down to the grassroots and develop the potential at that level for maximum economic and social development.

In this year’s edition, the Commission has expanded the dimension of the summit for a comprehensive state participation and Ondo State has been chosen as the focus for the Diaspora Direct Investment to explore the potential in the state.

The chairman/CEO (NIDCOM) Dr. Abike Dabiri-Erewa   told a press conference in Abuja on Wednesday , ahead of the summit scheduled for November 16 and 17 at the State House Banquet Hall in Abuja, that Ondo State was chosen as part of the drive to explore new areas and innovative avenues to attract Diaspora Direct investments back home.

She said “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 decentralise the concept so as to optimize it to target the right investments.”

The theme for this year’s NDIS is “Optimising Investment Opportunities for National Development” and is set to hold at the State House Banquet Hall in Abuja while the theme for Ondo State is “Develop Ondo 2.0: Hub of investment opportunities”.

According to the NIDCOM boss, the summit subsequently will be focusing on other states, which will showcase their investment opportunities and incentives to the participants.  She commended the governments of Kebbi and Nasarawa States which have fully keyed into the initiative of this summit and are reaping the benefits in their respective states.

Ondo is one of the states in Nigeria’s South West with enormous agricultural potential and huge mineral deposits.  Ondo State is endowed with favourable climate and fertile soils that support high plant growth and high crop yield. It also has luxuriant vegetation that prevents soil erosion and helps to moderate carbon dioxide emission.

With fairly well-educated people and immense opportunities for human capital development and relative peace, Ondo may find the summit absolutely beneficial to its drive to revive its cocoa production and of course technical expertise that will lead to the transformation to industrial production of chocolates and other cocoa derivatives.

Apart from cocoa, Ondo is also blessed with Pplm kernel, coffee, cashew and rubber. Therefore, the Diaspora investors comprising consultants and businessmen in the agro-allied industry are set to engage their full technology expertise in driving the economy of Ondo State to greater heights. The agricultural sector with a focus on food crops, cash crops and animal production for local consumption could drive industrialisation and export for the state if properly harnessed.

It is also significant that an array of distinguished personalities with interests in trade and investment   will grace the occasion.

Vice President, Professor Yemi Osinbajo, who is attending the event will present the keynote speech in the summit, whose primary sectors of focus include agribusiness, technology, education, healthcare, real estate and infrastructure. Others are creative industry, sports and entertainment, energy, mining and manufacturing.

Minister of state for Foreign Affairs, Amb Zuberu Dada will be the chief host, while the Minister of Industry, Trade and Investment as well as the CBN Governor and the PEBEC boss , are expected to address areas of interest to the Diaspora.

The thematic keynote addresses will be given by Ezra Yakusak , chief executive officer, Nigeria Export Promotion Council (NEPC) and Dr Chris Brooks, Co-founder and managing partner, Brown Venture Group LLC Management, USA; with focal presentations from Chief Boye Oyewumi, chairman, Ondo State Development and Investment Promotion Agency (ONDIPA); Mr Inderjit Singh, managing director, Olam Food Ingredients Nigeria, and Rufus E. Egbegba PhD, director-general/chief executive officer, National Biosafety Management Agency.

Since inception in 2018, NDIS has been known for facilitating Diaspora engagement and effective participation in the local economic activities.

However, an investment expert, who does not want his name in prints, said even though the summit presents some great moments for investment drive, there must be a working strategy to sustain the efforts. He said, “I hope this summit will not only end in highfalutin speeches. There must concrete steps backed by appropriate and sustainable policy action and laws to achieve the goals of the summit, otherwise it might be another jamboree.”