UNGA79: Nigerian Diplomats, Businesses Woo Partners On Investments, Grants

Nigerian envoys and businesses have engaged 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, officials and businesses took turns highlighting the abundant Nigerian investment opportunities, a statement from the information desk of the Consulate, signed by Mr Tiamiyu Arobani, said yesterday.

According to the statement, 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.

“Nigeria is not just an opportunity; it’s a gateway to the future of trade and investment in Africa,” he said, adding that ongoing reforms under President Bola Tinubu aim to create a favourable environment for investments.

He urged participants to leverage 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, declining by three per cent to 53 billion dollars in 2023.

“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 that being a fossil fuel-dependent economy, Nigeria was seeking some guarantees from the developed countries for the transfer of knowledge in the transition to green energy, which would 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 to three years, and called for reciprocal measures from both countries to ease travel restrictions and enhance bilateral relations.

The executive vice chairman/CEO of Merited Negotiating Consulting, Mr Kunle Yusuff, who is also the 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 centred 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 liberalisation efforts have positioned the country as a lucrative hub for domestic and international investors, particularly in West and Central Africa.”

He said the success of the 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 Fertiliser, USA, and Strategic Groups, USA.

Kebbi State Governor Nasir Idris, who presented the state’s investment opportunities, highlighted the state’s rich agricultural potential and assured of the friendly investment climate for prospective investors.

Idris emphasised 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 Nigeria’s fortunes around, adding that 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 the roles of the diplomatic mission.

Balofin said the 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 others.

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

Others were the 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.