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Business News

US, Nigeria hold talk on commercial & investment in Washington D.C

Representatives from the U.S, Nigeria government and private sector met for the Commercial and Investment Dialogue on Tuesday 4th of February.

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US Travel Ban on Nigerians: Buhari says it’s mere speculation, Pres. Buhari sets up committee in response to US travel ban on Nigerians , The United States and Nigeria hold talks on commercial and investment dialogue in Washington D.C

No doubt, this week was loaded, especially in Washington D.C, where representatives from the United States of American and Nigerian governments and private sector met. They met at the United States Chamber of Commerce for the Commercial and Investment Dialogue (CID) on February 4, 2020 and Nairametrics was in attendance.

The event was organised by the U.S Chamber of Commerce, American Business Council Nigeria, and U.S Department of Commerce.

Present at the CID event were Hon. Karen Dunn Kelley, Deputy Secretary of Commerce, U.S Department of Commerce; Hon. Richard Adebayo, Nigerian Minister of Industry, Trade and Investment; Minister of State for Petroleum, Timipre Sylvia; Scott Eisner, President of U.S Africa Business Center; U.S Chamber of Commerce, Joseph C. Semsar; Acting Undersecretary of Commerce for International Trade, International Trade Administration (ITA) and Yewande Sadiku; Executive Secretary and CEO, Nigerian Investment Promotion Council (NIPC).

The United States and Nigeria hold talks on commercial and investment dialogue in Washington D.C

Karen Dunn Kelley

Why it matters: The ultimate goal of the CID is to deepen trade and investment ties between both countries by formulating a conversation with policymakers and the private sector and by highlighting the importance of improving the business climate, as well as the need to build a greater economic growth for the United States and Nigeria.

[READ MORE: Buhari secures fresh $308 million Abacha loot from US)

The areas of focus addressed by the CID include challenges and real deal opportunities in infrastructure, agriculture, digital economy, investment and regulatory reform sector. The private sector Lead for the US side is Kimberly Clark.

According to a report circulated in the program notes for the event, Nigeria has a thriving SME ecosystem and is increasingly showing a spike in smartphone adoption to over 53 million connections- a necessary fillip for SME growth.

The report further noted that mobile technology connects 49% of the population, in comparison to other Nigerians that have a fixed-line connection. These people account for less than 1% of the country’s entire population.

There is a further need to strengthen the digital economy sector within Nigeria. To do so the government needs to encourage data protection and not localization.

According to the United States – Nigeria CID program notes, the free flow of data across borders is the precondition for showing a competitive and digital economy that enhances the security and privacy of the citizens.

One of the proposed short-term solutions reached at the meeting was to ensure capacity building to public sector officials through workshops and other fundamental programs, which would focus on pro-development regulations and policies that address these issues.

A long-term solution for this plan may include a quarterly public-private forum, which addresses the issues affecting business and investment in the ICT sector.

The meeting did not also shy away from the agriculture sector and its importance to the Nigerian society. Though the country has about 75% of land ready for cultivation, only 40 % of the land is cultivated. To make matters worse, there is also a high deficiency of protein in Nigeria, which leads to a high level of malnutrition and mortality.

In order to combat the issues of food security and to improve the value chain, a proposed plan shared by Ed Beaman, Senior Director New Program Development, Non-Traditional Funding & Sub Saharan Africa, U.S Soyabean Export Council (USSEC), stated that a rigorous curriculum to develop human capacity leading to certification across the value chains was in the works. The plan also proposed to improve access to finance in order to enable SMEs’ access to U.S equipment, bulk grain purchases, grain and cold storage facilities, and additional seed as well as agronomy technology products.

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The Nigerian private sector that participated at the event includes Wale Tinubu, MD/CEO of Oando Plc.; Paul Gbededo CEO/Managing Director of Flour Mills; Sadiq Usman Chief Operating Officer Flour Mills, and Dr Sunday Enebeli Uzor of Zenith Bank. The Nigerian Investment Promotion Council directly coordinated the CID from the Nigerian side.

At the reception, which followed the government-to-government discussion on the next step, Ruth Dowling, Senior Vice President General Counsel EMEA for American Tower Cooperation and sponsors of the event, shared a good accomplishment record of their company’s involvement in the Telecommunication space in Nigeria.

The cooperation has a burgeoning workforce made of 246 Nigerian employees excluding indirect employees in the value chain. She also stated that the company had invested about 2 billion dollars since their entry into Nigeria.

The US Ambassador to Nigeria, Mary Beth Leonard noted that US was committed to growing business projects in Nigeria including the recent launch of the West African Hub an initiative of the USAID that would help create 40,000 jobs and administer $60 million in co-investment funds plus attracting private-sector investment of $300 million in five years.

UNIDO’s $60m investment programme to boost Nigeria’s industrialisation - FG, FG to strengthen economic ties with Turkey, FG moves to facilitate tax incentives for SMEs

Minister Adebayo expressed optimism for the positive outcome of the event. He also stated that the Ministry of Industry, Trade & Investment would leverage the AGOA meeting in June to hold a technical session.

Adebayo added that he and others within his Ministry would reach out to the private sector for input and feedback, as the government works to improve all sectors within the Nigerian economy.

[READ ALSO: US Speaker, Pelosi, Atiku frown at Trump’s travel ban placed on Nigerians)

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There was a small celebration for Minister Adebayo at the reception as he turned a year older on the day of the event.

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It was interesting to be in the midst of senior government officials and the private sector from the two countries sharing their optimism about business growth potentials

Though the issuance of the recent travel restriction by the Trump administration hangs like a dark cloud, what remains intact is Nigeria’s willingness to improve in all sectors by reaching out to its ally, the United States. This event underscores that the two countries are working hard to maintain a relationship in spite of the travel restriction.

 

Paul Olele Jnr writes from Washington DC. He is a 2019 graduate of George Washington University and currently works as graduate Media and Research Intern at the Initiative for Global Development.

Nairametrics frequently publishes articles from experts such as financial analysts, economists, researchers and investors. We also feature articles from guest writers and bloggers who wish to push their views and opinions through our platform.To get your articles on Nairametrics, kindly send an email to [email protected] and we will publish it within 24 hours of approval by our editorial team.

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Corporate Press Releases

Asharami Energy’s graduate program targets future Upstream experts

Application for the program kicks off on Friday, 7th May 2021 and closes on Monday, 17th May 2021.

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Asharami Energy, a Sahara Group Upstream company, has commenced its 2021 Graduate Trainee Program that is geared towards enhancing the sustainability and future of the sector through training of exceptional young talent.

Henry Menkiti, Chief Operating Officer, Asharami Energy, said the widely sought-after program has been instrumental to the transformation of young engineers and others professionals into top talent across the value chain at Sahara Group. “At the heart of our operations lies unrivaled engineering expertise that is driven by innovation, responsible engineering, and an unwavering commitment to improvements aligned with global environmental, social and Corporate governance standards. The Graduate Trainee Program is for enthusiastic and future thinking individuals desirous of becoming future leaders in the oil and gas sector,” he said.

Ivie Imasogie-Adigun, Group Head, HR at Sahara Group said the program resonates with Sahara’s human capital transformation strategy aimed at building a leading, nimble and agile organisation for optimal performance.

Imasogie-Adigun said the program gives graduate trainees exposure to top-level responsibility early in their careers, with ample opportunity to hone their potential across the Upstream value chain. “Sahara’s Graduate Trainee Programs are deliberately innovative and disruptive as we are always ahead on the curve of making a difference. The program has over the years produced outstanding business leaders at Sahara and I enjoin graduates to apply for an opportunity to commence their journey towards excellence in the Upstream sector. ”

Application for the program kicks off on Friday, 7th May 2021 and closes on Monday, 17th May 2021. It is open to candidates with a Bachelor’s Degree in Engineering, Applied & Social Sciences with a minimum of Second-Class Honors (Upper Division) and NYSC discharge certificate. Applicants can follow Sahara Group on twitter and Instagram @iamsaharagroup for more information on the Graduate Trainee Programs.

Asharami Energy is one Africa’s leading independent Exploration and Production (E&P) Companies with a diverse portfolio of 8 (eight) oil and gas assets in prolific basins across Africa. Asharami Energy Limited and Sahara Energy Fields Holdings UK Limited are the entities at the forefront of Sahara’s upstream operations.

These assets are at various stages of development ranging from exploratory fields to mature producing fields with huge potential for positive returns.

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Economy & Politics

Nigeria needs urgent economic diversification – AfDB

The AfDB said that the diversification of the Nigerian economy had become important for it to respond favourably to the emerging challenges of the 21st century.

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AfDB, Lutoyilex Construct Ltd, fraud

The African Development Bank has stated that Nigeria, Africa’s largest economy, needs urgent economic diversification to move the country from a single income source (oil and minerals) towards multiple income sources.

This was disclosed by Prof. Oyelaran-Oyeyinka Oyebanji, Senior Special Adviser on Industrialisation at African Development Bank (AfDB), at the 22nd Founder’s Day Lecture of the Igbinedion University, the first private university in Edo state, on Monday.

What the AfDB said about diversification

“In pursuit of long-term recovery and sustainable development, Nigeria needs urgent economic diversification. Nothing is more poignantly demonstrative of the danger of over-reliance on a single or narrow range of commodities than the recent crash in oil price we saw in 2020 due to the COVID-19.

Economic diversification entails a shift away from a single income source (oil and minerals) toward multiple income sources from an increasing spectrum of sectors, products and markets,” he said.

In case you missed it

The International Monetary Fund (IMF) stated earlier this year that economic diversification was important to Nigeria and critical for her economic recovery.

They said the limited gains from inward-oriented policies in terms of creating jobs and improving living standards suggested that Nigeria needed to have a change of strategy. It was pointed out that in order to accommodate a growing number of young people entering the labour market, Nigeria would need to create at least 5 million new jobs each year over the next decade.

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