The Nigeria-Canada Trade and Investment Business Forum 2024 successfully charted a new course for deepened economic collaboration between Nigeria and Canada.
Held in Ottawa and organised by Nigeria’s Ministry of Foreign Affairs in partnership with Affinity Global Ltd, with media partners NairaMetrics and President Bola Ahmed Tinubu (PBAT) Media Centre, the event brought together key stakeholders from both countries to discuss investment opportunities across sectors such as energy, agribusiness, fintech, and the blue economy.
Setting the Tone for Bilateral Growth
Ambassador Bolaji Akinremi, Director of Trade and Investment at Nigeria’s Ministry of Foreign Affairs, opened the forum by emphasising the strategic nature of the relationship between the two nations.
“Nigeria’s position as a gateway to Africa, combined with Canada’s advanced financial systems, presents unparalleled opportunities for mutual economic growth,” Akinremi said.
He underscored the critical role of the African Continental Free Trade Area (AfCFTA) in positioning Nigeria as a hub for Canadian businesses seeking access to the African market.
Unleashing Nigeria’s Potential
Delivering a keynote address on behalf of Sen. George Akume, Secretary to the Government of the Federation, Permanent Secretary Mohammed Sanusi Danjuma outlined the immense untapped economic potential in Nigeria.
He noted that, with a GDP of $477 billion and a population dominated by a young, vibrant workforce, Nigeria is well-suited for foreign direct investment (FDI). “The energy sector, agribusiness, and fintech are ripe for investment. Nigeria’s transition to cleaner energy and its target of 30% renewable energy by 2030 present major opportunities for Canadian investors,” Danjuma said.
Fintech: The Pillar of Financial Inclusion
Nigeria’s fintech sector, which attracted over $1.3 billion in investments in 2023, was a major highlight of the summit. Abel Aboh, Data and AI Leader, shared compelling insights into the rapid expansion of the sector.
“Fintech in Nigeria is driving financial inclusion, empowering millions, especially women and underserved communities,” Aboh stated.
Aboh contrasted Nigeria’s fintech growth with the UK’s financial sector, noting, “The UK’s financial and professional services sector added £254 billion in gross value (GVA) in 2023, with over two million employees contributing 8% of the workforce. While the UK’s fintech market stood at £11 billion, by 2029, the UK Fintech market is estimated to be valued at $24.06 billion. In 2023, Nigeria’s ₦46.6 trillion processed in mobile money transactions shows the magnitude of our potential for rapid digital transformation.” He highlighted key growth areas, including digital banking and lending, cryptocurrency, and InsurTech and other tech areas, these sectors to drive financial inclusion and improve lives.
Exploring Agribusiness and the Blue Economy
Nigeria’s agricultural sector, identified as a pillar of economic diversification, also garnered significant attention at the summit. Godfrey Ajayi Sunday emphasised the vast potential in agribusiness, noting, “Nigeria’s 84 million hectares of arable land, with only 40% under cultivation, presents enormous opportunities for foreign investors.”
Canadian investors were urged to explore ventures in agricultural technology, value-added processing, and supply chain optimization. Meanwhile, Barrister Pius Akutah Ukeyima, Executive Secretary and CEO of the Nigeria Shippers’ Council, spotlighted Nigeria’s untapped blue economy, particularly inland waterways and shipbuilding.
“With over 10,000 kilometres of inland waterways, public-private partnerships in maritime infrastructure will be crucial to enhancing Nigeria’s logistics and trade capabilities,” Ukeyima said. He encouraged investors to consider partnerships in areas such as shipbuilding and inland waterway development to boost intra-African trade
Forging Long-Term Partnerships
Apostle Cornelius Babalola, CEO of Affinity Global Trade & Investment Ltd, hailed the forum as a “catalyst for transformative partnerships” between Nigeria and Canada. He expressed optimism that the summit would lead to tangible investments across key sectors. “The relationships we have built here today will pave the way for future economic success for both our nations,” Babalola said, pointing to the significant investment opportunities in fintech, energy, and agriculture.
Sustainable Development and Women’s Empowerment
The summit also highlighted the importance of sustainability and women’s empowerment. Susan Namulindwa, Executive Director of Africa Trade Desk, underscored the need for gender-inclusive economic growth. “Women play a vital role in Nigeria’s blue economy, especially in fisheries and aquaculture. It is essential that we include them in the formal economy to create sustainable, inclusive growth,” Namulindwa said.
She urged Canadian investors to partner with local stakeholders in sustainable projects that focus on women’s economic empowerment. Victoria Schorr and Ambassador Obioma Nzewuji, Charge D’Affaires of the Nigeria High Commission in Ottawa, reiterated the need for sustained bilateral engagement. “This forum has demonstrated the immense potential for collaboration between Nigeria and Canada. With ongoing dialogue and structured partnerships, we can drive economic growth and development for both nations,” Ambassador Nzewuji said.
Youth, Innovation, and the Future
The second day of the forum focused on the critical role of youth and innovation in driving Nigeria’s economic future. With 60% of the country’s population under the age of 25, speakers stressed the importance of investing in education, particularly in science, technology, engineering, and mathematics (STEM). “Nigeria’s youthful workforce can be the engine for innovation, particularly in fintech, edtech, and AgriTech,” one panellist remarked, noting that the country’s startup ecosystem attracted $339 million in funding in 2023.
Conclusion:
A Roadmap for Mutual Prosperity As the summit drew to a close, the overwhelming consensus was that Nigeria and Canada are poised for a new chapter of economic cooperation. Apostle Cornelius Babalola concluded, “This summit has laid the groundwork for lasting partnerships that will benefit both nations. We have identified clear investment opportunities that will lead to sustainable growth and innovation.” With the momentum generated by the Nigeria-Canada Business Forum 2024, both countries are well-positioned to forge a path to mutual prosperity. As Susan Namulindwa aptly put it, “The future is bright for Nigeria and Canada – together, we will create economic opportunities that will transform lives.