UNVEILING OPPORTUNITIES, HARNESSING POTENTIAL: REFLECTIONS ON THE 6TH NIGERIA DIASPORA INVESTMENT SUMMIT

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The 6th edition of the Nigeria Diaspora Investment Summit, with the hashtag #NDIS2023, took place from 13th to 15th November 2023 at the Petroleum Technology Development Fund auditorium, Abuja, transforming the city-centre venue into a hub of economic dynamism, anchored on the possibilities represented by patriotic Nigerians in diaspora seeking opportunities to invest in their home country. Organised by the Nigeria Diaspora Summit Initiative (NDSI), in collaboration with the Nigerians in Diaspora Commission (NIDCOM), the summit with the theme “New Vistas, New Aspirations, New Visions: The Diaspora and National Development” had the Vice President of Nigeria, HE Sen Kashim Shettima GCON as special guest of honour, and attracted over 500 participants attending in person and a further 1,600 joining virtually. Participants comprised business owners, investors, government officials and representatives of non-governmental organisations (NGOs). There were a total of forty-four (44) pitchers from different sectors: agribusiness (16); Finance/ICT/Fintech (10); Creative, Sport and Entertainment (5); Manufacturing (4); Real Estate & Infrastructure (2); Healthcare (4) Mining & Energy (3).? A total of thirty-four (34) exhibitors also participated at the summit.

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Among the dignitaries present were the ministers of Interior, Hon Olubunmi Tunji-Ojo; Sport Development, Senator John Owan Enoh; Housing and Urban Development, Arc Ahmed Musa Dangiwa; as well as representatives of the Minister of State for FCT, Dr Mariya Mahmoud Bunkure and the Governor of Rivers State, HE Chief Siminalayi Fubara. Others included the Chairmen of both Senate and House Committees on Diaspora, a representative of the North East Development Commission as well as representatives of the governments of Edo and Enugu states. Also in attendance were the ambassador of the Republic of Ireland to Nigeria, HE Mr Peter Ryan and the High Commissioner of India to Nigeria HE Mr G Balasubramanian.

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Welcoming participants to the 3-day event, the summit coordinator and Chair of Nigeria Diaspora Summit Initiative, Dr Badewa Adejugbe-Williams described the NDIS as “a testament to the power of collaboration and the unwavering commitment and dedication of the organisers to national development through effective diaspora engagement.” Adejugbe-Williams noted further that since its inauguration in 2018, the summit has been instrumental in harnessing the potential of the Nigerian Diaspora community for the economic development of the nation. She said, “In the past 6 years, NDIS has been able to provide a catalytic platform where investors from the diaspora could interact with potential sponsors, partners and business owners seeking to engage investors, collaborators, and government officials.” ?

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Underscoring the summit's impact and tangible contributions to business and investments in Nigeria, Dr Badewa highlighted some of its success stories such as Quebec Foods Processing Industrial Parks Ltd in FCT Abuja, a 2022 pitcher who has signed a partnership agreement for equity financing, demonstrating the summit's impact on investment and collaboration. Similarly, Gbedako Global Resources Ltd from Niger State, a 2020 and 2021 summit participant who attracted interest from potential investors for their business. The Ginger Growers, Processors, and Marketers Association of Nigeria (GGPMAN) based in FCT Abuja, a 2022 summit attendee, started producing more value-added ginger products and initiated a partnership with the University of Abuja for a processing plant. According to the summit coordinator, “In a remarkable development and as a clear indication of the real-world impact that NDIS is making, Heifer International, a global agribusiness aggregator, inspired by its participation at previous NDIS events, has formed a partnership to address issues of sustainability, improved access, and value addition in the Nigerian agricultural space.”

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Declaring the event open, the Chairman/CEO, Nigerians in Diaspora Commission (NIDCOM), Honourable (Dr) Abike Dabiri-Erewa (OON), represented by the Commission’s Secretary Dr Yakubu Bassi, stated that “NDIS has since its inception in 2018, brought together a diverse network of people including policymakers and the diaspora, with the common interest of starting and building sustainable businesses to address some of the teething challenges confronting the development of the Nigerian nation.” She went on to describe the 6th NDIS as particularly special. “This year’s NDIS - the 6th edition - is particularly special, being the first under the new administration of HE President Bola Ahmed Tinubu GCFR, with the Vice President of the Federal Republic of Nigeria, HE Senator Kashim Shettima GCON, as its Special Guest of Honour and main keynote speaker.”

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Speaking after a solemn minute’s silence was observed in memory of Ms Oluchi Ironkwe, a Barrister and member of the planning committee who died earlier in the year after a brief illness, Mrs Dabiri-Erewa who later joined the session noted that her demise was a big blow and a rude shock to the team. The NIDCOM boss paid tribute to the planning committee comprising staff of NIDCOM and NDSI for their dedication and hard work in ensuring the summit continues to grow and attain new heights year-on-year, describing it as a worthy example of true public and private sector partnership for national development. She went further to acknowledge the contributions of Nigerians in Diaspora to the national cause, describing them as “one of the best groups to connect with when designing strategies for attracting diaspora direct investment into the country,” in tandem with the message of President Bola Ahmed Tinubu GCFR to foreign investors at the just concluded Saudi-Africa summit and his government’s ongoing economic reforms.?

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On the theme of the 6th NDIS, “New Vistas, New Aspirations, New Visions: The Diaspora and National Development”, the NIDCOM Chairman described it as apt, as it creates innovative platforms for partnership between government and the diaspora to attract investment into local businesses, thereby enhancing diaspora direct investment in the country and boosting cross-sectoral investment cooperation. Hon Abike Dabiri-Erewa equally paid tribute to the summit’s sponsors and partners, led by the Government of Rivers State of Nigeria and Coronation Finance. Others include Heifer Nigeria, Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Communications Commission (NCC), Lemonade Finance, FBNQuest, Norrenberger Finance, Wemabod Investments and Union Bank. “By partnering with the government and the diaspora community through this platform, you’re throwing your formidable corporate weight behind a worthy initiative described by the former Vice President of Nigeria, Professor Yemi Osinbajo SAN GCON, who consistently addressed the summit from its inception in 2018, as “unarguably one of the surest means of securing investments for the local economy,” she stated.

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The NIDCOM CEO also acknowledged the support of other agencies of government such as the Department for Technical Cooperation in Africa (DTCA), Nigeria Investment Promotion Commission (NIPC), the Diaspora committees of both the Senate and House of Representatives, and others, as partners in progress, helping to sustain the great strides being accomplished through NDIS. Prominent among the summit’s objectives is to attract diaspora investment into local businesses, mostly MSMEs.

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In his keynote presentation titled “The Relevance of Micro, Small, and Medium Enterprises (MSMEs) in Emerging Economies.” Dr Ali Garba, CEO of US-based financial consulting firm, Akufai Capital LLC, explained their importance to any economy and identified some of the main constraints faced by MSMEs in Nigeria. “MSMEs are the backbone of any flourishing economy, driving innovation, employment, and economic growth. However, to thrive, the MSME ecosystem demands highly creative and innovative policy making. Nigeria has some good measures in place but needs an aggressive pursuit, design, and implementation of appropriate policies that will deliver a robust growth of an MSME ecosystem all over the country.”

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According to Dr Garba, the African Continental Free Trade Area (AfCTA) represents a huge opportunity for MSMEs in Nigeria as it offers the largest market, expands multiple value chains, and drives up intra-Africa exports by up to 109% and international exports by up to 32%. The financial guru offered some recommendations for further action, prominent among which is the need to emulate China. “China’s remarkable economic success owes largely to its government’s unwavering commitment to industrialization. This has been pursued relentlessly through the use of special economic zones and industrial clusters (for synergy, cross learning, and economies of scale); sound development policies (quality and technical education, social safety net, rule of law, etc); and providing robust infrastructure (roads, rail, ports, waterways, power, etc) making it possible for all sorts of industries to sprout and thrive all over the country. No other country has been able to replicate China’s success yet.” Vietnam, he said, had been identified as the only successful student, while other copycat nations only achieved minimal or mixed results, due to their half-hearted weak or ineffectual institutional reforms.

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A key highlight of the 2023 NDIS summit was the launch by the Minister of Housing and Urban Development, Arc Ahmed Dangiwa, of two important initiatives – the Diaspora Mortgage scheme and the Diaspora Mega City project: the former initiated by him years back when he was the Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), and the latter being a tripartite agency collaboration between NIDCOM, Federal Housing Authority (FHA), and Federal Capital Territory (FCT), situated in Maitama 2 with nearly 700 hectares of land with capacity for over 17,000 housing units of varying sizes, and targeted at Nigerians in Diaspora. “The whole idea is to enable our brothers and sisters who sojourn abroad to have a place here in Nigeria that they can call home,” the Minister said, while launching both schemes during the summit.???????

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The strategic value of Nigerians in Diaspora was equally well noted by various speakers at the summit. For the speaker of the House of Representatives, Tajudeen Abass, “There is no questioning the fact that most of the problems Nigeria is facing today can actually be confronted with the support of the Nigerians in Diaspora. Nigeria is in critical need of capital investment and technology; the diaspora community could be leveraged on to bring in capital and also to bring in technology in critical aspects of the economy.” He said, “The summit is not only timely but also crucial to the future of the country and it has to be supported for it to achieve more of its objectives. On the part of the National Assembly, the House of Representatives in particular under the leadership of speaker, Rt. Hon. Tajudeen Abass, we are ever ready to support NiDCOM and to support the linking up of Nigerians in diaspora with their home country through enabling laws, in order to facilitate smooth interaction and for the benefit of our home country.”

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In a similar vein, the chairman of the senate committee on Diaspora and Non-Governmental Organisations, Senator Victor Umeh underscored the strategic importance of Nigerians in diaspora, describing them as a national asset. “Our diaspora is a key part of our strategic asset. We will find ways to better support NIDCOM as our gateway agency linking us to this important national asset by enabling it to take message and programmes like NDIS to Europe, America, Asia and the rest of Africa where our people reside in large numbers so as to bring them closer to home and attract their disposable incomes into our domestic economy.”

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For the minister of Sport Development, John Enoh, Nigerians in diaspora are the most patriotic Nigerians. “I look at them as the most patriotic Nigerians, because, though dissatisfied with the way our country is run because they live in countries and operate under systems that have defined institutions, they can’t understand why Nigeria can’t have such systems and institutions. Yet, in spite of how they feel, they haven’t decided to reach for the scissors to sever the umbilical cord that ties them to their fatherland.”

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In his well-received presentation, the minister of interior Hon Olubunmi Tunji Ojo pledged to remove all existing bureaucratic barriers to the acquisition and renewal of the Nigerian passport and make the process seamless within the next few months. The minister of sports development in his presentation opined that for sports to work effectively as it does in other countries, it should be viewed henceforth as a business. To this end, he confirmed that the National Sports Industry Policy (which this writer helped write) is in place and that sport has now been re-categorised by the National Bureau of Statistics (NBS) as a business activity (an industrial sector) for purposes of GDP computation. He expressed his desire to convene a sport investment summit in collaboration with the organisers of NDIS.?

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Goodwill messages were received from the Director General, Directorate of Technical Cooperation in Africa (DTCA), Amb Rabiu Dagari, mni, the Executive Secretary/CEO, Nigerian Investment Promotion Commission (NIPC), Ms Aisha Rimi, the Executive Vice Chairman, Nigerian Communications Commission (NCC) and the Irish Ambassador to Nigeria, HE Mr Peter Ryan. The latter paid tribute to the positive contributions Nigerians based in Ireland are making not just to Nigeria but to Irish society at large. “It is important to have a partnership with the diaspora for investment, cultural promotion, connection and for influence. This is something very special for Nigeria and Ireland will do whatever it can to support and encourage that because one of the lovely things about working together with the diaspora is that we’re not competing with each other,” he stated.

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Other features of this year’s NDIS include an investors’ pitch by Dr Kazeem Bello of Afrique Capital and a crowdfunding workshop facilitated by Kachi Okezie of CTP International, an international training and consulting firm. Dr Bello discussed the requirements for accessing venture capital funding, highlighting the need for pitchers to be creative, innovative, bankable, tech-based and engaged in sustainable ventures, as no investor would risk funding non-sustainable projects. He was emphatic on the need for a professional proposal, noting that a bankable pitch document must be traceable, feasible and visible. He identified project capacity in terms of returns, capital growth, marketability, management expertise and value impact index as critical to a successful venture pitch, concluding that self-confidence, a deep knowledge, an intuitive personality, inclusivity and a creative driven venture all help to make ventures viable and more attractive to investors.

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On his part, Kachi Okezie lamented the low awareness of crowdfunding (over 80% of prospective pitchers were unaware) as an option to be considered when starting up a business venture or non-profit organisation. This, he said, was in stark contrast to other parts of Africa, especially east and southern Africa where the use of crowd funding was widespread. He noted that the NDIS organising team had since inception provided free capacity building training to prospective pitchers to help them prepare for the summit, but this has not included crowdfunding. To this end, he attended a train-the-trainer workshop organised by AFFORD (UK), where he obtained the requisite certification, as such pitchers can expect to learn more about crowdfunding as a means of venture fundraising. He concluded by sharing some tips for leveraging crowd funding, with a call for prospective pitchers at the 2024 summit to keep an eye on the NDIS website (www.ndisng.com) for further announcements.

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The summit also featured a special session on agribusiness, sponsored by Heifer Nigeria. In her keynote titled “Exploiting Opportunities in the Agriculture Value Chain for Sustainable Development,” Mrs Folusho Olaniyan (OON), a renowned agribusiness expert, independent director of O’dua Investment Company, and chairman of the agro-allied committee of the Institute of Directors of Nigeria, spoke extensively on value chain optimisation in the agricultural sector to enhance food security, using cassava as a case study. She advocated strongly for investment in the cassava value chain, especially in Africa where land was available and climatic conditions were favourable. Besides recommending the increased use of Public-Private Partnerships (PPP) to drive agricultural transformation, Mrs Olaniyan also called for the establishment and expansion of agro-processing industries across the country to accelerate economic growth, create jobs and boost foreign exchange earnings.

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Pitching: The summit was not just a talk-shop; it was primarily a business matchmaking event facilitating connections between business opportunity promoters, investors, sponsors and government officials. Pitchers had the opportunity through the various sector-based pitching sessions and deal rooms to captivate potential investors and tap into a pool of diaspora capital eager to contribute to Nigeria's growth through direct investment. The structured pitching sessions facilitated direct interactions, enabling participants to articulate their ideas to attract vital funding, thereby creating a bridge between diaspora investors and promoters of compelling projects. Pitchers like Obinna Uruakpa, PhD, of African Proverbs Projects Initiative (APPI) - which employs the medium of African languages and proverbs in delivering entrepreneurship education - found the summit an invaluable platform to present innovative ideas and projects such as his. “In business, if you don’t say ‘here I am,’ no one can say ‘there you are’. NDIS has afforded us a platform to not only say but also show who we are, where we are and what we can do. For that I’m very grateful.”

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Dr Kedei Ibiang, CEO of Abuja-based Kays Perfumery said, “Although we weren’t able to pitch this time but based on what we’ve seen and learned from watching other pitchers I’m happy, and we’re coming to pitch next year. But we’ve been able to network with other brands, private label clients and potential customers. We’ve also gained lots of media and brand visibility. Overall, it’s been a very interesting outing for us.”?

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Networking: NDIS has created an environment conducive to networking. Participants had the unique opportunity to engage with influential figures, government representatives, and industry leaders. The summit's structured networking sessions facilitated meaningful connections, paving the way for future collaborations and partnerships which could extend beyond the event dates, fostering relationships that could catalyse sustained growth and development. Attesting to this, King Wale Adesanya, founder and president of the Nigerian Canadian Business who led a delegation of investors and participants from Canada said, “Networking is the soul and spirit of business and the NDIS platform is second to none in that respect. Through NDIS, the organisers NIDCOM and NDSI have created a solid foundation for international business networking, cultural interaction and policy influencing, all for the betterment of our country Nigeria.”

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Sponsors: The summit offered a unique opportunity for sponsors to engage with a diverse audience, demonstrating commitment to the Nigerian diaspora community and the broader investment ecosystem. Networking opportunities were abundant, allowing sponsors to forge meaningful connections and showcase their support for impactful initiatives. This year’s sponsors gained prominent visibility and recognition, aligning their brands with a key event in the diaspora investment landscape. Perhaps none more so than the Government of Rivers State of Nigeria - one of the leading sponsors of the summit. Through a short video clip, the State’s Commissioner of Information and Communication, Mr Joe Johnson, presented a vast array of natural resources and rich cultural heritage of the state. He said the state had many areas open for investment ranging from agro-business and forestry, to palm oil production etc.

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Mr Johnson said the governor had prioritised the opening up of new towns and cities together with a bid to generate power internally for the state, thereby providing an enabling environment for investors, particularly Nigerians in Diaspora, to take advantage of the opportunities to come in and participate in the development of those towns and cities. He added that the governor had set aside this year the sum of N4billion to support MSMEs and youth empowerment programmes which will not only create employment but also help in curbing social vices and insecurity in the state. Concluding, Mr Johnson assured the summit that the governor was committed to collaborating with whoever wanted to do business in Rivers State, noting that although this was the State’s first participation at NDIS, the governor, by choosing a lead sponsorship role, was making a statement to Nigerians in Diaspora that Rivers State was open and ready for business.

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Another sponsor’s representative Dr Ismail Abdullahi of Nigerian Maritime Administration and Safety Agency (NIMASA) said: “Diaspora is very important to us because maritime is international business and the diaspora is international, especially now that we have a ministry dedicated to the development of the marine and blue economy, which is fully open to the diaspora. Furthermore, now that the National Boundary Commission has extended the exclusive economic zone to 350 nautical miles, that’s an additional 150 nautical miles of economic opportunity in the blue economy, now open for investment.”

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Exhibition: Exhibitors found at NDIS a vantage spot to showcase their products, services and investment opportunities. The exhibition format included a tour of all booths by the special guests, thereby allowing for immersive inter-personal experiences and providing a hands-on understanding of offerings. Exhibitors gained exposure to a diverse audience, including diaspora and home-based potential clients, partners, investors, as well as top government officials.

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True to type, the 6th NDIS was not without a social component by way of a gala night with an exclusively Nigerian music repertoire supplied by Dr Jerome, supported by DJ Busta. The night came alive when the Chairman/CEO of NIDCOM, Hon Abike Dabiri-Erewa (OON) let her hair down and took to the dance floor to display some nifty dance moves that had everyone awestruck, prompting some members of the organising committee like Mrs Marie David, Prince Aliyu Audu and Dr Badewa to join in. Guests were treated to a sumptuous menu featuring the world-famous Nigerian (emphasis on Nigerian) jollof rice, whilst serenaded by the national cultural troupe.

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In conclusion, the 6th Nigeria Diaspora Investment Summit was a cornerstone event, bringing together sponsors, pitchers, exhibitors and investors from the Nigerian diaspora, in a synergistic collaboration for the economic advancement of Nigeria. The summit reinforced itself as a pivotal platform for fostering economic growth and collaboration, with sponsors, pitchers, investors and exhibitors playing integral role; each reaping unique benefits. NDIS2024 will be remembered as the first under the administration of President Bola Tinubu as well as the first not to be addressed by the former Vice President Prof Yemi Osinbajo. It will equally be remembered for serving as the launch platform for the diaspora mortgage and diaspora city housing initiatives. The impact of the 6th NDIS extends beyond the summit dates, setting the stage for continuing diaspora engagement and investment in Nigeria's promising future.

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Words: Kachi Okezie, Esq

Images: SmallBizNaija

Copyrights reserved.

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