Business

Harnessing Nigeria, Singapore’s Business Opportunities

Published

11 years ago

August 5, 2015

President Muhammadu Buhari and President of Singapore, Tony Tan

Analysts observe
that Nigeria and Singapore have sustained cordial relations since their independence.
They note that the two countries have, on many occasions at international fora, supported each other on developments, especially on trade and investments.
For instance, Mr John Bassey, an economist, said the volume of trade volume between the two countries had grown tremendously since the establishment of the Nigerian Diplomatic Mission in Singapore in 2000.
He noted further that with the deployment of a non-resident Singapore High Commissioner to Nigeria in 2007, the trade volume rose to more than N50 billion in 2014.
To further consolidate the relations between the two countries, the Nigeria High Commission will host the Nigeria-Singapore Business and Investment Forum (NSBIF) in Singapore between Aug. 4 and August 5
The forum, which is the second edition, is expected to attract high profile individuals, resource business persons and top business establishments from countries, featuring several presentations, panel discussions and bilateral meetings.
Economic experts hold the belief that the forum will provide a good opportunity for Nigeria to present its investment opportunities to Singapore’s prospective investors as a follow-up to the success of the first forum in 2013.
Bassey observed that both countries had a lot to gain from the forum in terms of business and investment opportunities.
He noted that the forum would bring together both public and private sector officials to explore business and investment opportunities.
Sharing similar sentiments, the Nigerian High Commissioner to Singapore, Ms Nonye Rajis-Okpara, said Nigeria would benefit tremendously from the forum.
“After taking into consideration the success of the forum in 2013, we felt that it makes more sense to keep the momentum going.
“Our host country acknowledges that the NSBIF 2013 was the biggest bilateral event to have taken place in Singapore,’’ she said.
According to her, the forthcoming forum is aimed at further enhancing business and investment opportunities between the two countries.
“Participating Nigerian high level delegates will hold bilateral meetings with their counterparts to better understand the business sectors in Singapore,’’ she said.
Rajis-Okpara said the Ministry of Industry, Trade and Investment would address the forum on the investment opportunities available in Nigeria and give in-depth analysis of policies to advance Foreign Direct Investments (FDIs) in Nigeria.
Analysts, therefore, advise that such address by stakeholders in Nigeria business community should be explicit on business opportunities in Nigeria being the gateway country to Africa.
In the light of this, former Gov. Uzor Kalu of Abia, said he made the observation at the 2013 forum in his paper entitled “Nigeria the New Frontier: Unlocking Opportunities in Africa’s Largest Market.’’
According to him, the rate of development in Nigeria is an investment opportunity for Singapore.
“Nigeria has untapped solid mineral deposits, large arable land for agriculture activities, agro-based industries and a large skilled low-cost labour workforce waiting to be tapped,’’ he said.
In the same vein, Mr Masagos Zulkifli, the Minister of State for Foreign Affairs in Singapore, corroborated Kalu’s view, noting further that Nigeria held the ace in his country’s quest for investment.
He said many Singaporean companies such as Olam, Tolaram and Sea Truck were already in Africa.
He observed that the forum would provide a good platform for the consolidation of business plans between his country and Nigeria.
Irrespective of these views, observers insist that the Federal Government should provide the necessary enabling environment to accelerate the investment relationship between both countries.
Rajis-Okpara, therefore, assured the observers that the Federal Government had been making efforts to provide a good platform for promoting FDIs in Nigeria.
According to her, some of the enabling environment provided is reflected in the agreements signed between the two countries within the last two years.
The envoy noted that the former Minister of Industry, Trade and Investment, Dr. Olusegun Aganga, had signed four Memoranda of Understanding with Singapore at the 2013 forum.
She observed that the agreement included laying the legal foundation upon which both countries would collaborate in terms of driving up their trade and investment potential.
Corroborating this, Aganga said that the ministry had set up surveillance team to follow up on all agreements signed between the ministry and foreign countries or foreign corporate organisations.
He also said that both countries would establish a Trade and Investment Council to accelerate the investment relationship between both countries.
“Such council is an institutional framework for working on increasing the level of trade and investment between both countries; that is what it is about,’’ Aganga said.
Similarly, Rajis-Okpara said an Investment Promotion and Protection Agreement would be signed between Nigeria and Singapore.
She said that the agreement would seek to ensure non-discrimination, fair and equitable treatment for Nigerian investors and investments in Singapore and vice versa, among other provisions.
The envoy said the signing of the agreements, which would be one of the highpoints of the forum, would provide a face-to-face platform for both Nigerian and Singaporean entrepreneurs to exchange ideas.
She said that the agreement would serve as an impetus to the growing business interest between Nigeria and Singapore.
She further said that the desire by Nigeria to set up a joint commission with Singapore, which would be driven mainly by commerce, would be discussed at the forum.
All in all, economists hold out the belief that with the calibre of participants expected at the NSBIF, the world will appreciate and utilise the Nigeria’s investment opportunities.
Arobani is of the News Agency of Nigeria.

Tiamiyu Arobani

Business

Customs Seek Support To Curb Smuggling In Ogun

Published

3 days ago

February 13, 2026

The Tide

The Nigeria Customs Service(NCS), Ogun 1 Area Command, has solicited support in fighting smuggling and other economic crimes at the Nations border.

The Area Comptroller, Olukayode Afeni made the appeal in an interview with Newsmen in Idiroko, Ogun.

The comptroller stressed the need for the public to provide timely and reliable information to the Service, saying noting that fighting smuggling is a collective effort

“I urge the general public to join hands with NCS by providing timely and credible information that would help toward suppressing smuggling and other economic crimes.”

“Together, we can build a prosperous nation where compliance is the norm, and criminality has no place,” he said.

Afeni reiterated the command’s commitment to combat smuggling, and facilitating legitimate trade, as well as generate revenue for national development.

Chinedu Wosu

Business

IFAD: Nigeria Leads Global Push For Youth, Women Investment In Agriculture

Published

3 days ago

February 13, 2026

The Tide

The 49th Session of the International Fund for Agricultural Development (IFAD) Governing Council has concluded in Rome, with Nigeria taking a prominent leadership role in advancing global agricultural development priorities, particularly strategic investment in youth and women.

The biennial meeting, themed “From Farm to Market: Investing in Young Entrepreneurs,” underscored the growing recognition of young people as critical drivers of job creation, innovation, and inclusive economic growth across global food systems.

The session opened with the election of Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, as Chairperson of the IFAD Governing Council.

Having previously served as Vice Chair, his emergence as Chairperson reflects the strong confidence reposed in Nigeria by Member States, recognising the country’s constructive engagement and leadership in promoting global food security.

In his acceptance remarks, Senator Kyari expressed deep appreciation to Member States for the trust placed in him, pledging to serve with humility, diligence, and a strong commitment to improving the livelihoods of rural women and men across the world.

Addressing delegates during the session, the Chairperson emphasised that prioritising youth and women in agriculture is key to unlocking economic opportunities, accelerating innovation, and driving inclusive growth.

He noted that such investments would ultimately strengthen global food systems while helping to reduce hunger and poverty.

Senator Kyari also commended President Bola Ahmed Tinubu for placing food security at the centre of Nigeria’s national priorities.

He noted that Nigeria’s leadership role at IFAD aligns with the President’s directive to boost agricultural productivity, expand economic opportunities for youth and women, and build resilient food systems capable of withstanding climate and market shocks.

The Minister further praised the IFAD Nigeria Country Office, led by Country Director Ms Dede Ekoue, for translating global development commitments into measurable outcomes for rural communities.

He highlighted the office’s role in strengthening agricultural value chains, empowering youth and women, and improving resilience among smallholder farmers nationwide.

Business

Expert Tasks FG On Food Imports To Protect Farmers

Published

3 days ago

February 13, 2026

The Tide

The Federal Government has been urged to balance consumer protection with farmers’ sustainability by ensuring timely food imports, input subsidies expansion and price stabilisation mechanisms to secure investments across the agricultural value chain.

An agriculture expert, Dr Fatai Afolabi, gave the advice at a forum organised by the Plantation Owners’ Forum of Nigeria (POFON), in collaboration with the Oil Palm and Other Oil Seeds Value Chain, themed ‘Current Government Food Strategy, the Concomitant Effects and Implications for Food Security in Nigeria’, and held in Lagos, Wednesday.

Afolabi cautioned that the recent food import policies, while easing consumer prices, could undermine local farmers and long-term food security if not carefully managed.

He noted that Nigeria’s food system was navigating an exceptionally difficult period, marked by inflationary pressures, climate variability, insecurity in major food-producing regions, and rising energy and logistics costs.

He said the Federal Government’s decision to temporarily relax restrictions on selected food imports was understandable, noting that the market had responded swiftly with a reduction in prices of major staples.

However, the convener observed that while the policy had brought much-needed relief to consumers, it posed significant challenges for local farmers and agriculture value chain investors.

“While output prices have fallen, the cost of producing food in Nigeria remains stubbornly high.

“Farmers continue to contend with expensive fertilisers, rising transport costs, costly improved seeds and agrochemicals, limited access to affordable credit, poor electricity supply, weak road infrastructure, and inadequate storage and processing facilities, which result in significant post-harvest losses.

“This situation, where farmers sell produce at declining prices while production costs remain elevated, has created widespread distress across agricultural ecosystems,” he said.

Afolabi said the effects were being felt across all segments of agriculture, with rice farmers among the hardest hit.

He said reports from producing states indicated that about 3,500 rice farmers were considering exiting rice cultivation after incurring estimated losses of over N93 billion.

He added that cassava farmers were selling produce at prices that barely covered harvesting costs, leaving them unable to recover their investments.

According to him, vegetable and edible oil producers are also under pressure as imported vegetable oil brands reduce demand for locally processed alternatives.

He added that cocoa farmers continue to battle price volatility in international markets amid rising domestic labour and maintenance costs.

Afolabi noted that tree crops such as oil palm and cocoa, which require long gestation periods, were particularly vulnerable to sudden market disruptions that undermine investor confidence and discourage new investment.

He said the effects extended downstream to agro-processing and value addition, with soybean farmers supplying vegetable oil processors experiencing reduced demand and lower prices.

He said the development threatened not only farm incomes but also rural employment and agro-industrial growth, raising concerns about national food security.

According to him, sustained losses could force farmers out of production, increasing Nigeria’s dependence on food imports and exposing the country to global supply shocks, foreign exchange pressures and long-term vulnerabilities.

Afolabi cited India and the Netherlands as countries offering useful lessons in balancing consumer protection with farmer sustainability.

He said India deploys food imports strategically during shortages, while complementing them with strong domestic support systems.

He added that the Netherlands, despite being one of the world’s leading agricultural exporters, supports farmers through input subsidies, tax incentives, affordable energy, strong cooperatives, and close integration with research and extension services.

He said agricultural students in both countries also benefit from subsidised tuition, transportation and meals, as well as grants and start-up support for farm enterprises.

“This approach ensures generational continuity and innovation in the agricultural sector,” he said.

Afolabi said Nigeria’s current food import policy could play a stabilising role if complemented by deliberate measures to protect local producers.

He recommended carefully timed imports to avoid peak harvest periods, strengthened price stabilisation mechanisms, aggressive subsidies for critical farm inputs, and support for agro-processors to remain competitive.

He also called for clear communication of policy intentions to reassure farmers that import measures were strategic and temporary.

“Food imports should function as a strategic shock absorber rather than a permanent market feature.

“Government should develop and publish a national crop production and harvest calendar for major staples and align import decisions with documented supply gaps.

“Affordable food and profitable farming are not mutually exclusive goals. With thoughtful coordination and sustained support for farmers, Nigeria can achieve both,” he said.