Business
Harnessing Nigeria, Singapore’s Business Opportunities
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
NASS Engages Agric Minister On Food Crisis
The National Assembly through its joint committee on Agriculture Production Services and Rural Development has engaged the Minister of Agriculture and Food Security, Senator Abubakar Kyari on an urgent solution to food inflation bedeviling the country.
The committee chaired by Senator Saliu Mustapha (APC Kwara Central), at an interface with the Minister, interrogated him on plans being put in place to arrest high cost of food prices in the country and make it affordable and available to the poor masses.
In his response, the Minister said the Federal Government has commenced distribution of 42,000 metric tonnes of grains to some focal points of state capitals nationwide.
“We have received directive and approval from Mr. President to distribute for immediate impact 42,000 metric tons of assorted grains free of charge to the Nigerian population.
“This was received in mid-February, as we are speaking, we have a record of the distribution being carried out, but I will want to plead with the honorable house and distinguished senators that some of the movements can’t be made public but a lot of states have started receiving their grains.
“We are distributing to state capitals in the first instance as you all are aware of the risk involved in the vandalism of foodstuff so we are working with the office of the national security adviser and other national security agencies.
“Furthermore, 58,500 metric tonnes of milled rice from mega rice millers will also be released into the market for stabilisation”, he said.
Speaking with newsmen shortly after the interactive session, Senator Mustapha expressed satisfaction with the steps being taken by the federal government.
He said: “From our interactive session, we are on the other side of the parliament; we are fully in the picture of what is happening, we are convinced that the steps being taken by the federal government are in the right direction.
“All we did again is to further emphasise on the need for certain things to be done on time, I think from this collaborative approach by the grace of God, Nigerians will have a better feel of the government policy on food security”.
Business
Obj Harps On Cheap Credit, Policy Consistency For Food Production
Nigeria’s former President, Olusegun Obasanjo, has called on the government to provide cheap credit and ensure policy consistency to enable farmers increase food production in the country.
The former President made the call as food inflation and nutrition security concerns grow in Africa’s most populous country.
Obasanjo’s made the call at the 9th Agrofood & Plastprintpack conference in Lagos recently, where he said farmers in the country were yearning for consistency in policy and single-digit interest loans to drive growth in the sector and attain food security.
“Policy sustainability and predictability is what farmers want. It helps them to plan. Availability of finance is also what farmers want. They cannot survive on the double digital interest rate”, Obasanjo, who is also a farmer, said at the conference.
According to him, food and nutrition security start with availability, then affordability by ensuring that everyone who needs food can get it.
He noted that food was one of the major imperatives in life, adding that “there cannot be food without agriculture and agribusiness”.
Obasanjo further stressed the importance of agriculture in changing the fortunes of the economy, with attendant exponential gains by way of earnings, employment, food security and other spin-offs.
He noted that agriculture must be made attractive to the country’s teeming youth population, saying this would address the rising unemployment, worsening insecurity and youth migration through the Mediterranean.
“We have to make agriculture attractive to the youths. We have to think within and outside the box to make it attractive to the youths so they are willing to get their hands dirty and feet wet”, he advised.
He continued that “Part of the security issue is owing to our inability to get them engaged. The need for agro-food and agribusiness is for food security, employment, wealth creation and income generation, particularly foreign exchange”.
Speaking also, Wouter Plom, the ambassador of the Kingdom of the Netherlands, said his country had faced challenges similar to those Nigeria confronts – feeding a growing population with limited resources.
He said as partners with a joint vision, the Netherlands and Nigeria recognise that the agricultural sector was one of the prominent drivers for economic growth.
He noted that the Netherlands has further strengthened its partnership with Nigeria to boost the agriculture sector in three main areas- economic growth, improved diets and youth employment.
The ambassador noted that all the challenges in driving growth through the sector, improving diets and tackling unemployment can be addressed when food production is efficient.
Paul Maerz, Managing Director of Fairtrade Messe, said with more investment in agro-food & plastprintpack solutions, products and technologies, brighter days were ahead for Nigeria’s agriculture.
Business
Abuja Farmers, Others Lose N12bn To Ginger Disease
The Federal Government, has confirmed the outbreak of ginger blight epidemic in four States in Nigeria, saying ginger farmers have lost over N12 billion due to the disease.
The government disclosed this at the inauguration of the National Ginger Blight Epidemic Control Taskforce in Abuja, revealing that the fungal disease had inflicted significant damage on ginger farms in Kaduna, Nassarawa Plateau and the Federal Capital Territory.
The Minister of State for Agriculture and Food Security, Aliyu Abdullahi, said the blight had caused billions of naira in losses, impacting not only the livelihoods of farmers, but also Nigeria’s position as the world’s second-largest ginger producer.
“Our preliminary estimates suggested that affected farmers in southern Kaduna lost over N12bn.
“Furthermore, considering that over 85 per cent of Nigeria’s ginger cultivation occurs in this region, we can safely assume a substantial loss of cultivated land, potentially exceeding 70 per cent of total land”, he stated.
Abdullahi, however, stated that the Federal Government through the National Agricultural Development Fund would launch a N1.6bn recovery package for affected farmers in ginger-producing areas.
He said the ginger blight epidemic served as a stark reminder of the importance of preparedness in safeguarding agricultural resources, adding that by investing in research, extension services and farmer support systems, “we can build a more sustainable future for our agricultural sector”.
On his part, the Chairman of the task force committee, Abubakar Abdullahi, said there was no doubt that the blight on ginger had negatively affected the Gross Domestic Product earnings from this subsector.
“It is of necessity and great urgency that various subcommittees are put in place to forestall these negative effects”, he stated.
Abdullahi assured the minister of the commitment of the team to salvage the situation, as he pleaded with the minister to give the committee the power to co-opt members that would add value to the task force to discharge their duties efficiently and effectively.
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