Business
Group Pledges $4bn Investments To Resuscitate Economy
The Nigerian American Business Forum (NABF), a group of U.S-based accomplished Nigerian professionals, has announced plans to attract an estimated four billion dollars investment into the Nigerian economy in the next two years.
The President of the forum, Mr Kenneth Shobola, in a statement in Abuja, said the forum announced the plan at its 2020 Investment Conference in Florida.
The theme of the conference according to him is “Improving Nigeria’s Economy: opportunities and challenges”.
Shobola expressed the determination of the group to use its wealth of experience and connections to attract development to their fatherland in spite of obvious investment challenges.
“Our goal remains the same; we are attracting a four billion dollars investment over a two-year period. We have already identified some areas where there’s deficiencies such as healthcare, agriculture and education.
“We have been doing quite a lot. Privately a lot of our members are making inroads into those numbers and also corporately, we are already working and also looking at very good viable projects in Nigeria.
“Should things go the way we want, with the plans we have in place, exiting this conference, a huge chunk of that four billion dollars investment would definitely be hit before our next conference,” he said.
Shobola said Nigeria was one of the best and most fertile countries to invest in anywhere in the world, stressing that there were many opportunities in Nigeria that investors would probably not see in the US, adding that if properly harnessed, would provide the desired results.
According to him, there are opportunities to stem the scourge of medical tourism by looking at dilapidated hospitals or healthcare establishments that need restructuring and administrative services in addition to bringing experts in to run such facilities the way they were done in the U.S.
“NABF is looking at establishing and integrating the most current diagnostics techniques and treatments options based on the expertise we have here in the U.S.
“There are some experts such as cardiologists, neurologists, ophthalmologist, surgical interventionists in the areas of cancer, diabetes and a lot of the common diseases that tend to plague our people,” he added.
Shobola said that the undesirable level of youth unemployment in Nigeria was one of the issues that pushes NABF to invest in the country.
He added that NABF’s overall goal was to get to 100 per cent of youth employment.
According to him, just look at the Nigerians here, they sing our praises everywhere we go just because we have the opportunities and those opportunities showcase our talents.
“But Nigerians at home have the education but don’t have the opportunities. This is creating a very dangerous condition,” the NABF President said.
“Combating youth employment is a tall order but believed that the diasporas intervening along complementing the efforts of government and the private sector in Nigeria would make the desired difference.
“We just put ourselves in these kids condition. There is a huge problem, intellectual gaps between Nigerians abroad and those at the homeland.
“That is a big challenge for us because as Nigerians here, we can identify with them because we went through that same system.
“The conference was attended by accomplished investors from all over the world and high level Nigerian government officials in the United States,” he said.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.