Business
Harnessing Nigeria, Singapore’s Business Opportunities
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
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos