Follow Us on Google
From Walter Ukaegbu, Abuja
Major world economies, including African countries, will converge on Abuja today and tomorrow for a policy and private sector trade and investment facilitation partnership forum.
According to the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, the event would be co-hosted by Nigeria and the Economic Community of West Africa States (ECOWAS), in partnership with the WTO Friends of Investment Facilitation for Development (FIFD). Members of the FIFD coalition are Nigeria, Argentina, China, Australia, Brazil, Chile, Colombia, Hong Kong-China, Japan, Korea, Mexico, Pakistan, Russia, Singapore, Switzerland, Canada, the European Union, and Qatar.
The Vice President, Prof. Yemi Osinbajo, is expected to open the event, with other dignitaries such as the WTO boss, Roberto Azevedo, secretary-general of the United Nations Conference on Trade and Development, Mukhisa Kituyi, African Union commissioner for trade and industry, Albert Muchanga, executive director of the International Trade Center, Arancha Gonzalez, CEO of the Dangote Group, Aliko Dangote, and president of the ECOWAS Commission, Marcel Alain de Souza, in attendance.
There would be ministers and senior trade and investment officials from over 30 African countries, CEOs of Nigerian and foreign companies, including P&G, Huawei, GE and Vodacom, among others.
Enelamah said the event was significant towards “facilitating trade and investment not only for Nigeria, but also sub-regionally and on the African continent,” adding: “Nigerian and African economies need to be connected, integrated and diversified. Facilitating investment and trade will be key to achieving these objectives.”
He said the United Nation Conference on Trade and Development (UNCTAD) forecasts that developing countries would need an additional $2.5 trillion annually, in foreign and domestic investment, to meet the 2030 Sustainable Development Goals (SDGs)
“The World Bank estimates that Africa’s total infrastructure investment requirements at roughly $120-150 billion per annum and estimates the gap between infrastructure investment requirements and available financial resources at about $60-80 billion per annum.
“The case for trade and investment facilitation can, therefore, not be overemphasised. I reiterate that this government is committed to investment facilitation, by creating a more investment friendly business climate and making it easier for both domestic and foreign investors to invest.”
