Stating the Case for Investing in Nigeria, April 2009

With recent market turmoil and lost confidence in structured credit products, fund managers and OECD banks are now seeking modest equity stakes in sound emerging markets, as they can demonstrate higher earnings potential in coming years. Nigeria is a country of 150 million people - by far the biggest in Africa. It boasts an expanding, entrepreneurial workforce, a progressive government with a proactive agenda of attracting foreign direct investment and access to a further regional market of 300 million people.

HE Goodluck Jonathan, Vice Presdient of Nigeria, six prominent cabinet ministers of the Government of Nigeria, three State Governments, the World Bank, the Debt Management Office, NIPC, Dangote Group, Lafarge Group, Total, Standard Chartered Bank and Goldman Sachs were among the key speakers at an enormously successful investment forum in London on 22nd April.

DMA were proud to have hosted this event.

DMA were proud to host HE Goodluck Jonathan on his first visit to the UK as Vice President of Nigeria together with his delegation of key ministers and Nigerian state governors, for the Stating the Case for Investing in Nigeria event, held at Savoy Place on 22 April 2009.

In his keynote presentation the Vice President stated “We are taking drastic measures to rebuild, overhaul and considerably improve power supply and transportation in order to increase the efficiency of our national economy and decrease the cost of doing business in our country. To achieve quick and sustainable results, we are among other measures privatizing power and transport infrastructure. Furthermore, we are doing everything possible to strengthen the enforcement of law and order as well as tackle the security challenges of the Niger Delta.”

Joining the Vice President from Nigeria were Minister of State for Finance, Remi Babalola; Minister of Mines and Steel Development, Diezani Allison Madueke; the ministers of transport, national planning, agriculture, commerce and industry and the governors of Kano and Rivers states, who each highlighted the modern framework for supporting business and the opportunities that exist for investment across the country.

Other speakers at the event included AML’s Chairman, Baroness Lynda Chalker, co-coordinator of the Honorary International Investment Council. Steven Dimitriyev, senior private sector development specialist for the World Bank showed how quickly Nigeria could rise through the ratings in the World Bank’s Doing Business survey by implementing best practices. Major international investors from Dangote, Lafarge and Total, sponsors of the event, highlighted how business and investment could flourish in Nigeria.

8.00 am – 9:00 am
Registration and refreshments

9.00 am – 11.00 am
Introduction: Baroness Lynda Chalker, Co-ordinator, Honorary International Investor Council
Welcome address: HE Senator Dalhatu Sarki Tafida, Nigeria High Commissioner to the UK
Session 1
Keynote Address: he goodluck Jonathan, vice President, Federal republic of nigeria
Systemic barriers to investment, including a range of bureaucratic and transparency issues, preconceptions about the country and a lack of clear and independent information have stymied investment into Nigeria in previous years. The Government of Nigeria is now committed to an open and transparent system of accountability, clear investment incentives and to becoming one of the 20 largest economies in the world by 2020. This session will highlight the Government’s proactive investment agenda and will include a contemporary portrait of the country’s investment climate. Representations by both a multinational investor and a local company with a regional footprint reinforce that those with an investment at work are already seeing the many benefits of investing in Nigeria.
• Chair: Baroness Chalker of Wallasey
• Hon Remi Babalola, Minister of State for Finance
• Mustafa Bello, Executive Secretary, Nigerian Investment Promotion Commission (NIPC)
• Tony Hadley, Chief Executive, Dangote Cement Group
• Jacques Marraud des Grottes, President Africa E & P, Total Oil
20 minute Q & A Session

11.00 am – 11.30 am
Tea and coffee networking break

11.30 am – 13.00 pm
Session 2
Underscoring the government’s commitment into creating an enabling environment for sustainable investment is the administration’s goal of improving a distressed public works programme underserved by a history of poor investment and lack of joined-up programming. Recently, a massive improvement in cellular communications, a programme of investment into power generation, transmission and distribution, roads, bridges, housing and public buildings and more transparent public tendering processes have reflected the administration’s commitment to improving infrastructure in Africa’s most populous country.
• Chair: Hon Achike udenwa, Minister of Commerce and Industry
• Hon. Dr. Sayyadi Abba Ruma, Minister of Agriculture and Water Resources
• Hon. Diezani Allison Madueke, Minister for Mines and Steel Development
• Hon. Ibrahim Issa Bio, Minister of Transport
• Steven Dimitriyev, Senior Private Sector Development Specialist, World Bank
35 minute Q&A session

1.00 pm -2:00 pm
Networking lunch

2.00 pm – 4.00 pm
Session 3
Lagos State issued its first N50 billion bond in Nigeria’s domestic capital market in December 2008 which was oversubscribed by 15 per cent despite global turmoil. With Lagos now poised to issue on international markets and with Ondo, Gombe, Kano and Anambra States seeking ways to finance key infrastructure needs, the timing has never been better to invest into Nigeria’s best performing States.
• Chair: Hon Shamsudeen usman, Mininster of National Planning
• HE Rotimi Amaechi, Governor, Rivers State
• HE Ibrahim Shekarau, Governor, Kano State
• Dr Adelola Aderotimi, Secretary to Government, Ondo State
• Case Study: Guillaume Roux, Executive vice-President, lafarge Group
20 minute Q & A Session

4.00 pm – 4.30pm
Tea and coffee networking break

4.30pm – 6.00pm
Session 4
The number of multinationals (besides the Hydro-Carbon industry) with direct investments in Nigeria’s $95 billion Stock Market has grown markedly in recent years. Although not at the consistent 6 per cent growth of recent years, Nigeria’s economy is still expected to grow at around 3 per cent in 2009. Domestic banks have strong support from the Federal government, and many international financial institutions operate in the country. This session will provide details of the opportunities in wealth management and project syndication that exist throughout the financial services industry in Nigeria.
• Chair: Olsegun Aganga, Chief Executive, Goldman Sachs, Nigeria
• Hon. Remi Babalola, Minister of State for Finance
• Ade Adeola, Managing Director, Project & Export Finance, Standard Chartered Bank
• Dr Abraham Nwankwo, Director General, Nigerian Debt Management Office
20 minute Q & A session vote of thanks: Baroness Chalker of Wallasey

6.00 pm – 7:30 pm
Networking Gala Reception for all delegates