Nigeria: Glisa Targets FDI Growth, Social Devt

10 August 2019

The organisers of the Global Leaders Investment Summit, Glisa, Arise O Nigeria Empowerment Initiative, has informed that the summit would drive social development, boost Foreign Direct Investment, FDI and contribute to wealth creation.

This was disclosed at a media briefing held in Abuja recently as part of preparations for the event.

The summit, which was co- initiated by International Peace Commission and the Ministry of Industry, Trade and Investment, would hold in Canada between 16 to 18th October, 2019, and would also feature a Sustainable Development Goals Awards.

Reiterating the summit's objectives, Permanent Secretary of the Ministry, Edet Akpan, explained that the summit was in commemoration of the United Nations Day for Poverty Eradication and pursuance of federal government' efforts to realise the SDGs towards economic growth.

He said: "Up till date, the present administration has implemented several reforms to make it easy to do business in Nigeria.

The reforms so far implemented in the sector have caused Nigeria to move 25 steps upwards in the World Bank Ease of Doing Business between 2016 and 2018.

"To ensure the attraction of investment that speaks to our SDGs , government reviewed model used for the negotiation of investment promotion and protection agreement to balance investors' rights, obligation and increase comfort."

He further added that before now, foreign direct investment inflow in Nigeria was obstructed by minimum capital requirements, which prompted government to remove restrictions of foreign ownership of business in Nigeria.

He thus urged all sectors, especially infrastructural sectors to draw on the summit to drive investment from participating nations to Nigeria.

On his part, the Nigerian Representative of the AU Economic Social and Cultural Council, Dr Tunji Asaolu, explained that the programme was aimed to enhance investment collaboration for development and economic impact.

In addition, he said: "It would foster the implementation of African Union's Plan of Action on poverty eradication and unemployment in Africa and create an avenue to strengthen economic diversification in Nigeria."

Founder of Arise O Nigeria empowerment initiative, Dr. Jonathan Ojadah, explained that the choice of Canada for the venue of the conference was because it was as an avenue for Nigerian investors to intimate and foster business relationship with their counterparts in Canada and other parts of the world.

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