ABUJA, Nigeria (XOL Africa) — The Business Summit Group is targeting the mobilization of more than $100 billion in investments for Nigeria across sectors including oil and gas, technology, renewable energy, agriculture and mining, its president said Tuesday.
Haider Uzzaman, president of the Business Summit Group, made the announcement at a news conference in Abuja, saying investors from around the world were increasingly looking at opportunities in Nigeria.
Uzzaman described the target as a significant push to attract foreign direct investment to Africa’s largest economy, against what he said was a global pool of capital seeking viable investment opportunities.
“The investment push comes against the backdrop of about $58 trillion in global capital reportedly sitting idle and searching for investment opportunities,” he said.
The group plans to direct investment toward existing and structured projects with viable business models and the necessary documentation, Uzzaman said.
Potential investment areas include infrastructure, tourism and hospitality, human capital development, education and health, in addition to oil and gas, technology, renewable energy, agriculture and mining.
Uzzaman acknowledged Nigeria’s security and infrastructure challenges but said the country remained an attractive investment destination because of its large population and oil production capacity.
“Nigeria has enormous investment opportunities, tremendous human capital, abundant natural resources and a strategic position within Africa and the global economy,” he said.
He also criticized the level of investment in Nigeria’s power sector, saying electricity generation remained inadequate despite government efforts to liberalize the industry.
“On electricity generation, the current level of investment in the sector is completely unacceptable, in spite of government’s liberalisation policy,” Uzzaman said.
The group plans to host an International Investors Summit in Abuja from Nov. 10 to Nov. 11, bringing together international investors, business leaders, government representatives and project owners.
“This is a very important moment for us because we are bringing together international investors, global business leaders, government representatives and project owners from across the world,” Uzzaman said.
He said the previous business summit was held in Bangkok, Thailand, and that Nigerian companies and state governments that attended encouraged organizers to hold the next edition in Nigeria.
“We listened to that call,” he said. “We believe that the country has enormous investment opportunities, tremendous human capital, abundant natural resources and a strategic position within Africa and the global economy.”
Uzzaman urged Nigerian companies, state governments and investment promotion agencies to participate in the summit, particularly businesses seeking international capital, technology, partnerships and access to new markets.
He said the event would also provide a platform for state governments seeking to attract foreign direct investment.
“The Plateau State Government is already taking the lead with investment commitments valued at over $1 billion in the past six months,” he said.
The group called on other state governments, project owners and Nigerian business leaders to use the summit to showcase investment-ready projects and seek international financing and partnerships.
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