Investment Climate in Nigeria for the Nigerian Diaspora

A Conference on Business and Investment in Nigeria

Social Sciences Building | Kennesaw State University | Kennesaw (Atlanta suburb), Georgia | April 23-26, 2009

How Nigerians Abroad Can Invest in Major Businesses in Nigeria

 

The global economy is in a poor state; the Nigerian economy is not immune from the shocks of real estate crisis, bank failures, and the collapse of financial markets that have gripped many parts of the developed world. In fact, the Nigerian economy is further affected by the falling crude oil prices. Since oil is the major revenue earner, these falling prices are bound to have ripple effects on other sectors. What options are there for Nigeria even in these difficult times? What role can Nigerians in the Diaspora play? The conference aims to educate Nigerian professionals in the United States about business and investment opportunities in Nigeria.  Specifically, the conference will bring together officials from the ministry of commerce, the Nigerian Investment Promotional Center (NIPC), the Nigerian Stock Market, representatives of major banks and other leaders of the Nigerian business community, to educate, inform and assist Nigerians interested in exploring opportunities for investing in Nigeria’s growing capital and private equity markets.

Nigerians abroad continue to play significant roles in the economic development of the country, mostly through money transfers to families in Nigeria.  These transfers go to fund among other things, construction of residential homes, establishment of small businesses, payment of school fees, and basic subsistence living.  The most important impact of remittances to Nigeria is poverty alleviation.  What is left over for capital investment after basic survival needs are met is often negligible.  According to published studies by the World Bank, The United Nations Conference on Trade and Development (UNCTAD), Organization for Economic Cooperation and Development (OECD), and the International Monetary Fund (IMF), remittances to Nigeria and other African countries far outstrip capital coming in from Foreign Direct Investments (FDI) and Official Development Assistance (ODA), combined.

This demonstrates without doubt that Nigerians abroad want to be active participants in the development of the country, but may be unaware of the tremendous investment opportunities available in the Nigerian capital and equity markets.  Benefits from investing in Nigeria include, wealth building, returns on investment of up to 30% or more, sustained income generation through capital appreciation and real estate development, among others.  Often cited obstacles to investing in Nigeria include lack of confidence in Nigerian businesses, questionable business practices, questionable ethical standards, lack of accountability and transparency and the challenges of navigating the Nigerian bureaucratic minefield.

The Convention on Business Integrity is working to encourage ethical business practices by Nigerian businesses through a process in which businesses who meet clearly defined ethical principles and standards are certified and accredited with a mark of distinction.  Such businesses agree to periodic audit of their corporate governance principles and practices in order to keep the Convention on Business Integrity accreditation and certification.

With the co-sponsorship of this Investment Conference by the Convention on Business Integrity, we aim to assemble in Atlanta, a representative body of the Nigerian business community and Nigerian government officials responsible for managing and regulating the Nigerian business environment.  In the course of the conference, participants will be informed of the opportunities available in various sectors of the Nigerian economy, the requirements and processes for business registration, the capital market and private equity investment climate in the country.

 

April 23, 2009: Participants arrive

April 24, 2009: Conference: investment forum, etc.

April 25, 2009: Conference: investment forum, etc.

April 26, 2009: Participants depart

 

Travel and Accommodation Information

 

Conference Sponsors

The Convention on Business Integrity
5th Floor, SIO Towers, 25 Boyle Street
Onikan, Lagos, Nigeria.
http://www.theconvention.org

 

Institute for Global Initiatives
Kennesaw State University
Kennesaw, Georgia, USA
http://www.kennesaw.edu/globalinstitute/index.htm