NIGERIA'S GLOBAL ECONOMIC SUMMIT
UNGA, New York 2022
On Thursday last week, the Nigeria International Economic Partnership Forum was held in Manhattan, New York, coinciding with one of the most significant international events of the year: the United Nations General Assembly (UNGA). The Forum was incredibly popular, attracting around 500 guests and delegates—almost double the expected turnout. While this created a somewhat chaotic atmosphere at times, the Forum was a resounding success, clearly indicating strong investor confidence in Nigeria.
As the largest economy in Africa, Nigeria aims to elevate its GDP to USD 965 billion—almost a trillion dollars—by 2027. Under President Muhammadu Buhari, the nation has made notable progress in infrastructure development, including highways, bridges, railways, power, electrification, and airport modernization. During his address, the President emphasized his government's commitment to opening more sectors of the economy to private investment. A surprising moment came when a participant revealed he manages pension funds totaling USD 1.3 trillion, significantly exceeding Nigeria’s current GDP by five times.
At the Forum, well over a billion dollars in deals benefitting Nigeria and its partners were signed. Notable agreements included a $1.3 billion investment from Sun Africa for a new solar energy project, a $70 million allocation by Adryada and Noblesse Green Energy for biodiversity projects, strategic financing support for a new refinery in the Niger Delta announced by Honeywell UOP, and a major philanthropic initiative by Airtel Africa to enhance internet connectivity for 100 schools each year for five years, aligning with renewable energy advocacy and sustainability initiatives.
A highlight of the event was the Presidential Luncheon, where Guest of Honour President Buhari was joined by CEOs and senior executives from some of the largest and most prominent American and African companies, including GE, Chevron, Honeywell, Bell Flight, Sun Africa, McGraw Hill, American Tower, and many more. The full guest list included participants from American Tower Corporation, Aveva, Big Sun Holdings, Citi, CrossBoundary Group, Cure Violence Global, Entrust, Educational Testing Service, ExxonMobil, GE Healthcare, Gilead Sciences, and Hello Tractor.
