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 in the middle of the most important international event of the year: the United Nations General Assembly, UNGA. The Forum was enormously popular, attracting some 500 guests and delegates – almost double the expected number. While this resulted in a somewhat chaotic atmosphere at times, the Forum was a resounding success: a clear indication of investor confidence in Nigeria.
Nigeria is the biggest economy in Africa and seeks to raise GDP to USD 965 billion-almost a trillion Dollars by 2027. Under President Muhammadu Buhari, the nation has recorded marked progress in highways construction, bridges, railway, power, electrification and capacity addition in airports and their modernisation. As the President spoke, making the determination of his government to open more and more sectors of the economy to the private sector, a particular participant stunned not a few when he announced that he manages pension funds of USD 1.3 trillion, money well in excess Nigeria’s current GDP, five times over.
First, well over a billion dollars’ worth of deals benefitting Nigeria and her partners were signed at the Forum, including a $1.3 billion investment from Sun Africa for a new solar energy project; $70 million ring-fenced by Adryada and Noblesse Green Energy for a new biodiversity project; strategic financing support for a new refinery on the Niger Delta announced by Honeywell UOP; and a major philanthropic investment in data for Nigerian schools announced by Airtel Africa that would be setting up internet connection for 100 schools each year for five years running.
A highlight of the event was the Presidential Luncheon, which saw Guest of Honour President Buhari 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 of participants included the American Tower Corporation, Aveva, Big Sun Holdings, Citi, CrossBoundry Group, Cure Violence Global, Entrust, Educational Testing Service, ExxonMobil , GE Healthcare, Gilead Sciences and Hello Tractor.
