Nigeria Content Online

The Federal Government hopes to take full advantage of the
opportunity to participate in the forthcoming World Economic Forum (WEF) in
South Africa, to build on its soaring investor rating following the positive
outcome of the country’s recent elections.

The WEF, which usually provides the meeting point every year for
policy makers in government and managers of the world’s economic systems and
key financial institutions, is scheduled for Cape Town, South Africa between
May 4 and 6, 2011.

Managing Director, Nigeria Export-Import Bank, Robert Orya, told
NEXT in Abuja last weekend that there is no better opportunity than now for Nigeria
to launch an aggressive drive for foreign investment in the country, by taking
advantage of its participation in the forum.

“WEF is a very important and strategic gathering for high level
economic policy makers. That is why all countries, institutions and
organizations would attend. As an institution that is aspiring to become the
leading export development bank in Africa by 2015, NEXIM should be in that kind
of forum to learn how the continent is developing and how the bank can adjust
its strategies to help actualize its aspirations and objectives,” Mr Orya said.

“Nigeria has a lot of undeveloped potentials in the solid
minerals sector, because of the capital intensive nature of investments
required as well as the absence of the requisite legal framework. But, with
what is happening in South Africa, where government is planning on making laws
to nationalize investments in the sector, a lot of investors are interested in
coming to Nigeria to invest. Therefore, attending WEF will provide Nigeria the
opportunity to meet and interact with potential investors to convince them to
come.

“Before now, investors were very skeptical about coming to
Nigeria to do business. But, with what has happened with the recent elections,
Nigeria’s investor rating has received a massive boost, and government wants to
capitalize on the positive situation to sustain momentum by mobilizing
international investors to come to the country and take up the opportunities
available in these critical sectors of the economy,” he said.

According to him, with its corporate transformation programme
designed to harness the potentials of the resources in the country’s
agriculture, manufacturing, solid minerals and transportation sectors, the
forum would serve a veritable opportunity to meet and share ideas and
information with potential investors hoping to come into the country to do
business.

Besides, he pointed out that as a multilateral institution,
NEXIM wants to seize the opportunity to meet with its contemporary
institutions, like the African Development Bank and African Finance Corporation
(AFC) to leverage on its balance sheet by exploring the prospects for more
lines of credits that would enhance its capacity to avail Nigerian exporters
the benefits of easy access to affordable financing facilities for their
businesses.

“If foreign investors are attracted to come and set up in the
country, prospects of job creation would not only be increased for the youth,
but it would also help create wealth for the people, while the country would
benefit from huge foreign exchange earnings from the economic activities of
such investors, which will enhance the national gross domestic product,” he
noted.

On some of its ongoing initiatives, the NEXIM boss said
significant progress is being made towards realizing the objectives of the
global bio-fuel project, which it is offering international advisory services
in conjunction with the AFC and two other Nigerian banks, adding that when
completed the project help provide alternative source of energy to the country’s
agricultural sector to enhance its productivity.

He said consultants commissioned to carry out feasibility
studies on the viability of the sea link project has certified that the idea
has potential to help deepen trade within the Economic Community of West
African States, adding that the bank is determined to pursue it as part of its
commitment to the development of the transportation sector and grow
intra-regional trade.

“The agricultural sector is another massive area that is virtually
neglected. NEXIM is on course to help revive the sector. We are encouraged with
the level of support from our major shareholders – the Central Bank of Nigeria
and Federal Ministry of Finance Incorporated. With this level of buy-in, our
level of capitalisation has significantly improved, to help meet our current
level of business operations.”