November 01, (THEWILL) – Amid mounting economic challenges, the Bigwill International Diplomatic Forum convened leaders in business and diplomacy to strategise the possible way forward for Nigeria’s struggling investment landscape. The event, themed “International Collaborations: Panacea for Effective Policy and Attracting Investment in Nigeria”, underscored the urgent need to stabilise the economy, retain existing businesses, and attract new investments.
During his opening address, Ambassador Daniel Koussou, Chairman of the newly launched Nigeria Chapter, revealed that Nigeria has faced an estimated $56 billion in lost potential investment, as major corporations like Unilever, Microsoft, and Total Energy have exited due to economic instability, fluctuating currency values, and rising operational costs. Koussou emphasised, “Stabilising Nigeria’s economic landscape is crucial if we are to reverse this trend.”
The forum’s objectives include reshaping Nigeria into an attractive hub for foreign investors by improving the ease of doing business, streamlining bureaucratic processes, and ensuring security for enterprises and their employees. In 2023, Nigeria’s foreign direct investment (FDI) inflow reached $5.3 billion, a figure Ambassador Koussou believes can significantly increase with better-targeted policies in key sectors like agriculture, technology, energy, and tourism.
“Our goal is to help Nigeria capitalize on the projected 3% global economic growth for 2024,” said Koussou. “By expanding trade agreements and fortifying diplomatic relationships, we’re creating pathways for Nigerian products and services in new markets.” He stressed that Big Wheel International’s platform prioritizes investments that benefit Nigerian workers through job creation, robust welfare provisions, and long-term growth strategies.
Highlighting a rebranding initiative, Koussou addressed international misconceptions about Nigeria’s business climate, which he aims to overturn by creating a “transparent, secure, and business-friendly environment.” He noted that Bigwill International will act as a bridge between Nigerian stakeholders and international investors, offering assistance with regulatory requirements and facilitating smoother interactions with government agencies.
“Nigeria remains one of Africa’s most promising locations for investment,” he affirmed. “With renewed focus on fostering cross-border partnerships and eliminating red tape, our forum is committed to making Nigeria a premier destination for foreign direct investment.”
Branch Manager, FCMB Executive, David Ujah, expressed concerns over the trend of businesses exiting Nigeria, stressing the negative impacts on employment, inflation, and the standard of living. Speaking at the event, Ujah reiterated the need for Nigeria to attract and retain businesses, noting that companies departing Nigeria exacerbate the nation’s economic challenges. He pointed out that one significant reason businesses choose to leave is a lack of trust. He argued that fostering trust in business dealings is essential for economic stability and growth.
“Trust is crucial, people are hesitant to enter into business ventures without it. When promises are made and not kept, it’s challenging to build a strong foundation for any partnership.” Ujah stressed that Nigeria holds vast untapped opportunities, with resources available domestically that could rival those in international markets. Reflecting on a recent tour of European countries, he shared his observations on the efficiency and reliability of business operations abroad, noting that similar success is achievable in Nigeria with the right approach.”
As a representative of FCMB, Ujah underscored the bank’s commitment to supporting Nigerian businesses, especially small and medium enterprises (SMEs), across various sectors such as oil and gas, and tourism. However, he noted that while FCMB actively partners with businesses to foster growth, the bank sometimes encounters challenges with business owners who fail to meet their commitments, undermining trust.
Encouraging business owners to capitalise on Nigeria’s potential, Ujah called on them to remain in the country rather than relocate their operations to other nations. “For those contemplating moving their businesses to Ghana or elsewhere, consider the untapped opportunities right here in Nigeria. If you need support, FCMB is here to help take your business to the next level”, he added.
Other prominent attendees, the Honorable Commissioner, Ministry of Commerce, Cooperatives, Trade and Investments, Mrs. Folashade Ambrose-Medebem, Mr Yemi Folami, President of the National Association of Nigerian Travel Agencies, and Ambassador Amaka Ezedioramma, Head of Operations at Bigwill International, Public Complaints Commission Hon. Musa Adiko, all advocating for a unified approach to address Nigeria’s economic challenges.
Janefrances Ebere Chibuzor is a Tourism Writer at THEWILL
