Nigeria is taking bold strides towards comprehensive development, as showcased in the recent convening hosted by the Nigerian Professionals Network (NPN) in collaboration with the Institute of Africa Studies at the Elliott School of International Affairs.
Held on April 17, 2024, on the sidelines of the World Bank Spring Meetings in Washington DC, the event underscored the significant potential of uniting subnational entities and Nigerian private investors in the diaspora to drive Nigeria’s economic advancement and prosperity.
The spotlight illuminated Niger and Benue states as they eagerly welcomed business opportunities. Their governors – Umar Bago and Rev. (Fr.) Hyacinth Alia spearheaded the presentation of key investment prospects, emphasising sectors ripe for sustainable development and diaspora engagement.
This proactive approach to economic revitalisation and growth at the subnational level signals a promising trajectory for Nigeria’s financial landscape. The event highlighted the healthy competition among states in attracting investors and fostering development.
Niger and Benue states presented compelling investment opportunities during the convening. Both governors showcased their states’ potential in the agricultural sector, with Benue also emphasising its abundance of mineral resources. Their commitment to enhancing the agricultural value chain and harnessing mineral resources for economic growth was palpable. Niger State showcased its strides in digitalisation, while Benue underscored its commitment to eradicating corruption, indicating a positive direction for economic development.
In addition to discussing investment prospects, the governors elaborated on advancements in governance and security. Their focus on innovative approaches to security challenges, alongside initiatives such as digitalization and anti-corruption measures, indicates a concerted effort toward sustainable development and prosperity in both states. Furthermore, they emphasized successful non-kinetic strategies in enhancing security.
The initiative received accolades from various quarters, with the World Bank Country Director for Nigeria, Shubham Chaudhuri, commending the effort to bridge the gap between sub-nationals and Nigerian private investors in the diaspora. Such collaborations foster trust and create a conducive environment for impactful investments, driving economic prosperity and sustainable development.
Charles Odii, the Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), highlighted the importance of strategic partnerships for small businesses. By aligning with the diaspora and leveraging their expertise and resources, small businesses can flourish and significantly contribute to Nigeria’s economic landscape.
The diaspora community actively engaged in discussions, posing pertinent questions to the panellists. Their inquiries focused on empowering micro, small, and medium enterprises (MSMEs) within the informal sector, clarifying timelines for potential investors, and plans to utilize technology solutions from the diaspora. These inquiries underscored the importance of fostering inclusive economic growth through targeted empowerment initiatives, transparent investment frameworks, and the integration of technological innovations.
The convening brought together key stakeholders including Senators from Niger and Adamawa states, Charge d’ Affaires at the Nigerian Embassy in DC, World Bank Country Director, DG of SMEDAN, senior staff of the Nigerian community at the World Bank and the IMF, friends of Nigeria, and Nigerian Professionals within the DMV and beyond. This diverse gathering underscores the pivotal role of the diaspora community in Nigeria’s development.
The recent convening reflects Nigeria’s commitment to fostering growth and development at both national and subnational levels. By leveraging the expertise and resources of the diaspora, strengthening partnerships with private investors, and highlighting investment opportunities in subnational regions, Nigeria is poised for a brighter future. Collaboration, engagement, and strategic partnerships are key to unlocking Nigeria’s vast potential and achieving its developmental goals on the global stage.
The Nigerian Professionals Network (NPN), Diaspora, serves as a collaborative space for Nigerians across various professional fields. The network actively promotes positive narratives about Nigeria, fosters social integration, and harnesses the intellectual and business acumen of Nigerians to strengthen their impact both domestically and internationally.