curator
Administrator
The hosting of the 24th edition of the World Economic Forum on Africa (WEF) by Nigeria between 7th and 9th May, 2014 is most welcome and fortuitous. Besides the Heads of Governments and Statesmen that would grace the Forum, CEOs of global firms, leading Financiers and policy development technocrats from over 80 countries are expected to attend, thus providing Nigeria with an immense and unique opportunity for economic and cultural diplomacy.
The theme of the 24th edition WEF on Africa – “Forging Inclusive Growth, Creating Jobs” is indeed apt and germane, in view of the economic aspirations of the present administration as it is espoused in its transformation agenda.
It is therefore, expedient to draw attention to that event which announced Nigeria winning the hosting rights for the WEF on Africa.
world economic forumDuring the WEF World Press Briefing in Abuja, the Minister of Finance and Coordinating Minister for the Economy (CME) and Co-Chair, WEFA Nigeria, 2014 Steering Committee, Dr. Mrs. Ngozi Okonjo-Iweala declared that the theme of the Forum would help to stimulating investments in the economy, as it was chosen deliberately because it aligned with the medium and long term aspirations and commitment of the Federal Government.
Expatiating, she rendered statistics and figures showing Nigeria’s dogged and purposeful march towards becoming an investor’s haven in Africa. Over N3.2trn ($20bn) Foreign Direct Investment had been attracted into the Nigerian economy, which represent 10 percent of the entire African continents’ FDI, according to the Finance Minister/CME.
One could safely infer then that the quantum of investments by both the local and International investors in Nigeria’s Power sector coupled with the transparent and successful privatization of the sector and other successful policies undertaken by the present administration, bestowed on Nigeria the toga of an emerging new market, which by extension, contributed strongly to the selection of Nigeria as the host of the WEF on Africa.
On the selection of Nigeria as host, Dr. Ngozi Okonjo-Iweala averred that it is a reflection of the growing attraction of Nigeria to the international capital as one of the world’s most rewarding new markets. In addition, the event in her candid estimation, presents an opportunity for Nigeria to showcase its vast economic opportunities and deepen dialogue on economic reforms between the international and private sector on hand and the Nigerian Government.
Still on the same page of thought, the Chief Economic Adviser to the President, Dr. Nwanze Okidegbe during the WEF World Press Briefing, reiterated that the WEF summit would boost Foreign Direct Investment inflow and provide window of opportunities for Nigeria’s real sector.
Having recounted all the above, the significant turning point of hosting the Forum is that it will not only ensure that Nigeria remains the largest recipient of FDI in Africa, but ensuring that the investments we attract are broad based and help generate millions of jobs for our youthful population.
It would be worthwhile to say then, that during the few days the Economic Forum holds sway in the capital city, Abuja, Nigeria, the heart of Africa, is bound to gain the attention of global businessmen and policy makers; and most importantly, print and electronic media across the world for good and developmental news/stories. Nigeria my beloved country at this critical period deserve to relish this period of hosting; to project her image favourably to the outside world as the economic summit commences May, 7 to 9, 2014.
Indeed at this juncture, it would not be out of place to say that President Goodluck Jonathan would be pleased, hosting global business and political leaders in the country, and especially for the opportunity to tell the Nigerian story in our terms.
Retrospectively, the WEF is an organization that has been in existence for more than 25 years. It is a Swiss non-profit foundation based in Geneva, Switzerland. It is dedicated to improving the state of the World through the facilitation of engagement between businesses, Governments and the civil society. Its flagship event is the annual meeting in the small Swiss town of Davos, which is attended by more than 2,500 people including CEOs of the World’s largest corporations and over 250 public officials ranging from Heads of States and Ministers to Chief Executives of international organizations such as the World Bank, the European Union and the United Nations.
The Africa edition began in 1990 and is one of WEF regional meetings organized annually in Africa, East Asia, Latin America and the Middle East and North America. South Africa has hosted the event more than any country, contributing to cementing its image as Africa’s economic power and an economy that is well-integrated into global markets.
The Summit in Abuja will be the first time it is held in Nigeria and West Africa. It is the culmination of the efforts of Nigerian firms like the Dangote Group, The First Bank Group, Oando and the Nigerian Stock Exchange who are increasingly active in the World Economic Forum and the recent engagement of the organization by the Federal Government of Nigeria and its economic team.
More importantly, it is a reflection of the growing attraction of Nigeria to international capital as one of the World’s most rewarding new markets, following recent painful but highly rewarding set of economic reforms.
Ramon A. Balogun is a Resident Information Officer in the Office of the Chief Economic Adviser to the President.
The theme of the 24th edition WEF on Africa – “Forging Inclusive Growth, Creating Jobs” is indeed apt and germane, in view of the economic aspirations of the present administration as it is espoused in its transformation agenda.
It is therefore, expedient to draw attention to that event which announced Nigeria winning the hosting rights for the WEF on Africa.
world economic forumDuring the WEF World Press Briefing in Abuja, the Minister of Finance and Coordinating Minister for the Economy (CME) and Co-Chair, WEFA Nigeria, 2014 Steering Committee, Dr. Mrs. Ngozi Okonjo-Iweala declared that the theme of the Forum would help to stimulating investments in the economy, as it was chosen deliberately because it aligned with the medium and long term aspirations and commitment of the Federal Government.
Expatiating, she rendered statistics and figures showing Nigeria’s dogged and purposeful march towards becoming an investor’s haven in Africa. Over N3.2trn ($20bn) Foreign Direct Investment had been attracted into the Nigerian economy, which represent 10 percent of the entire African continents’ FDI, according to the Finance Minister/CME.
One could safely infer then that the quantum of investments by both the local and International investors in Nigeria’s Power sector coupled with the transparent and successful privatization of the sector and other successful policies undertaken by the present administration, bestowed on Nigeria the toga of an emerging new market, which by extension, contributed strongly to the selection of Nigeria as the host of the WEF on Africa.
On the selection of Nigeria as host, Dr. Ngozi Okonjo-Iweala averred that it is a reflection of the growing attraction of Nigeria to the international capital as one of the world’s most rewarding new markets. In addition, the event in her candid estimation, presents an opportunity for Nigeria to showcase its vast economic opportunities and deepen dialogue on economic reforms between the international and private sector on hand and the Nigerian Government.
Still on the same page of thought, the Chief Economic Adviser to the President, Dr. Nwanze Okidegbe during the WEF World Press Briefing, reiterated that the WEF summit would boost Foreign Direct Investment inflow and provide window of opportunities for Nigeria’s real sector.
Having recounted all the above, the significant turning point of hosting the Forum is that it will not only ensure that Nigeria remains the largest recipient of FDI in Africa, but ensuring that the investments we attract are broad based and help generate millions of jobs for our youthful population.
It would be worthwhile to say then, that during the few days the Economic Forum holds sway in the capital city, Abuja, Nigeria, the heart of Africa, is bound to gain the attention of global businessmen and policy makers; and most importantly, print and electronic media across the world for good and developmental news/stories. Nigeria my beloved country at this critical period deserve to relish this period of hosting; to project her image favourably to the outside world as the economic summit commences May, 7 to 9, 2014.
Indeed at this juncture, it would not be out of place to say that President Goodluck Jonathan would be pleased, hosting global business and political leaders in the country, and especially for the opportunity to tell the Nigerian story in our terms.
Retrospectively, the WEF is an organization that has been in existence for more than 25 years. It is a Swiss non-profit foundation based in Geneva, Switzerland. It is dedicated to improving the state of the World through the facilitation of engagement between businesses, Governments and the civil society. Its flagship event is the annual meeting in the small Swiss town of Davos, which is attended by more than 2,500 people including CEOs of the World’s largest corporations and over 250 public officials ranging from Heads of States and Ministers to Chief Executives of international organizations such as the World Bank, the European Union and the United Nations.
The Africa edition began in 1990 and is one of WEF regional meetings organized annually in Africa, East Asia, Latin America and the Middle East and North America. South Africa has hosted the event more than any country, contributing to cementing its image as Africa’s economic power and an economy that is well-integrated into global markets.
The Summit in Abuja will be the first time it is held in Nigeria and West Africa. It is the culmination of the efforts of Nigerian firms like the Dangote Group, The First Bank Group, Oando and the Nigerian Stock Exchange who are increasingly active in the World Economic Forum and the recent engagement of the organization by the Federal Government of Nigeria and its economic team.
More importantly, it is a reflection of the growing attraction of Nigeria to international capital as one of the World’s most rewarding new markets, following recent painful but highly rewarding set of economic reforms.
Ramon A. Balogun is a Resident Information Officer in the Office of the Chief Economic Adviser to the President.
