Never before has a conference on investment in Nigeria lived up to the billing of actually profiling critical sectors and presenting a roadmap as to how the nation can become an economic powerhouse through strategic exploitation of its huge investment opportunities.

The conference held from November 28-30, 2011 and had a unique theme: “From BRICS to BRINCS – A Real Conversion”. This was quite audacious. The aspiration of having Nigeria join the BRICS countries (Brazil, Russia, India, China and South Africa) as an economically advanced state is not far-fetched, the conference would reveal. The Investor Conference attracted the attendance of senior government officials, corporate organisations, institutional investors, local and foreign media organisations, among others.

The event organiser, FBN Capital, is the investment banking and asset management business of the First Bank Group, offering services in investment banking, asset management, markets, and principal investing and private equity. An innovative and client-focused company, FBN Capital provides strong industry and execution expertise across a wide range of products and services.

Speaking on the success of the conference, Managing Director/CEO, FBN Capital, Mr. Osaze Osifo said the investor conference delivered on its key objective of facilitating a conversation with policymakers and business people with a view to moving the Nigerian economy forward, and taking real business to the next level.

“Discussions during the conference have helped address the steps required to deepen Nigerian capital markets, improve access to unlisted companies as well as highlight capital-raising and growth opportunities, which will boost Nigeria’s image as a foremost destination for investments in sub-Saharan Africa,” he said.

Dr. Ngozi Okonjo-Iweala, Nigeria’s Coordinating Minister for the Economy and Minister of Finance, who spoke on the opening day, said the administration’s Vision 2020 strategy was being translated into tangible plans, adding that managing the economy was not undertaken according to a static blueprint, but was constantly adjusted to take into account changing circumstances in the environment.
In terms of macro-economic stability, Okonjo-Iweala said the medium term expenditure framework for the next four years would be a platform for fiscal prudence, consolidation and optimisation. She further stated that macro-economic stability and sustainable growth would involve stemming leakages in oil revenues and diversifying with a view to increasing non-oil revenues.

AMCON CEO, Mr. Mustapha Chike-Obi said the corporation is desirous to partner with private sector companies whose expertise can be used to profitably run indebted manufacturing and other businesses.  “We welcome private sector expertise. In this context, we are committed to also supporting Nigerian capital markets, which require further development. The securities that AMCON holds will be used in a manner that benefits capital markets,” he said.

Another outcome of the conference was the assertion that Nigeria is in a perfect position to reclaim international agricultural markets lost since the early 1960s after which the country’s agricultural production per capita started to stagnate.

According to the Minister of Agriculture and Rural Development, Dr. Akinwunmi Ayo Adesina, Nigeria’s goals are import substitution to become self-sufficient, to lower the cost of food, and to develop an export-orientated agricultural sector. These measures will help to diversify the economy and increase foreign revenues, which will help to stabilise the exchange rate. In addition, the intention is to grow Nigeria’s agro-processing sector.

Drawing on international experience, the Minister in his presentation delivered by Mr Kola Masha, the nation can leverage its agricultural sector to drive the manufacturing sector. “In 2005, the Malawian government implemented one of the most ambitious and successful assaults on hunger in Africa. Today, it is an exporter of maize and a provider of food aid. Kenya has become the world’s largest exporter of horticultural products, with eight million jobs having been created in that sector of its economy.”

Dr Adesina said it was necessary for Nigeria to focus on agriculture as a business and to utilise the transformation of the sector to create jobs, wealth and food security. A key component of transformation policy is a revised fertiliser strategy which makes the private sector responsible for fertiliser procurement and distribution.

“We are also looking at the role of marketing corporations and the development of the private sector because there are no support structures around farmers to enable the agricultural value chains to grow. The answer is to have public sector enabled and private sector driven marketing corporations,” he said.

Participants at the conference commended FBN Capital for taking the initiative and delivering a world-class conference. According to an international investor who participated, the conference provided insights into possible investment windows in Nigeria.” I was very impressed by the speakers that were present on the conference as well as breadth of companies present,” he said. Another stated that he came away from the conference feeling that there had actually been real conversations about moving the country forward – an extremely well put-together event with an excellent choice of speakers.
David Dunnigan, Partner, Clifford Chance LLP who was a discussant on the Capital Markets Panel alongside the Director General, Securities Exchange of Nigeria, SEC, Arunma Oteh, and Director General, Nigerian Stock Exchange, NSE, Mr. Oscar Onyema, said the conference had changed perceptions about investment opportunities in Nigeria. “It was an incredibly impressive Conference, and a real privilege for us to be part of it and to meet such prominent figures in the Nigerian market. It is certainly an exciting time for Nigeria as a whole and we very much hope to play a role in that development in the coming years,” he added.
In addition to the conference, FBN Capital plans in the coming year to facilitate a number of such fora for constructive and frank discussions towards moving from BRICS to BRINCS.