network trade mission issue

NETWORK | JUNE 2016 |1

B I M O N T H L Y

Working with NBCC to Invest in Nigeria/Britain

The Nigerian Business

Environment: Navigating the

Rocky Road Ahead

Nigerian Music as a Global Phenomenon

Interview with Celebrating the Queen at 90Prince Dapo Adelegan

The Trade Mission Special EditionA publication of Nigerian-British Chamber of Commerce

NETWORK | JUNE 2016 NETWORK | JUNE 20162| |3


24, Modupe Alakija CrescentIkoyi - Lagos, NigeriaT. +234 818 455 3331 +234 809 8027583www.reviloco.com

1 OMENKA MAGAZINEVOLUME 1 ISSUE 4

FEATURES - COVER STORY

[email protected]

Energy Group (GEC) is an Africa focused independent Energy Resources Corporation. GEC

with a mission to explore, harness and a variety of energy resources in a

ainable manner that enhances the wealth of our nations and the quality of life of the people.

part of its Corporate Social Responsibility past two decades, actively supports and

es arts, culture and people initiatives in and elsewhere in Africa. GEC aims to sustain and showcase the best of Africa’s creative energy with a special focus on the

ts, dance, drama, and theatre.

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B I M O N T H L YA bi-monthly publication of Nigerian-British Chamber of Commerce

JUNE 2016

Contents6

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From the President

From the DG’s Desk

Editor’s Note

Mission & Vision Statements, Core Values

Member Spotlight

Executive & Council Members

Nigerian-British Chamber of Commerce Trade Mission to the UK

Events in Pictures

Celebrating the Queen at 90

Interview with Prince Dapo Adelegan

Building Closer Links between UKTI and the Nigerian British

Chamber of Commerce

Profile of the Nigerian - British Chamber of Commerce


Export, the New Frontier

The Investment, Advocacy and Mobilization Committee (IAMC)

Chairman on The N300m Debenture Issuance for the

NBCC Plaza Project

Nigerian - British Chamber of Commerce Policy Statement

The Wealth of Nations

Naira: To Devalue or Not


Nigerians in the British Football Leagues

GREETINGS

OUR CHAMBER

EVENTS

COVER STORY

TRADE & INVESTMENT

OPPORTUNITIES

ECONOMY

ENTERTAINMENT

SPORTS


NEW MEMBER PROFILECOUNCIL MEMBERS

PresidentPrince Adedapo .O. Adelegan

Deputy PresidentMr. Akin Olawore

Immediate Past PresidentPrince Adeyemi A. Adefulu, MFR

Hon. Treasurer Mrs. Bisi Adeyemi

Mrs. M. R. A. Adeleke, OONChief (Dr) Michael Olawale-Cole CONSenator (Chief) ‘Dipo Odujinrin, MFR Mr. Akinola Akintunde, FCA Arc. T. C. Awagu Mr. Oludayo SonugaChief (Dr) C. O. Ogunbanjo, OFRAlhaji Aminu A. Dantata Alhaji Aliko Dangote

Mr Paul ArkwrightChief A. C. Okafor Chief (Dr) Orji Uzor Kalu, MON Asiwaju Bola Ahmed Tinubu Chief L. A. Shoyombo, JPOtunba Olasubomi Balogun, CONChief Kola DaisiChief Adekunle Ojora, CON

Patrons

Chief G.A. MabiakuChief Olusola Faleye Chief A. O. AparaErelu O. O. Aina Mr. Dayo Lawuyi, MONMr. Sola Oluwole Mr. C. D. M. Le Clair, OBE, OON Mr. Abi Odojukan

Mrs. Beatrice A. O. A. Fisher Mr. Peter WalkerAsiwaju Fola OsiboMr. P. O. Oluwi Alhaji (Dr.) Dalhatu Tafida, OFR Barr. P. C. Abuka Iyalode Alaba Lawson, MFR, JP Mrs. Ladun K. Lawal

Hon. Life Vice Presidents

Mrs. Theresa Ananyi Mr. Ray C. Atelly, frpa

Mr. Joe Dada Mr. Alan Davis

Vice Presidents

Mr. Kayode FalowoMr. Uwamai IgeinEngr. M. O. AminuDr. Obiora Chukwuka Mr. S. O. OyefesoMr. Babatunde T. BelloChief ‘Bintan Famutimi Mr. Osagie OkunborMr. Tunde OgundeDr. Ikenna NwosuMr. M. O. AdeleyeAlhaji I. A. Bello Pastor Ituah Ighodalo Mr. Owoseni AdetuMrs. Bola AdesolaDr. A.B.C. OrjiakoMr. Kolawole Olayinka

Chief Keith Richards, OBEPrincess Sarah SosanDr Adesola Kazeem AdedutanMr. Ahmed BashirMr. Jeffrey SpearsMr. Kenneth OparaMr. Sesan ShobowaleMr. Sola OyetayoMr. James HoustonChief Adesumbo OnitiriMr. Agele J. Alufohai Mr. Hakeem OgunniranPrince Bimbo OlashoreMr. Akin OsuntokiMr. Adebayo SanniMrs. Clare Omatseye

Council Members

BERGER PAINTS NIGERIA PLC.

Berger Paints Nigeria Plc., which commenced operation in Nigeria on January 9, 1959 has grown to be a leader in the coating and allied industry in Nigeria - a legacy inherited from Lewis Berger, the German colour chemist who founded the Berger Paints’ dynasty in London, in 1760. We take pride in being a company with an on-going commitment to the development and manufacture of paints and allied coating which are at par with modern technology, are environmentally friendly and formulated to withstand harsh tropical conditions.

The company has a reputation for being the first in setting standards in the paint industry in Nigeria. It has pioneered a wide range of specialty products that are much sought after in this dynamic and ever-changing market. Berger Fire Retardant Texcote, a textured finish we first introduced into the Nigerian market has been very successful in capturing the imagination of many consumers. Berger Rufhide, wall putty with superior adhesive strength over conventional P.O.P and other screeding materials, first of its kind in the Nigerian market was also pioneered by Berger Paints. Our other well known brands such as Luxol (Clinstay), Super Star, Classic, and so on, continue to enjoy extreme popularity across Nigeria today.

Operating in with 16 depots in 6 business segments; decorative/architectural finishes, Industrial coatings, marine & protection coatings, Berger/KCC heavy duty coatings, automotive/vehicle refinishes, wood finishes and preservers, Colour World centres and a countrywide distribution network of dealers and mega dealers in strategic locations spread throughout the country, the company is well placed to serve the growing requirements of the Nigeria market.

In 2012, Berger Paints Nigeria Plc. Entered into partnership arrangement with the biggest heavy duty coating manufacturing company in South Korea, KCC Corporation to jointly serve the Nigerian paint and coating market. This partnership affords our customers the quality and durability that marine and protective market have found synonymous with the KCC marine and heavy duty brands.

GreetingsPresidentfrom the

Dear Distinguished Member,

Our publication returns with engaging content geared towards promoting co-opera-tion between Nigeria and British businesses. In fulfilling our objective, this special issue documents our trade mission to the United Kingdom, holding in the month of June.

Splashed on our pages are photographs of previous events including our courtesy visit to the Ogun State Government, our insurance colloquium and of course, Her Majesty, the Queen’s 90th birthday anniversary. Several incisive articles are also lined up for you including; export as a new frontier, which comes on the heels of the federal government’s thrust to diversify the Nigerian economy and halt an over dependence on crude oil; a discussion on whether to devalue the naira or not also becomes a focus of attention, as well as the sovereign wealth of nations.

Sports and entertainment are not left out and provides a relaxing edge as Nigerian footballers that play in British football teams are featured in this edition, as well as Nigerian musicians making great strides globally.

All these and more are lined up for you.

I wish you a pleasant read!

Prince Dapo AdeleganPresident and Chairman of Council

G R E E T I N G S

MissionTo continuously encourage and

promote mutually beneficial trade relations between

Nigeria and Britain

VisionTo be the foremost channel of trade and commerce between

Nigeria and Britain

Core ValuesIntegrity

Co-operationCommitment

Respect

THE NIGERIAN-BRITISH CHAMBER OF COMMERCE

Olubunmi Owa Street, off Admiralty Way Opposite CBC Towers, Lekki Phase 1, Lagos

P. O. Box 9803, MarinaLagos, Nigeria

T: +234 1 4540395 www.nbcc.org.ng

THE NIGERIAN-BRITISH CHAMBER OF COMMERCE is the foremost bilateral chamber of commerce in Nigeria. The

chamber is accredited under the NACCIMA/CIPE, Washington,

D.C. USA accreditation programme. There are over 350

corporate members who are found in all sectors of the Nigerian

economy. Our membership base ranges from the small and

medium enterprises to large scale multinational corporations and

government agencies. We organize workshops, business luncheons,

seminars, trade fairs, trade mission, members’ evening and other

such activities that aid trade and investment.


Editor’s Note

I wish to welcome you to this special edition of the Network magazine. It is our desire to cover a wide spectrum of content is relevant to the interests of our members in Nigeria, as well as in the UK Network. We hope we have met this expectation as you read through this bumper package.

At last we have for your reading pleasure, an interview with the 14th president of our chamber, the NBCC. In it, he sets the agenda for his administration and looks forward with hope and expectations. and opportunities that abound in Nigeria, as well as opportunities for greater economic co-operation between Nigeria and Britain. We have a kaleidoscope of pictures that capture recent events in both countries, including those with great historical significance, involving Her Majesty, the Queen.

As the Chamber embarks on a trade mission to the UK, which covers visits and activities in London and Liverpool, this special edition brings you details of the mission delegates as well as the exciting events that promise to make this Trade mission one of the best ever. In our next edition, you shall be served photos from this event. We hope you will make it a date to attend the next.

The Network magazine circulates in the UK, as well as in Nigeria. We have increased the pagination and circulation of this edition to ensure that copies are available with our partner chambers, the UKTI offices, and the Nigerian High Commission.

We hope you enjoy reading.

Best wishes,

Ray C. Atelly, frpaEditor-in-Chief

G R E E T I N G S

Cover

MR. RAY C. ATELLY FRPA (EDITOR-IN-CHIEF)

MR OLIVER ENWONWU

MRS YEMISI MOKUOLU

MRS JOYCE AKPATA

MS LADUN OGIDAN

MS JESSICA ALETOR

ART DIRECTOR

OLIVER ENWONWU

GRAPHIC DESIGNER

RAZAK BOMBATA

PHOTOGRAPHER

OLA PHOTOS

MEDIA SALES, ADVERTISING & DISTRIBUTION

REVILO

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published without responsibility for errors

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worldwide of all editorial content is held by

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Network is published bimonthly by Revilo Company Ltd on behalf of The Nigerian-British Chamber of Commerce.

Editorial Board

DG’s DeskFrom the

G R E E T I N G S

Esteemed Member, Welcome to this very special issue of our bi-monthly publication Network. It is indeed special because it also serves as a guide to our June trade mission to the United King-dom, which promises to be most successful in promoting international trade between Nigeria and the United Kingdom.

In this issue, we also keep you up-to-date with the Chamber’s activities with an insightful interview with our 14th president, Prince Dapo Adelegan, who speaks about his goals for the NBCC. Also included is more information on the progress made so far on the building of our new plaza, which will serve as our new secretariat. Events like our recent courtesy visit to the government of Ogun State, as well as our colloquium on insurance are also well documented in lavish photographs.

Though public confidence in the Buhari-led federal government is eroding, we at the NBCC are keeping faith in his programmes to diversify the Nigerian economy with an article on export as a new frontier. Our focus on economy broadens with informative articles like value and investment opportunities between the UKTI and the NBCC.

To round off, enjoy your stories on Nigerian music as a global phenomenon, as well as Nigerian talent lighting up the British Premiership!

Joyce AkpataDirector-General

8|


O U R C H A M B E R

Name: Prince Dapo AdeleganDesignation: President and Managing DirectorCompany: Celtron Nigeria LimitedAddress: 18A, Dapo Sholanke Close, off Admiralty Way, Lekki Phase 1, LagosEmail: [email protected]: +234 8057000007Email: [email protected]: www.celtrongroup.comBusiness Interest: Trade Facilitation, Investment and Brokerage

Nigerian-British Chamber of Commerce Trade Mission to the UK

Contributors

Ladun Ogidan is the Deputy Editor of Omenka magazine. She

holds a first degree in Mass Communication from Covenant

University, Nigeria. Ogidan is the Chief Operating Officer of

Revilo. She is also Assistant Curator at the Omenka Gallery,

and has co-ordinated several exhibitions home and abroad.

Ahmed Bashir is the Director, Trade and Investment, Nigeria

and UK Trade & Investment (UKTI). He has held various

other significant positions in the UKTI including Director,

Operations and Marketing (December 2011 – March 2016),

Marketing Director, Asia Pacific and South Africa (July 2011 –

November 2011), as well as Head of Operations, Marketing

Group & Chief Operations Officer (February 2011 – July

2011). In 2015, Bashir was awarded Member of the Order

of the British Empire (MBE), for services to Equality in the

Public Sector. (Middlesbrough, North Yorkshire).

Ladun Ogidan

Ahmed Bashir

Oliver Enwonwu is the founder and Chief Executive/

Managing Director of Revilo. He is an artist, curator,

art administrator, brand strategist and writer. His

expertise is built on 11 years of developing creative and

intellectual content for clients. He holds a first degree

in Biochemistry, an Advanced Diploma in Exploration

Geophysics (distinction), Post Graduate Diplomas in

Applied Geophysics and Visual Art (distinction) and a

Masters in Art History, all from the University of Lagos.

He writes regularly on art and investment for several

important publications including the Vanguard newspaper,

as well as speaks, moderates and participates in public

events and discussions.

Oliver Enwonwu

Ray C. Atelly

Jessica Aletor is a Communications and Business Services

Specialist at the Nigerian-British Chamber of Commerce.

She is an event photographer and a social media strategist

and holds a Masters degree in Industrial Relations and

Personnel Management from the University of Lagos. She

enjoys music, reading, and running.

Jessica Aletor

Ray C. Atelly, frpa is the Vice President of the Nigerian-

British Chamber of Commerce. He has occupied

various other important roles including Group

Managing Director/CEO of PG Consulting Ltd, Group

Chairman HT Group, (2006 – present), Chairman

Imagia Italian Furniture & Interiors (2006 – present).

Atelly is passionate about the greatness of Nigeria with

a focus on integrated marketing communications, brand

building, human capital development, training, youth

empowerment, and business advancement. He is also

an investor, business leader, mentor, a student of life

and business holding membership of boards of several

private sector establishments across many segments of

the Nigerian economy.

DELEGATES PROFILE

JUNE 13-17, 2016

MISSION OBJECTIVES

This mission is aimed at attracting foreign investment to Nigeria with a focus on multi sectors particularly non-oil products and services. These include; Agriculture / Food, Creative Industry, Infrastructure, Property & Construction, Industry & Manufacturing, Oil & Gas and Power

To show how to overcome the challenges of entry into the UK market.

To develop partnerships between UK and Nigerian businesses

To promote Nigerian goods and services in the UK

To participate in the International Festival for Business 2016 (IFB2016) in Liverpool, which is the World’s largest business festival, as well as

regional interactions with the British Chamber of Commerce, the Liverpool & Sefton Chamber of Commerce, UK Trade & Investment and the Liverpool Commonwealth Association where delegates’ can learn how to access high growth markets

To engage with high-level business leaders in the UK, trade related government officials, and a number of UK-based chambers of commerce

To explore potential for export of non-oil products from Nigeria

To showcase property and construction opportunities in Nigeria

Name: Mr. Akin OlaworeDesignation: C.E.OCompany: Akinolawore & Co.Address: 8/10, Broad Street, Western House (5th Flr.) LagosTel: 08033065231Email: [email protected]: www.akinolawore.net, www.brokerfieldres.com, www.baobabrealty.comBusiness Interest: Real Estate, Property Management & Construction


Name: Engr. Tunde Ogunde Designation: C.E.O Company: UNECON Associates LtdAddress: 18, Johnson Street, Ilupeju, LagosTel: 08033119674 Email: [email protected]: www.uneconassociates.comBusiness Interest: Engineering/Construction

Name: Mr. Babatunde T. BelloDesignation: C.E.OCompany: Romis Consultants LimitedAddress: 26, Association Avenue, Illupeju, LagosTel: 08033533365Email: [email protected]: www.romisconsultants.com.ngBusiness Interest: Professional Services-Management Consultants, MSME Development, Pre-Investment Studies

Name: Mrs. Ladun LawalDesignation: Managing DirectorCompany: Ayojide Pharm LimitedAddress: 68, Cemetery Street, Ebute-Metta, LagosTel: 08034025101Email: [email protected]: NilBusiness Interest: Pharmaceutical and Agric Products

Name: Mr. Bamidele AyemiboDesignation: C.E.OCompany: 3T Impex Consulting LimitedAddress: 25, Adebola Street, Off Adeniran Ogunsanya, Surulere, LagosTel: 08036522946Email: [email protected]: www.3timpex.com Business Interest: International Trade Consulting

Name: Mr. Akan MbohoDesignation: C.E.OCompany: Mboho Works and Stevedores LimitedAddress: 3 Akan Jack Mboho Street LekkiTel: 08028826514Email: [email protected] Website: NilBusiness Interest: Construction, Freight Forwarding, Haulage Services, Custom Brokerage & Warehousing

Name: Mr. Adejana Gbadebo OlujareDesignation: C.E.OCompany: Realty PointAddress: Onigbogbo House, 29, Mobolaji Bank Anthony Way,Tel: 08059100256Email: [email protected]: www.deboadejana.com, www.realtypointltd.com, www.primeestatesng.com, www.findnigeriaproperty.comBusiness Interest: Real Estate, Property Management & Construction

Name: Ogidan Oluwatoyin StephanieDesignation: Business Development ManagerCompany: Kingscourt RealtorsAddress: Plot 3211A Akin Ogunlewe Str, Victoria Island, LagosTel: 08036224201Email: [email protected]: www.kingscourtrealtors.comBusiness Interest: Leases, Sale, Property Management

Name: Onafowokan BolajiDesignation: C.E.OCompany: Bonas Technologies/Bonas Intl SchoolAddress: 84 Ajebo/Igbokuta Rd, Imota Ikorodu Lagos Tel: 08023020513Email: [email protected]: NilBusiness Interest: Education Training/Agro Services

Name: Mr. Gregory E. Nwakgo Designation: Managing Partner Company: Roseberg Legal Practitioner & ArbitratorsAddress: 6b Bendell Close Off Bishop Aboyade Cole Street, Victoria Island LagosTel: 08037149482Email: [email protected] Website: www.roseberglegal.comBusiness Interest: Seeking for Franchise Opportunities

Name: Mr. George Oladeinde SamsonDesignation: C.E.OCompany: Geogry Shelter Nigeria LimitedAddress: Plot 16, Ogunyomi Crescent Lakowe Phase 2 Ibeju Lekki, LagosTel: 08033901155Email: [email protected]: www.georgyshelter.comBusiness Interest: Real Estate and Trading

Name: Saidat Bolanle OgunrindeDesignation: C.E.OCompany: Bolfat Allahu Nig. LtdAddress: 52, Igbogbo Road, Ikorodu LagosTel: 08033477146Email: [email protected]: NilBusiness Interest: Trading/Msme

Name: Mr. Godwin Abiodun OyefesoDesignation: C.E.O Company: Successedge International LtdAddress: 17/19 Allen Avenue Ikeja LagosTel: 08037163281Email: [email protected]: NilBusiness Interest: Agriculture/Export

Name: Mr. Vincent Ebere OkutaDesignation: C.E.O Company: Kutascom Nig LtdAddress: 77 Bayo Oyewole Street Okota LagosTel: 08033448936Email: [email protected]: NilBusiness Interest: Export

Name: Mr. Prince Akinwale OjomoDesignation: ConsultantCompany: Global Property PartnersAddress: Olademeji Alo Street, Lekki Phase 1Tel: 08033048820Email: [email protected]: www.deluxeresidences.netBusiness Interest: Real Estate, Property Management & Construction

Name: Ray Atelly, frpaDesignation: C.E.OCompany: HT GroupAddress: 37, Bode Thomas Street, Surulere, LagosTel: 08096711247Email: [email protected]: www.pgconsultingng.comBusiness Interest: IT Hardware Distribution, Advertising, Furniture and Public Relations

Name: Mrs. Theresa AnayiDesignation: Managing DirectorCompany: KENDALL GROUP Address: 14, Warehouse Road, Apapa, LagosTel: +234 8033528234Email: [email protected], [email protected]: www.tizeti.comBusiness interest: Travel Consulting and Telecommunications

Name: Chief Fola OsiboDesignation: Managing Director/C.E.OCompany: Promaconas International LimitedAddress: 2, Fola Osibo Road, off Adebayo Doherty Road Lekki Phase 1Tel: +234 8034025101Email: [email protected]: www.promaconasinternational.comBusiness Interest: Export Facilitation, Industrial Management Consultants, Publishing and Education Materials

Name: Mrs. Joy OkwuadigboDesignation: Regional Director, AfricaCompany: Highbury Nigeria LimitedAddress: 252E, Muri Okunola Street, Victoria Island, LagosTel: +234 8054045022Email: [email protected]: www.highbury.ac.ukBusiness Interest: Further Education Colleges, based in the UK and Nigeria


Name: Ms. Jessica Ekanem AletorDesignation: Communications and Business Services SpecialistCompany: Nigerian-British Chamber of CommerceAddress: Olubunmi Owa Street, Off Admiralty Way Opposite CBC Towers Lekki Phase 1, LagosTel: 08036585606 Email: [email protected]: www.nbcc.org.ngBusiness Interest: Communications, Branding, Advertisement & Public Relations

Name: Mr. Ogunsola Johnson KolawoleDesignation: C.E.O Company: Zest Global Logistics Ltd Address: 3/5 Osolo Way, Ajao Estate, Lagos Tel: 234-7917258, 08033017263 Email: [email protected] Website: www.zestglobal-ng.com Business Interest: Freight Forwarding

Name: Ani Patience NdidiDesignation: Div. Head, Logistic and WarehousingCompany: Max AvenueAddress: 28 Lanre Ebegbune Str, Ajao Estate Lagos NigeriaTel: 08056157383Email: [email protected]: NilBusiness Interest: Warehousing, Logisitic & Agric Processing

Name: Adam Muhammed KamilDesignation: Managing DirectorCompany: Alkasir Tailoring ServicesAddress: Jigawa Shopping Complex, Radama Road, KadunaTel: 08032102624Email: [email protected]: NilBusiness Interest: Fashion /Creative Industry

Name: Mr. Fred UhuwerakaDesignation: C.E.OCompany: Frijay Consult LimitedAddress: 16/18 Folarin Gbadebo Street Off Adetola Bus Stop, Agbado Road Ijaiye-Ojokoro LagosTel: 08033546498Email: [email protected]: www.frijay.comBusiness Interest: Agriculture-Agro Food Processing, Marketing, Packaging For Exports

Name: Rebecca Ellis Designation: Managing Partner Pomona Wealth Address: Pomona Wealth GmbH, Ebelstrasse 46,8044 Zurich-Switzerland Tel: +41 79 789 53 13 Email: [email protected] Business Interest: Trade & Investment

Name: Mr. Chima Ezenwa Designation: Managing Director Company: Telco Agro Chemical Address: 40, Igbo-elerin Okokomaiko Lagos Tel: 08100044228Email: [email protected]/[email protected] Website: Nil Business Interest: Export Facilitation, Industrial Management Consultants

Name: Mr. Patrick Abayomi Designation: Group MD/CEO Company: Windriven Systems Limited Address: 28 Afolabi Aina Street Ikeja, LagosTel: 08066951835 Email: [email protected]: www.windrivensystemsltd Business Interest: Agriculture, Renewable Energy, Organic Farming, Hydroponics, Aquaponics Control Farming

Name: Mrs. Olayinka AdesholaDesignation: ProprietressCompany: Tindip Educational Serviced LtdAddress: 1-5 Olori Oyefusi Street, Solomade Ikorodu LagosTel: 08020545177Email: [email protected]: NilBusiness Interest: Education & Training

Name: Mr. Emmanuel OdemayowaDesignation: C.E.OCompany: Consultant and DiasporaAddress: Olademeji Alo Street, Lekki Phase 1Tel: 08085151778Email: [email protected]: www.deluxeresidences.netBusiness Interest: Real Estate, Property Management & Construction

JUNE 13, 2016

‘Opportunity Nigeria – Importing from Nigeria’

Day 1 in London

10am Delegates courtesy call to the Nigeria High Commission

Venue: Nigeria High Commission9 Northumberland Avenue London WC2N 5BX

10.15am

11.00am - 11.10am

11.10am - 11.30am

11.30am - 11.50am

11.50am - 12.05pm

12.05pm - 12.20pm

12.20pm - 12.35pm

1.00pm - 2.15pm

2.15pm – 2.30pm

2.30pm -2.45pm

Registration and Networking

Welcome Address: The Vision of the Nigerian Government in the Economic Development of NigeriaSpeaker: Simon Ogah, Acting High Commissioner to the UK

Opening Address: The Role of the Nigerian-British Chamber of Commerce in Facilitating UK-Nigeria Bilateral Trade Speaker: Prince Dapo Adelegan, President, Nigerian-British Chamber of Commerce

Keynote Address: Facilitating Trade and Investment between the UK and NigeriaSpeaker: Prime Minister’s Trade Envoy to Nigeria, John Howell MP

Presentation: The Role of the Diaspora in UK - Nigeria Trade DevelopmentSpeaker: Henrietta Abraham, Chair of NIDO UK (South)

Presentation: Economic Outlook and Prospects in the New EraSpeaker: Peter Horton, CEO, Diamond Bank UK

Q&A

Networking Lunch

Presentation: The Role of UK Trade & InvestmentSpeaker: Ahmed Bashir MBE, Director, UK Trade & Investment Nigeria

Presentation: Addressing Logistical NeedsSpeaker: Mark Daoud, Managing Director AMG Logistics (Nig) Ltd.

Panel Discussion: Potential for Export of Non-Oil Products from Nigeria


Sponsored by AMG Logistics (Nig) Ltd.

In association with NIDO (UK) South

NIGERIAN-BRITISH CHAMBER OF COMMERCE MISSION TO THE UK

OUTLINE PROGRAMME: JUNE 13 -17, 2016


2.45pm - 3.45pm

3.45pm – 4.00pm

4.00pm – 4.10pm

4.10pm – 4.45pm

4.45pm

Panellists include:

Chair of NBCC’s Export Committee, Chief Asiwaju Fola OsiboCharis Management Systems, Yemi ShodipoThe London Port Health Authority, John AmbroseNigeria Diaspora-Trade & Investment Association (NDTIA)AMG Logistics (Nig) Ltd., Mark DaoudBitpesa, Joshua King

Q&A

Launch of Nigeria Export Club

Vote of Thanks

Networking

Close

TUESDAY JUNE 14, 2016

‘Opportunity Nigeria – Construction, Property and Infrastructure’

Day 2 in London

10.15am

11.00am - 11.10am

11.10am - 11.25am

11.25am - 11.40am

11.40am - 11.55pm

Registration and Networking ‘Opportunity Nigeria – Construction, Property and Infrastructure’

Presentation: Opportunities in Property and Construction Markets of Africa

Presentation: Funding Infrastructural Projects in NigeriaSpeaker: Pecora Capital, Switzerland

Presentation: Addressing Logistical NeedsSpeaker: Mark Daoud, Managing Director AMG Logistics (Nig) Ltd.

Presentation: Developments in Construction and Public Private Partnership in NigeriaSpeaker: Akin Olawore, Managing Director Akin Olawore & Co.

Presentation: Opportunities in the Nigerian Real Estate SectorSpeaker: Gbadebo Adejana, Managing Director Realty Point Ltd.


In association with NIDO (UK) South

11.55pm - 12.10pm

12.10pm - 12.25pm

12.25pm – 12.45pm

2:45pm – 1:40pm

Presentation: AWW Architects: A Nigerian ExperienceSpeaker: David Perkin

Panel Discussion: Construction, Property and Infrastructure’

Panellists include;AWW Architects, David PerkinNBCC Construction and Real Estate Sector Group, Gbadebo AdejanaAkin Olawore & Co, Akin OlaworePecora Capital, Switzerland

Exhibition and display opportunities for delegates

1:40pm – 2:40pm Networking Lunch

2:40pm – 4pm Private 1-2-1 Business Meetings

Travel to Norton Rose Fulbright LLP offices

4pm – 6pm Opportunity Nigeria: Taking Rail Forward in Nigeria

Norton Rose Fulbright Networking Event

Venue: Norton Rose Fulbright LLP, More London Riverside, SE1 2AQ

WEDNESDAY JUNE 15, 2016

International Festival for Business 2016

Day 3 in Liverpool

1pm-4pm International Festival for Business 2016 (IFB2016)

Nigerian-British Chamber of Commerce Stand at IFB2016 – Market Place Area

Networking and 1-2-1 meetingsvia the IFB2016 Business Club

Venue: Exhibition Centre Liverpool, Kings Dock St, Liverpool Waterfront, Liverpool L3 4FP

4pm-6pm 1-2-1 Meetings


THURSDAY JUNE 16, 2016

International Festival for Business 2016 &“Meet your Global Business Network” conference

Day 4 in Liverpool

All Day International Festival for Business 2016

Nigerian-British Chamber of Commerce Stand at IFB2016 – Market Place area

Networking and 1-2-1 Meetings


10.30am – 1pm “Meet your Global Business Network” conference led by Liverpool and Sefton Chambers of Commerce

Interaction with the British Chambers of Commerce and the Liverpool and Sefton Chambers of Commerce


4pm Free Time / Sightseeing

6pm Liverpool & Sefton Chambers of Commerce ‘Black Tie’ Gala Dinner (Optional)

FRIDAY JUNE 17, 2016

Day 5 in London

2pm Mission organizing team to make farewell call to the Nigeria High Commission


NBCC Insurance Colloquium, April 7, 2016 NBCC Breakfast Meeting, June 9, 2016

Courtesy Visit to First Bank, June 1, 2016

E V E N T S

Ogun State Courtesy Visit, April 6, 2016

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LAGOS

On Thursday April 21, the British High Commissioner, Paul Arkwright and the Deputy British High Commissioner, Ray Kyles hosted guests to a reception to mark the Queen’s 90th birthday in Lagos. Speaking at the event the High Commissioner said, “The Queen visited Nigeria in 1956 and in 2003. It is a sign of just how long she has been on the throne and how dedicated she is to her duty. Indeed, she has made over 250 foreign visits to over 113 countries. She is the longest serving monarch in the United Kingdom and the British Isles. So it is a particular pleasure to celebrate her birthday with you today.”

ABUJA

It was also a terrific evening in Abuja as the British High Commissioner, Paul Arkwright hosted a party to celebrate Her Majesty Queen Elizabeth II’s 90th birthday. Guests from around and outside Abuja joined the celebrations, including government officials, diplomats, media, civil society, the military and business communities. Some highlights of the evening included a photo exhibition of the Queen’s two previous visits to Nigeria, pop up performances of Shakespeare’s Two Noble Kinsmen, a beautiful rendition of the UK and Nigeria national anthems, and a toast to the Queen proposed by the High Commissioner.

Celebrating the Queen at 90

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NETWORK | JUNE 2016 |25

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Oliver Enwonwu and Ladun Ogidan. Photos: Chibuike Uzoma

President and Chairman of Council Nigerian-British Chamber of Commerce

Interview with Prince Dapo Adelegan

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What do you hope to achieve as President of the NBCC?My aspiration for the 2-year mandate is first to consolidate on the programmes and activities that I have been part of the last 2 years as Deputy President, then recalibrate these activities to a much stronger height of deliverance for members of the Chamber. There is a 7-point agenda in terms of my aspirations:

Number one is to build our plaza. The NBCC Plaza has been a project on the table for the past 12 years, and as I speak to you, the foundations have been laid. Our expectation is that we deliver in the life of this administration God willing; as a matter of fact a debenture of 300 Million Naira is currently been raised through a Merchant Bank to deliver this important project in time and at cost. The second aspiration is to develop our NBCC UK Chapter and network. As the Nigerian-British Chamber, our focus should revolve around providing a pipeline of foreign direct investment from Britain into Nigeria, as well as assisting Nigerians to achieve their aspirations in the United Kingdom. This means we need to put a structure in place in the UK that can provide a hand-holding concierge service to British interests who are looking at Nigeria as well as provide representation for Nigerian enterprises, both public and private sector, to help them to achieve their aspirations in the United Kingdom.

One of the steps we took was to sign a 5-year M.O.U with the Nigerian Export Promotion Council (NEPC) to assist them in the setting up of a Nigerian Export warehouse in the UK, apart from our plan to set up the Nigerian Business and Investment Centre (NBIC).

The 3rd plank of aspiration is prosperity for our members. The purpose of joining the Chamber is to ensure that member leverage on the networking opportunities to increase their business patronage. Therefore, from our premium members to our SMEs, we will devise a series of programmes and activities to bring more prosperity. In the case of our MSMEs, there is the need to link them to the bigger corporates to enable capacity for sustainable patronage and growth. We have activities like Members’ Evening, Breakfast Meetings and Public Policy Dialogue sessions that afford contact and networking with our premium members. We have been in a series of discussions with organizations about vendor engagement for our members so that once they present themselves as members of the NBCC, the

This is the 7-point agenda for my tenure. 2 years is a very short time, but we are going to try as much as possible to touch all of these aspects and establish an irreversible foundation for their emergence. So help us God.

What increasing roles will the NBCC play during your tenure in the local Nigerian economy?First, our expectation is that the businesses of our members will grow, and if we can calibrate and increase the performance growth and profitability of our 300 plus membership, it will have significant impact on the economy. Moreover, through those 300 memberships, we can also affect millions of suppliers and businesses that are tied to those companies because once a company is prospering, its public prospers.

What is your philosophy on financial management for the Chamber?The President of the Chamber is not responsible for the financial management, but he has and oversight function over the financial management. The Deputy President is the Chairman of our Finance and General Purpose Committee, so he has the responsibility for ensuring that the resources of the Chamber are adequate, and the capital and property are invested. However, if I may speak for him, I think our aspiration is to increase our income generating capability beyond subscription. The 21st-century chamber cannot rely on subscription alone. It must look at other revenue generating and sustaining activities within the chamber that can help to build it. First are properties. The LCCI is the foremost chamber in Africa. I sit on the council, and it has established itself as the most financially successful chamber in the country because of its huge investment in properties. That is why the NBCC Plaza, in my opinion, is our first major investment, which will assist in generating consistent and sustainable income to run the organization. The other is the NBCC Academy/SME Development Centre, which is going to be an independent, self-sustaining training and capacity institute that can partner with other educational institutions locally and abroad in delivering capacity training to Nigerians. Another is our programme. Hitherto, many of our programmes have been effective but not financially successful. We have decided as an Exco, that going forward; every programme must pay for itself and be viable in delivering something to the Chamber. I have also brought in a committee on core mobilization investment and advocacy, headed by a top-

large corporate member Companies will automatically avail access and patronage.

The 4th plank is to be a voice for business. We want to strengthen our presence in the federal capital. In the next six months, we want to have a bi-monthly breakfast programme, as well as a secretariat in Abuja because we are at the vanguard of expanding and growing the business trade between Nigeria and the UK. To leverage the on Nigeria’s estimated 2 million Diaspora in the UK, the largest concentration of Nigerians outside of Nigeria, there is a need to engage very closely with the British and Nigerian governments to ensure that business, political, social and cordial relationships continue to grow.

The 5th plank is the Diaspora. I travelled to London in the first week of August last year to engage the Nigerian Diaspora and institute an executive committee of our Chamber in the UK, which includes prominent members of the Diaspora. Moreover, to hold a series of meetings with them, that can assist in achieving their aspirations in Nigeria. The professionals, businessmen, entrepreneurs and most Nigerians in the UK are desirous of investing in Nigeria, so the NBCC wants to position itself as a pipeline that can expose them to business opportunities in Nigeria and assist, by bringing them in contact with our members who are in similar areas of interest. Equity is becoming a much easier and sustainable source of funding for SMEs. We believe that 10 million dollars in annual remittance by our UK Diaspora into Nigeria annually, provides a pool of investable funds available that we can leverage upon to help develop our SMEs.

Our 6th plank is to ensure that all members have value for their membership in the Chamber. Our premium members for example are by invitation; members in this category have an automatic council seat in our Chamber. We want to be their voice that engages with government when there are issues, or they want a policy changed, reviewed or established to suit their business objectives.

The 7th plank is to be a platform to help emerging companies. We have set up an NBCC Academy/SME Development Centre that will be on the mainland focusing on capacity development for SMEs. The development centre will avail advisory services in legal, secretariat, financial, and market access. We will also provide a virtual office for those that cannot afford an office.


notch investment banker and membered by mainly financially sound-minded people. They will be the funds and investment generation arm of the Chamber. They will look at endowment, opportunities for investment, partnerships with various institutions and bodies to ensure that the Chamber is profitable, bearing in mind that the total value of members’ asset is in excess of almost $50 billion and considering that the first ten biggest companies on the Nigerian Stock Exchange are our members. With that volume of global assets, the Chamber has no business with poverty or being deprived of finance. We need to leverage on our size, depth, and network and give value to our members. I am sure that the financial support that we require will come from within and from beyond the Chamber.

How will the Chamber encourage sector-focused activities and development within?The need to sectorize the Chamber Membership has been on the drawing board for a while.

The Exco and Council have given approval for the activation of the Oil and Gas Trade Group, The Export Nigeria Club, the Professional Service Trade Group, The Construction and Real Estate Trade Group, the Media and Creative Trade Group, as well as an SME Trade Group.

These trade groups will define the aspirations, growth and developments of member organizations providing platforms for peer engagement, interaction, knowledge sharing and B2B activities.

The worth of any organization is the quality of its network, the trade groups will engender greater value for our members at all levels with attendant prosperity for the Chamber.

Since coming on board as Vice President, and now President of the Chamber, in what way has the Nigerian government been supportive?I was the vice president for four years—two terms of two years each, and then I became deputy president for another two years before I became president. I have been in the Chamber for 20 years as a member, council member, vice president, deputy and now president. I have gone through 6 different presidencies. The president of the country is the grand patron of our Chamber. The tradition is that when a new administration

comes in, we go and decorate and invest that president as our patron. Presently, we are waiting for President Buhari to settle down, then we will be in Abuja by His grace to decorate him then engage the government. We will also give ideas about policy direction, the economic relations between Nigeria and Britain and otherwise, as well as discuss how the government can help in shaping policies that will affect for good, the fortunes of the businesses of our members. As I mentioned earlier, regarding our relationship with the federal government, we just signed a 5-year M.O.U with the Nigerian Export Promotion Council, which is the body charged with exposing our non-oil export and providing jobs for Nigerians. We are also working on partnering with the Nigerian Investment Promotion Council and the Nigerian Tourism Development Council. These are institutions of government that help to expose Nigeria to visitor-tourists who may come in first as visitors but end up becoming investors. It is the one that contributes in promoting the opportunities for investment in Nigeria and helps us develop a non-oil export base, particularly through agriculture.

In June 2015, I led a trade mission of our Chamber across the UK and in one of our presentations we were told that the total value of Nigerian food export to the UK is 30 million pounds a year. That is about 1.5 billion naira of the official export transactions that come through the British ports. It includes the ogbono, garri, alubo, and okporoko that we send from Nigeria to our brothers and sisters in London, exclusive of what we carry in our bags when we go, which means that it is more than 1.5 billion naira. Now, imagine that if we can increase that by an average of 10/20% on a yearly basis, in 5 years time, we could do N5 billion worth of exports. This will keep over 5,000 enterprises functioning in Nigeria, working and employing. So we will have a solution to the employability, the current crises, the youth and restless Nigerians if we can develop our agro-allied industry and make it exportable; because beyond England, the Nigerian Diaspora is going to America and Asia, and that means just like the Chinese, they travel with their national food wherever they go. In fact, the next level for us is to encourage the establishing of restaurants offering only Nigerian cuisine in different parts of the world. The Chinese conquered the world first with their food before they came with their technology. We want to do the same thing, using that model through our culture through our culture and food to take Nigeria on a global roadshow so that

the world begins to respect us.

Finally, one of the areas we are also keen on having discussed with some of our serious premium members is in developing a perception change documentary that can be aired on British television to change the perception of the British public about business in Nigeria. With the estimated 2 million population of Nigerian Diaspora in London, we are one of the major ethnic groups in the UK. We discovered that the public sector is unable to galvanize the necessary resources to engage a campaign that changes the perception of the British public. Therefore, we are going ahead as a Chamber to commission the documentary in partnership with our members.This will be a necessary prerequisite towards increased trade, respect, engagement and possibly increased traffic of tourists into our country to discover our potential, which could then be translated into major foreign investment and employability for Nigerians.

What policies can the Buhari-led government implement to foster business relations between the Nigerian and British business communities?First, the government needs to improve the security situation of the country. I am happy that during his last visit to America, the focus of the discussion between President Obama and President Buhari was the assistance required to defeat Boko Haram. The second thing to do is to fight world corruption because the perception of Nigeria as one of the most corrupt countries does not help our case for foreign direct investment particularly from a very discriminatory and conservative society like Britain. However, once they can see our commitment towards fighting corruption, a better business environment, and most importantly, increased investment in critical infrastructure, the will to partner with Nigerian companies will increase. The moment we can also solve our power problem, the world will come here because with the size of the country, demographics of our youth and middle class in terms of disposable income, every brand will want to come into Nigeria to serve the West African market. If the Buhari administration can succeed in resolving these problems, then as we advance to the 2nd and 3rd decade of the 20th century, Nigeria will emerge as a dominant economic power in the world.

What are the sectors of the economy you see most vital for Nigeria in the coming years? The first and most important thing is

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agriculture. When you drive through Nigeria, you see the enormous opportunity for agriculture with almost 70% of our land untouched. It means that if the government can develop agro-allied as a focal point of growth for the economy, the issue of unemployment will be resolved. The food security that we require will be guaranteed; the cost of food will come down because we can export. We can become the food basket of the world. China is presently buying land all over the world to grow food to feed its 1.357 billion people because there is no land space anymore. Nigeria can become a farmland for produce to export. Moreover, we can add value to this export by setting up agro-allied businesses that will employ people and add value to our export receipts. The moment we are exporting and getting receipts, our foreign exchange value to naira will reduce and that will impact positively on businesses. In my opinion, agriculture is that key that will unlock Nigeria’s potential, considering the dwindling price of oil and the discovery of shell oil all over the world that limits the global demand for our crude oil.

The other sector that I think is important is tourism. Nigeria needs to develop its tourism potential. Here, security is vital because people do not visit places they do not feel safe. If we can work on the security then advance internal tourism, we can position tourist traffic generators in different parts of the country. The festivals, for example, can become national ones. The volume of people that who visit Calabar for the carnival every year, confirms the validity of this assertion.

Internal tourism alone can stimulate economic development in Nigeria. However, the reality is that if the internal public of the country is not patronizing local tourism sites, external visitors will not come. If you do not satisfy your internal public, your external public cannot embrace perceptions.

What are the main drivers of growth for the NBCC?The quality of our members, quality of our programmes and the value-added services that we bring to our members.

What are the greatest challenges facing the NBCC today? We do not have any significant challenge because we are a very lucky Chamber. We have the adamant co-operation of the British government through the UK TI in offering pipelines of opportunities for British businesses and members to interact and conduct business. Through our trade missions, many of our members have established solid business relationships with companies in the UK, either as agents or representation. In terms of capacity, they have added value to their businesses locally. If there is any challenge at all, it is to ensure that our members are given satisfactory services that deliver on their expectations. As I have enumerated earlier, our determination to ensure that is done.

Where do you see the Chamber in the next five years?My prayer and expectation is that this Chamber, in another five years, will become the foremost bilateral chamber of commerce in the country.

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I am delighted to be writing to you in my new capacity as Interim Director of UK Trade and Investment (UKTI) Nigeria. Having been in the post for just over a month now, it has been a great learning curve understanding in detail the nuances of the Nigerian economy, and in particular the very positive role-played by British business. This is in no small part due to the great work done by the Nigerian British Chamber of Commerce since inception in 1977. During my time in Nigeria, it is my hope that UKTI and the Chamber continue working in close proximity to facilitate further British investment in the country.

A bit about myself: I am from the north east of England from a small town called Middlesbrough and proudly still carry the accent, which I hope to unleash on many of you. I joined the civil service in 2003, working originally at the Department for Work and Pensions. Over the past 13 years, I have taken on a variety of roles within Her Majesty’s Treasury and UKTI,

including a posting in Hong Kong where I presided over marketing operations in the Asia Pacific region, as well as South Africa. Most recently, I was humbled to receive an MBE in the Queen’s 2015 New Year’s Honours List for my services to the UK economy having worked extensively on the Great Britain campaign that I hope you will have seen in Nigeria and indeed across the globe where it has been rolled out. I hope I am able to positively extend my experiences and services to our shared aims of attracting UK businesses to Nigeria.

The work we do is seldom in silo, and for that I am grateful to my predecessor Chris Maskell, who has left a wonderful foundation for me to build on. I am all too aware of the challenges facing my role. UKTI and the Chamber have worked in the past to encourage UK companies to look beyond the challenges in Nigeria, and not only do I wish to continue this important work, I would also like to tackle head on the misconceptions heard all too often

about working or investing in Nigeria. We will require a multi-pronged approach to educate and attract businesses and I hope to work closely with the Chamber in accomplishing this.

Despite a slowdown in recent years for reasons we are all too aware, Nigeria continues to occupy the top spot as the largest economy in Africa. And this means Nigeria should remain as a very attractive investment prospect for British businesses; not just in the major resource areas of oil and gas, but also in other areas including human resources and diversity that have seen recent growth.

It is my utmost hope that during my time as Director of UKTI Nigeria, UKTI will work as closely as it has ever done with the Chamber to increase the number of UK companies present in Nigeria.

I look forward to working with you all.

Ahmed Bashir MBE

Building Closer Links between UKTI and the Nigerian-British Chamber of Commerce Ahmed Bashir


The Nigerian-British Chamber of Commerce is the foremost bilateral chamber in Nigeria. It was founded in 1977.

We currently have about 400 members spanning all sectors of the economy made up of Nigerian and British business people. It is active in Nigeria and Britain through the NBCC-UK Network.

MAIN OBJECTIVES

• To maximize trade between Nigeria and Britain through a regular exchange of information among members

• To maintain a close liaison with all relevant government authorities, departments and representative bodies with the aim of protecting and or representing members’ interests on matters of current importance

• To advise members of the Chamber on opportunities and problems, legislative or otherwise, arising from the pursuit of trade between the United Kingdom and Nigeria.

• To sustain partnership with the British Chamber of Commerce and UK Trade & Investment including the export-oriented Overseas Business Networks Programme launched in October 2013

• To create value for our members continuously and facilitate business-to-business relationships

MEMBERSHIP BENEFITS

• Attendance at conferences and seminars addressed by leading authorities in their fields, affording members to inform themselves on, and discuss current key issues affecting Nigerian-British trade

• Representation of members’ interests to all relevant government authorities

• Participation in trade missions and other sector focused events

• Issuance of introduction/reference letters to members to facilitate visa procurement

• Market intelligence services on Nigeria – UK trade

• Provision of access to library and information data bank

• Free copy of Chamber’s bi-monthly magazine

• Member–to–member offers

• Members’ discounts from selected service providers

• Attendance at professional development and networking sessions

• Global business links through co-operation with other British Chamber of Commerce within the International UK Business Network

• Opportunities to promote your business through the chamber’s various sponsorships and advertising opportunities

• Business referrals

THE CHAMBER PROGRAMMES

• Breakfast meetings

• Members’ Evening

• Business Round – Table

• Trainings

• Special events

• Workshops

• Trade missions

• Exhibitions & fairs

• President’s Dinner & Awards

• Annual Golf Classics

MEMBERSHIP CATEGORIES

Premium

Corporate plus

Corporate

Emerging

BUSINESS SERVICES

These services are available in-house and through designated members with approved and appropriate experience.

Advisory

Business matching and referrals

Market Studies

Events

Business Matching and Referrals

Brokerage

Engagement with potential clients, agents and distributors

Market Studies

Survey reports

Sector research

Competitor analysis

Profile of the Nigerian - British Chamber of Commerce

Events

Trade shows

Product launches

Networking events

Industry missions

NBCC – UK NETWORK

The UK Network of NBCC was formed in July 2009 with the intention of engaging with the Nigerian Diaspora in the UK, providing a platform for UK companies with interest in the Nigerian market and providing access to Nigerian businesses in the UK.

Categories of membership of NBCC –UK Network

• Premium

• Corporate

Our Network’s services will enable you to:

Tap into a reservoir of knowledge on international trade

Establish speedy links with potential agents, suppliers, distributors and customers

Receive support from sector-focused business groups, build market share and expand into new markets

Benefit from a friendly, open and inclusive community of interest

Core Services Offered by the Network

Market Insight

Getting Started Overseas

Building Market Share

Tailored Additional Services

We offer UK businesses a range of bespoke,

• Professional Services

• MSME

• Education and Training

UK Secretariat

T: +44 (0) 330 024 1126

[email protected]

www.nbccuk.org

Nottingham Commerce Centre

8, Experian Way

ng2 Business Park

Nottingham

NG2 1EP

National Secretariat

NBCC House

Olubunmi Owa Street, off Admiralty Way Opposite CBC Towers Lekki Phase 1

Tel: +234 (1) 4540395, +234 80126509157

E-mail: [email protected]

Website: www.nbcc.org.ng

Connect with us:

Facebook – Nigerian-British Chamber of Commerce Twitter: @nbccng,

Instagram: @nbcc_ng,

LinkedIn: Nigerian-British Chamber of Commerce

chargeable services tailored to their individual business needs. Services are designed to offer an appropriate understanding of opportunities in the Nigerian market and B2B networking opportunities. These services include:

• Advertising opportunities on NBCC website and newsletter

• Editorial in NBCC newsletter

• Market overview, research, competitor and sector analysis

• Market penetration, promotional advice, support for launches and marketing products and services

• Policy Advice

• Advice on cultural awareness

• Visa, business visa and work permit support

• Tariff and customs research

• Finance reporting and book keeping

• Risk and budget management support

• Relocation support

Sector Business Groups

The chamber has a number of sectoral groups which members are encouraged to join. These include the following;

• Export Trade Group

• Creative & Entertainment Industry

• Construction & Real Estate

• Oil & Gas


T R A D E & I N V E S T M E N T O P P O RT U N I T I E S


ounded in 1977, The Nigerian-British Chamber of Commerce (NBCC) is the foremost bilateral chamber of commerce in Nigeria, established to promote exclusively bilateral business and investment activities between the Nigerian and British private sectors. Its membership base ranges from the small and medium enterprises to large-scale multinational corporations and government agencies. The Chamber organizes

workshops, business luncheons, seminars, trade fairs, trade mission, members’ evenings and other activities that aid trade and investment.

F


Member BenefitsApart from the huge member-to-member networking opportunity open to all our members both in the United Kingdom and Nigeria, members enjoy the following benefits:

1. Organizing conferences and seminars addressed by leading authorities in their fields, affording members to inform themselves on, and discuss current key issues affecting Nigerian - British trade.

2. Representing members’ interests to all relevant government authorities.

3. Organizing trade missions and arranging traveling services for members.

4. Providing information and market intelligence service on Nigeria - UK trade through the Chamber’s regular publications.

5. Provision of access to library and information data bank.

6. Publication of the bi-monthly news report on business trade and legislative issues that are of interest to Nigerian - British business relation, as well as Chamber members; and reporting new developments within member companies and business and employment opportunities of interest to members.

7. The Chamber also publishes Tradelinks magazine. Tradelinks is a journal of topical issues and personalities on the activities of the Chamber. It was first issued in July 1987 and has been published regularly since.

Why Join a Sectoral Group?The NBCC Business groups provide a platform for members to engage and connect within their professional sector and beyond. The groups’ core committees consist of 8 to 12 members driving event programme and content. Business group core committees also take an active interest in enlarging the member base. They are a vital and important pillar in delivering our mission.

The Nigerian-British Chamber of Commerce enjoys a reputation as one of the most active in the Nigerian business community. Our business groups enhance the Chamber’s policy of engagement, with each business group’s aim being to provide a cutting edge approach to bring

about dialogue, change, improvement and influence with key people at industry and government levels. This provides both specific benefits to members and allows for their dynamic involvement and contribution.

AgricultureThe NBCC’s 40th anniversary is an excellent opportunity to further raise NBCC’s (and therefore its members) profile in the Nigerian-British business community. The occasion will be marked with several highlights including business awards to acknowledge the long and proud history of Nigeria and Britain doing business together.

Women in BusinessThe Women in Business committee aims to get women involved while introducing issues of interests to women by working with relevant organizations on joint networking events and collaborations.

Property & ConstructionThis business group provides an expert exchange and input forum encompassing all areas relating to property, real estate, real estate services and construction. The group aims to gather and share/provide insights and best practice from within the membership to create value for all members, as well as attract new ones.

Banking & Financial ServicesThe NBCC Financial Services Group covers one of Nigeria’s leading market sectors where a high level of major and niche institutions and financial firms occupy strong and influential market positions. Its aim is to significantly expand NBCC membership at both the corporate and individual levels by raising the standard of and focusing the networking and promotional opportunities within both the financial services sector and to the rest of NBCC’s business groups and membership.

IT & CommunicationsThe ICT (IT and Communications Technology) Business Group focuses on networking and driving interests/opportunities through NBCC, other chambers and the broader Nigeria business community.

Professional ServicesThe Professional Services Business Group is the Chamber’s largest group. The group includes members from accountancy, business & management consultancies, PR & communications specialists, engineers, industrial services, legal services, real estate services, relocation services, tax specialists,

and travel consultants. The group’s activities are planned and co-ordinated by a dedicated professional services committee, drawn from a cross-section of the group membership. The main focus of the committee is to act as a hub of information and support for UK organizations wishing to learn more about doing business in Nigeria/Africa and Nigerian organizations wishing to learn more about doing business in the UK/Europe.

Small Business EnterprisesNBCC’s 40th anniversary is an excellent opportunity to further raise the Chamber’s (and therefore its members) profile in the Nigerian-British business community. The occasion will be marked the occasion with several highlights including the 40th Anniversary Business Awards to acknowledge the long and proud history of Nigeria and Britain doing business together.

Education & TrainingThe 40th anniversary of the NBCC provides an excellent opportunity to raise further NBCC’s (and therefore its members) profile in the Nigerian-British business community. Several events will mark the occasion including the 40th Anniversary Business Awards, which will acknowledge the long and proud history of Nigeria and Britain relations.

Fashion & Creative ServicesThe Creative Industries Group developed within the British Chamber of Commerce, engages with the rich and complex business demographics of Singapore and beyond. The NBCC strives to create a useful platform from which to underpin and facilitate new ways of innovative competitive and contemporary practice. This cross-disciplinary core group discusses long and short-term goals, strategy, collaboration, communication, research and so on to benefit the members. These are shared with them via events, reports and the Orient magazine.

Power & Public UtilitiesThe Energy and Utilities Group has regular events open to members, their guests and the invited wider energy-related community. Activities are often co-ordinated and shared with other energy-interest groups in an attempt to provide a broad and open forum. Over the years, events have seen distinguished energy business figures address key business issues. Speakers have come from across the sector including multi-nationals, such as Shell and BP.


Monday June 13-17, 2016London and LiverpoolThe Nigerian-British Chamber of Commerce invites its Members and Non-Members, State Governments and MDA’s to participate in its Trade Mission to the UK.

Date: Thursday June 9, 2016Venue: Intercontinental Lagos, Plot 52A Kofo Abayomi Street, Victoria Island, LagosTime: 7:30am

Date: Monday, June 27, 2016Venue: PricewaterhouseCoopers Annex, 17, Yesufu Abiodun Street, Oniru, Victoria Island, LagosTime: 8:30am

TRADE MISSION TO UK

JUNE BREAKFAST MEETING

MSME BITE-SIZE WORKSHOP

JUNE MEMBERS’ EVENING

ADVOCACY ROUNDTABLEJULY BREAKFAST MEETING

NIGERIAN-BRITISH CHAMBER OF COMMERCE2016 Programme Schedule

Date: Thursday, June 30, 2016Intercontinental Lagos, Plot 52A Kofo Abayomi Street, Victoria Island, LagosVenue: Intercontinental Lagos, Plot 52A Kofo Abayomi Street, Victoria Island, LagosTime: 6pm

Date: Thursday August 11, 2016Venue: Intercontinental Lagos, Plot 52A Kofo Abayomi Street, Victoria Island, LagosTime: 10:00am

Date: Thursday, July 28 2016Venue: Intercontinental Lagos, Plot 52A, Kofo Abayomi Street, Victoria Island, LagosTime: 7:30am

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Event Reference Code: DISPW16


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Export, the New Frontier

Nigeria continues to record consistent growth and improved political stability with the recent rebasing of her GDP making it

the largest economy and market in Africa and the 26th largest in the world. Over the past decade, Nigeria’s annual growth rate averaged 7 percent. As a result, the country is regarded as one of the fastest growing economies in the world with a GDP in 2015 of US$510 billion. In sustaining this annual growth rate, the Buhari’s administration’s liberalization of the Nigerian economy promotes public-private partnership, as well as strategic alliances with foreign firms, especially regarding infrastructure development and technology acquisition in critical sectors such as security, power generation, transportation and healthcare.

Unfortunately, the considerable strides that Nigeria has made in the recent decade have not gained enough attention globally because the country’s security challenges have received more negative media coverage than her economic successes. However, the Nigerian economy has been significantly less than in previous years, arguably due to the fallen oil prices resulting from the United States shale oil boom.

Despite this, Nigeria is the key driver of international trade in West Africa, which comprises of sixteen countries. Indeed, exportation has brought improved growth and development in Nigeria. Due to Nigeria’s recent economic decline, it is a topic inviting research and development to increase foreign exchange earnings, improve balance of payment position, while creating employment, educational and training opportunities. Consequently,

export-oriented industries would be developed in the manufacturing sector, as well as government revenue built through taxes, levies and tariffs.

In a recent interview, past president of the NBCC, Prince Yemi Adefulu called for improved policies to encourage exportation. “We are all beneficiaries of good policies and victims of bad ones. For example, we need to advocate to the Nigerian Export Promotion Council (NEPC), where the export direction should tilt. If we are saying this as business people, it’s different from the NEPC within government saying the same. Governance is about competing pressures. Different interests are competing for the little money available. So, we must collaborate with NEPC by suggesting and insisting on certain policies being put in place by government that will help export. We should get some private sector

www.maersk.com


organizations, which can benefit from the right export climate, like banks, the logistics people, clearing agents and consultants, to co-fund and co-influence what is happening.” During his tenure, Adefulu played an important part in encouraging growth in the nation’s exportation sector by engaging strongly with the Lagos Chamber of Commerce, the UK Tier, as well as a number of missions that visited the country. “We sent 2 missions of Nigerian business people abroad, looking for British business people to collaborate with. We started an initiative we called Export Nigeria, which is a private sector initiative, not just to participate in, but also to influence government policies, so they will develop from the bottom to the top.“

Today, Nigeria is the 38th largest export economy in the world and the 125th most complex economy according to the Economic Complexity Index (ECI). In 2014, Nigeria exported $99bn and imported $52.3bn, resulting in a positive trade balance of $47.4bn. In 2014, the GDP of Nigeria was $568B and its GDP per capita was $5.91k.

Her top exports are crude petroleum ($74bn), petroleum gas ($13.2bn), refined petroleum ($4.23bn), pyrophoric alloys ($1.9bn) and special purpose ships ($1.25bn), using the 1992 revision of the HS (harmonized system) classification. The top export destinations of Nigeria are India ($15.2bn), Spain ($9.7bn), Brazil ($8.77bn), the Netherlands ($5.59bn) and France ($5.48bn).

According to the Nigerian Export Promotion Council in 2011, Nigeria earned a staggering $3 billion (N468 billion) from non-oil exports.

Below are figures for non-oil exports from a recent year:

Market experts from the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) assert that Nigeria accounts for over 40 percent of imports in the sub-region and ranks among Africa’s largest consumer markets.

A report from Nigeria’s National Bureau of Statistics (NBS) indicates that Asia accounted for 44.6 percent of Nigeria’s imports in 2015, while imports from Europe and the Americas accounted for 33.6 percent and 14.1 percent, respectively. Nigeria’s top imports are refined petroleum ($7.83bn), cars ($1.75bn), wheat ($1.46bn), motorcycles ($877m) and iron structures ($780m). The top import origins are China ($13.6bn), the United States ($5.54B), the Netherlands ($3.4bn), India ($2.98bn) and Belgium-Luxembourg ($2.59bn).NBS also reports that machinery, boilers, transport equipment, manufactured goods, and commodities also account for the majority of imports into Nigeria.

Prospects for UK businesses in Nigeria are especially promising in the following sectors: oil and gas equipment, healthcare services and medical equipment, electrical power generating equipment, computer hardware/software, telecommunications equipment, automobile parts and accessories and construction. According to Nick Hurd, UK Minister for International Development, the trade volume between Nigeria and UK stood about 6 billion ponds (about N2.4 trillion) in 2015.

As the largest economy in Africa, and as a gateway to fifteen smaller West African countries and a net importer of most high precision equipment, Nigeria can be a very rewarding market for British companies that take the time and effort to understand its market conditions and opportunities, find the right partners and clients, and take a long-term approach to market development.

Founded in 1977, The Nigerian-British Chamber of Commerce (NBCC) is the foremost bilateral chamber of commerce in Nigeria, established to promote exclusively bilateral business and investment activities between the Nigerian and British private sectors.

The UK Trade & Investment in Nigeria helps companies in Britain increase their competitiveness through overseas trade in Nigeria. It also offers professional, authoritative and personalized assistance to help companies in Nigeria locate and expand in the UK.

Product FOB Value

1. Cocoa & Cocoa Preparations $417,900,987

2. Processed Leather $333,011,697

3. Rubber $143,871,586

4. Cashew Nuts & Edible Fruits $55,363,190

5. Plastics, Polybags $53,491,233

6. Sesame Seeds & Oil $104,054,165

7. Aluminum & Articles $64,022,090

8. Sea Foods $48,141,669

9. Cotton Yarns & Woven Fabrics $31,754,740

10. Gum Arabic $37,154,951

11. Others $539,934,012



The Investment, Advocacy and Mobilization Committee (IAMC) Chairman on the N300m Debenture Issuance for the NBCC Plaza Project

What is the debenture all about?The debenture is an instrument being issued by the Nigerian-British Chamber of Commerce to raise N300mn (USD 1.52 mn) for the purpose of constructing and developing a four-floor ultra-modern plaza within Lekki Phase 1, Lagos, Nigeria.

Since the debenture was announced, what has been the response?The response since the announcement of the debenture has been interesting. In particular, there has been key discussions around the debenture returns compared to Treasury Bills investment and applicable interest rates for term deposit in Nigeria. However, all the members of the Chamber who have been contacted on the investment

have been very supportive and welcoming of the idea.

How hopeful are you about the debenture?Considering the high-level of support from the key stakeholders in the Chamber, Past Presidents, Council Members and Members, we are confident of a success story.

How does the Investment compare with other investments in Nigeria at the moment?This investment promises higher returns than Nigerian Treasury Bill yields, which are currently at an average of about 6%.

The debenture has been structured as a floating rate instrument, which is benchmarked against the prevailing Federal

Government Bond yield with a floor and cap of 8% and 10% per annum.

How long is the construction time frame?The construction period is expected to last between 12 and 18 months.

What is the minimum investment for members who want to buy into the debenture?The minimum investment for members is N1,000,000 (One million naira only).

What does the usage of the plaza including the (renting of office space, and ATM Gallery) mean for NBCC?The usage of the plaza will bring more visibility to the Chamber’s brand. It also

Kayode Falowo holds a BSc. (Hons) in Agricultural Engineering, an MBA degree and a diploma in Information Management. He has over 25 years of working experience in the financial sector and is the Group Managing Director of Greenwich Trust Limited.

Falowo is a distinguished Fellow of the Chartered Institute of Stockbrokers and a Member of the; Nigerian Institute of Management, Institute of Management Consultants, Nigerian Society of Engineers, Certified Pension Institute of Nigeria, Nigerian-British Chamber of Commerce and Nigeria-Malaysia Chamber of Commerce.

Kayode Falowo is currently a member of the Technical Committee of the Bureau of Public Enterprise (BPE), member, Presidential Advisory Committee on the Nigerian Capital Market and is the immediate past Chairman of the Association of Issuing Houses of Nigeria.

In this interview, he chats with Jessica Aletor on the N300m debenture for the NBCC Plaza project.Kayode Falowo, Group MD, Greenwich Trust Limited

Jessica Aletor

T R A D E & I N V E S T M E N T O P P O RT U N I T I E S T R A D E & I N V E S T M E N T O P P O RT U N I T I E S

THE NBCC PLAZA

PUT THE PICTURE HERE

strengthens the country presence of the Chamber and is expected to further solidify the trade relationship between Nigeria and Britain.

Again, by undertaking this laudable project, the Chamber becomes the pioneer international trade group to undertake a project of this status.

Further information regarding the mechanism of the debenture are contained in a confidential information memorandum, and can be made available upon request. Kindly contact the following representatives of Greenwich: Kenneth Ero and Oreofe Laditan via email: [email protected] and [email protected]

Work in Progress The project was designed by Pyramids Plc and other consultants include: Akin Olawore & Co; Project Managers; Costec Consultants – Quantity Surveyors and Unecon Associates – MEP Engineers. Main contractor is Construction Kaiser Limited, Case Projex for the MEP.

Work in Progress – contd.



NETWORK | JUNE 201640| NETWORK | JUNE 2016 |41


N300 Million.

NETWORK | JUNE 2016 |43NETWORK | JUNE 201642|

T R A D E A N D I N V E S T M E N T O P P O RT U N I T I E S T R A D E A N D I N V E S T M E N T O P P O RT U N I T I E S


NIGERIAN-BRITISH CHAMBER OF COMMERCE (NBCC)

NBCC ECONOMIC REVIEW & POLICY STATEMENT

Regulatory compliance is a key element of good corporate governance. In recent times, there has been an upbeat in regulatory oversight with attendant sanctions imposed in the face of non-compliance. Those that got the most attention are the regulatory sanctions imposed on MTN Nigeria, Stanbic IBTC Bank Plc., Guinness Nigeria Plc., Skye Bank Plc. and First Bank of Nigeria Plc., to mention a few. Diverse opinions have been expressed as to the appropriateness or otherwise of the sanctions and in particular the quantum and the attendant publicity. It is pertinent to consider the position of the regulators, as well as the economic implications in order to ascertain the appropriateness or otherwise of these sanctions.!!

In the case of MTN Nigeria, it was alleged by the Nigerian Communications Commission (NCC), that MTN Nigeria breached the provisions of Section 20 (1) of the Registration of Telephone Subscribers Regulation of 2011 by failing to deactivate 5.1 million pre-registered subscribers who had not registered their sim cards. The NCC proceeded to levy a fine of 1.04 Trillion on the Company. The fine was however reduced to 780 billion, and about two weeks to the payment deadline, MTN filed an action challenging the NCC’s decision to impose a N780 billion fine on the Company. Shortly after filing the suit, the telecommunications company opted for an out of court settlement and made a down payment of 50 billion to NCC. The fine saw the suspension of trading in MTN shares on the Johannesburg Stock Exchange in order to protect investors from severe loss, and the company’s share price plummeted by 12% in just one day. Other erring telecommunications companies viz- Globacom, Etisalat and Airtel were slammed with fines ranging from 3.8 million to 7.4 million. In October 2015, the Financial Reporting Council of Nigeria (FRCN) suspended the Chairman of Stanbic IBTC Holdings Plc, the Chief Executive Officer, and a Partner at KPMG Professional Services for alleged infractions in the 2013 and 2014 Financial Statements of the company. Prior to this, the FRCN had imposed a fine of 1 billion on the group for flouting CBN regulations.

Guinness Nigeria Plc. also fell under regulatory hammer. The company was fined N1bn by the National Agency for Food and Drug Administration and Control (NAFDAC) for allegedly revalidating expired raw materials without prior approval of the Agency. The Central Bank of

REGULATORY COMPLIANCE AND CORPORATE GOVERNANCE

REGULATORY PERSPECTIVE

Nigeria (CBN) in turn imposed a fine of N4bn on Skye Bank Plc. for failing to render appropriate returns on accounts of some government institutions and agencies under the Treasury Single Account Regulation. Similarly, First Bank of Nigeria Plc. and United Bank For Africa Plc. (UBA) were fined N1.8bn and N2.9bn respectively.

According to the National Bureau of Statistics, as at the 25th of November 2015, the Non-Oil sector of the Nigerian economy contributed 89.73% to the nation’s GDP, with significant growth in the Telecoms, Trade, Crop Production and Financial sectors of the economy. The Information and Communications sector contributed 9.8% to the nominal GDP, whilst the financial sector contributed 3.18% to the overall nominal GDP. It is pertinent to mention that MTN Nigeria recorded revenue of N824 billion in 2014. The chart below provides a snapshot of the sectorial contribution to the nation’s GDP in Q3, 2015;

With the dip in oil prices and the new focus on a diversified economy, expectations are that rather than stifle their growth, government would incentivize and stimulate other sectors of the economy, and make these sectors attractive to Foreign Direct Investment. Whilst it has been argued that it would be most difficult to attract investment into an economy with porous regulations, and lacking firm regulatory oversight, it is important to strike an appropriate balance.

Year Company Regulator Fine ( ) Fine/Net Asset

Fine/Revenue

2015 MTN Group Nigerian Communications Commission (NCC)

1.04 trillion 41.6% 33.8%

2015 Stanbic IBTC Holdings Plc.

Financial Reporting Council of Nigeria (FRCN)

1.0 billion 1% 8%

2015 Guinness Nigeria Plc.

National Drug Agency for Food Administration & Control (NAFDAC)

1.0 billion 2.1% 0.84%

2015 Skye Bank Plc. Central Bank of Nigeria (CBN)

4.0 billion 3% 3.1%

2015 First Bank of Nigeria

CBN 1.9 billion 0.4% 0.53%

2015 United Bank of Africa (UBA)

CBN 2.9 billion 0.9% 1.2%

*all information on Net Asset, Market Cap. & Revenue are as at 30th September 2015.

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THE ECONOMIC PERSPECTIVE & IMPLICATIONS


There is global precedence for huge regulatory fines. The government of the United States of America in 2008 imposed a fine of $1.6 billion on Siemens for bribery and corruption, whilst Volkswagen faces the possibility of an $18 billion fine for falsifying emission data. However, sanctions should not be destructive but corrective. These companies add immense value to our economy, and their output has contributed significantly to national GDP. With the present unemployment rate, and the need to generate more revenue through taxation, sanctioning companies into comatose would not be in our best interest. Punitive regulations, whilst necessary in an emerging economy like ours should be a last resort. Regulators should consider sensitizing the companies they regulate on the importance and benefits of regulatory compliance and the implication of non-compliance. Introducing attractive incentives for compliance is also the something to consider. The NBCC reiterates that regulatory compliance is a key component of a sound governance practice, and in view of this, it is pertinent for the Boards of regulated companies to ensure that they take their oversight function in this regard seriously, by ensuring strict compliance with regulatory requirements.

THE WAY FORWARD - MODERATION IS NECESSARY

For more information please contact:

Tel: +234 226 9600 04 / +234 226 9604Email: [email protected]









With 23 floors, InterContinental Lagos is the tallest hotel in West Africa.

The hotel has 352 modern and luxury guest rooms and suites which have been aptly designed for your comfort.

All rooms have stunning views of either the Lagos Creek or the Atlantic Ocean.

The brand’s iconic Club InterContinental is located on the 21st floor.

7 restaurants and bars offer a variety of gastronomic food & beverage experiences.

The luxurious Conference and Meeting areas are located on the 3rd floor with extensive pre function areas and 6 various sized meeting rooms, business center and an exclusive boardroom.

HOTEL OVERVIEW

Lobby


E C O N O M Y

A look at Sovereign Wealth Fund of NationsNations that found wealth in exploitation of hydrocarbons have had to face up to the fact that this good fortune will not last forever. Even as they enjoyed the resources that came from nature’s bounty, some have made contingency plans for the inevitable outcome.

Many countries of the world today have established an investment window, through which they invested surplus funds, often called a Sovereign Wealth Fund (SWF), managed by a distinct body outside of the ministries of finance, or treasury, as the case may be. What started small for many have today blossomed into huge funds with diverse investment portfolios spread all over the world.

At the start of 2008, only $3.4 trillion assets were held under management by Sovereign Wealth Funds around the world. Fast forward to March, 2015, and it had more than doubled to $7.1 trillion, with oil and gas sovereigns like Nigeria accounting for $4.29 trillion of all SWF’s.

The Nigerian Sovereign Wealth Authority (NSIA) was established when President Goodluck Jonathan signed the bill into law on May 27, 2011.It however did not commence operations until October, 2012 when an initial take-off seed capital of $1billion was provided.

Jointly owned by the 3-tiers of government, the NSIA, manages three funds with clearly defined investment focus:1. The Future Generations Fund2. Nigerian Infrastructure Fund3. Stabilization Fund

The Nigerian Sovereign Investment Authority currently enjoys a high transparency rating of 9 out of a maximum of 10 and operates according to best practice principles, as clearly spelt out in the Santiago Principles, which aim to:1. Maintain a stable global financial system and encourage the flow of capital and investment across capital markets2. Comply with disclosure practices advocated by international organizations, such as the financial action Task Force under the Organization for Economic Co-operation and Development.3. Take careful consideration of economic and financial risks in investment decisions and incorporate transparent governance structures that abide by appropriate operational

controls, risk management, and accountability, amongst others. Courtesy of the Sovereign Wealth Institute we provide you with facts and figures about the Wealth of Nations.

While the Asian and Middle East countries hold over 80% of the Sovereign Wealth Funds of the world, it is worrisome that Africa has less than 3%. This may be a reflection of the savings apathy of the political class in Africa. It could be a testimony to the dire straits African countries have been through, resulting in a lack of investible funds.

Whatever the reason for the uneven distribution of SWFs, it has already painted a picture of the world economy in the years to come. While countries in Africa are struggling to balance their budgets or provide basic amenities for their populace, others like Norway are busy buying up Facebook shares and major shopping malls in the United Kingdom.

Countries with hydrocarbon wealth therefore need to invest some of their proceeds to provide alternative income when the natural resources are depleted. Such investments also come in handy when oil or commodity prices crash, as has been the case since June, 2015. A diversified portfolio of investments in relatively stable economies.

Between 2011-2014, a total of $13.37 billion was invested in Spanish companies by various SWFs, thereby helping the Spanish economy to come out of recession.

Country Sovereign Wealth Fund Name

Assets USD-Bil

Inception Origin

Linaburg-Maduell Transparency Index

Norway Government Pension Fund – Global

847.6 1990 Oil 10

UAE – Abu Dhabi

Abu Dhabi Investment Authority

792 1976 Oil 6

China China Investment Corporation

746.7 2007 Non-Commodity

8

Saudi Arabia SAMA Foreign Holdings 598.4 n/a Oil 4

Kuwait Kuwait Investment Authority

592 1953 Oil 6

China SAFE Investment Company 474** 1997 Non-Commodity

4

China – Hong Kong

Hong Kong Monetary Authority Investment Portfolio


8

Singapore Government of Singapore Investment Corporation

344 1981 Non-Commodity

6

Qatar Qatar Investment Authority 256 2005 Oil & Gas 5

China National Social Security Fund


5

Singapore Temasek Holdings 193.6 1974 Non-Commodity

10

UAE – Dubai Investment Corporation of Dubai


5

Saudi Arabia Public Investment Fund 160 2008 Oil 4

UAE – Abu Dhabi

Abu Dhabi Investment Council

110 2007 Oil n/a

Australia Australian Future Fund 95 2006 Non-Commodity

10

The Wealth of NationsRay C. Atelly

E C O N O M Y

Country Sovereign Wealth Fund Name

Assets USD-Bil

Inception Origin

Linaburg-Maduell Transparency Index

Norway Government Pension Fund – Global

847.6 1990 Oil 10

UAE – Abu Dhabi

Abu Dhabi Investment Authority

792 1976 Oil 6

China China Investment Corporation


8

Saudi Arabia SAMA Foreign Holdings 598.4 n/a Oil 4

Kuwait Kuwait Investment Authority

592 1953 Oil 6

China SAFE Investment Company 474** 1997 Non-Commodity

4

China – Hong Kong

Hong Kong Monetary Authority Investment Portfolio


8

Singapore Government of Singapore Investment Corporation


6

Qatar Qatar Investment Authority 256 2005 Oil & Gas 5

China National Social Security Fund


5

Singapore Temasek Holdings 193.6 1974 Non-Commodity

10

UAE – Dubai Investment Corporation of Dubai


5

Saudi Arabia Public Investment Fund 160 2008 Oil 4

UAE – Abu Dhabi

Abu Dhabi Investment Council

110 2007 Oil n/a

Australia Australian Future Fund 95 2006 Non-Commodity

10

South Korea Korea Investment Corporation


9

Kazakhstan Samruk-Kazyna JSC 85.1 2008 Non-Commodity

n/a

Kazakhstan Kazakhstan National Fund 77 2000 Oil 2

Russia National Welfare Fund 73.5 2008 Oil 5

UAE – Abu Dhabi

International Petroleum Investment Company

66.3 1984 Oil 9

UAE – Abu Dhabi

Mubadala Development Company

66.3 2002 Oil 10

Libya Libyan Investment Authority 66 2006 Oil 1

Russia Reserve Fund 65.7 2008 Oil 5

Iran National Development Fund of Iran

62 2011 Oil & Gas 5

US – Alaska Alaska Permanent Fund 53.9 1976 Oil 10

Algeria Revenue Regulation Fund 50 2000 Oil & Gas 1

Brunei Brunei Investment Agency 40 1983 Oil 1

US – Texas Texas Permanent School Fund

37.7 1854 Oil & Other

9

Azerbaijan State Oil Fund 37.3 1999 Oil 10

Malaysia Khazanah Nasional 34.9 1993 Non-Commodity

9

Oman State General Reserve Fund 34 1980 Oil & Gas 4

France Strategic Investment Fund 25.5 2008 Non-Commodity

9

Ireland Ireland Strategic Investment Fund


10

New Zealand New Zealand Superannuation Fund


10

US – New Mexico

New Mexico State Investment Council

19.8 1958 Oil & Gas 9

Canada Alberta’s Heritage Fund 17.5 1976 Oil 9

US – Texas Permanent University Fund 17.2 1876 Oil & Gas n/a

East Timor Timor-Leste Petroleum Fund

16.9 2005 Oil & Gas 8

Chile Social and Economic Stabilization Fund

15.2 2007 Copper 10

UAE – Federal

Emirates Investment Authority

15 2007 Oil 3

Russia Russian Direct Investment Fund


n/a

Bahrain Mumtalakat Holding Company


10

Peru Fiscal Stabilization Fund 9.2 1999 Non-Commodity

n/a

Chile Pension Reserve Fund 7.9 2006 Copper 10

Mexico Oil Revenues Stabilization Fund of Mexico

6.0 2000 Oil 4

Oman Oman Investment Fund 6.0 2006 Oil 4

Italy Italian Strategic Fund 6.0 2011 Non-Commodity

n/a

Botswana Pula Fund 5.7 1994 Diamonds & Minerals

6

US – Wyoming

Permanent Wyoming Mineral Trust Fund

5.6 1974 Minerals 9

Trinidad & Tobago

Heritage and Stabilization Fund

5.5 2000 Oil 8

Brazil Sovereign Fund of Brazil 5.3 2008 Non-Commodity

9

China China-Africa Development Fund


5

Angola Fundo Soberano de Angola 5.0 2012 Oil 8

US – North Dakota

North Dakota Legacy Fund 3.2 2011 Oil & Gas n/a

US – Alabama

Alabama Trust Fund 2.5 1985 Oil & Gas 9

Kazakhstan National Investment Corporation

2 2012 Oil n/a

Nigeria – Bayelsa

Bayelsa Development and Investment Corporation


N/A

Nigeria Nigerian Sovereign Investment Authority

1.4 2012 Oil 9

US – Louisiana

Louisiana Education Quality Trust Fund

1.3 1986 Oil & Gas n/a

Panama Fondo de Ahorro de Panamá

1.2 2012 Non--Commodity

n/a

UAE – Ras Al Khaimah

RAK Investment Authority 1.2 2005 Oil 3

Bolivia FINPRO 1.2 2012 Non-Commodity

n/a

Senegal Senegal FONSIS 1 2012 Non-Commodity

n/a

Iraq Development Fund for Iraq 0.9 2003 Oil n/a

Palestine Palestine Investment Fund 0.8 2003 Non-Commodity

n/a

Venezuela FEM 0.8 1998 Oil 1

Kiribati Revenue Equalization Reserve Fund

0.6 1956 Phosphates 1

Vietnam State Capital Investment Corporation


4


E C O N O M Y

**This number is a best guess estimation.Source: Sovereign Wealth Fund Institute***All figures quoted are from official sources, or, where the institutions concerned do not issue statistics of their assets, from other publicly available sources. Some of these figures are best estimates as market values change day to day. Total figures are rounded to the nearest tenth.Updated April 2016

**As of December 2015, the figures calculated historically in this table are derived from the fund profile table series, not the summation from the table above. In addition, due to reporting, some figures may be revised as new information is reported.

2015Total Other: 43.40%Total Oil and Gas Related: 56.60%

2010Total Other: 44.79%Total Oil and Gas Related: 55.21%

2015Other: 1.40%Africa: 2.70%Europe: 13.11%Americas: 2.80%Asia: 39.74%Middle East: 40.24%

2010Other: 1.60%Africa: 1.80%Europe: 15.08%Americas: 2.70%Asia: 39.76%Middle East: 39.06%

Breakdown of Sovereign Wealth Funds by Year of Establishment

2010-15: 21.50%

Pre-1970: 7.60%

1970-79: 6.30%

1980-89: 7.60%

1990-99: 11.40%

2000-09: 45.60%

China China-Africa Development Fund


5

Angola Fundo Soberano de Angola 5.0 2012 Oil 8

US – North Dakota

North Dakota Legacy Fund 3.2 2011 Oil & Gas n/a

US – Alabama

Alabama Trust Fund 2.5 1985 Oil & Gas 9

Kazakhstan National Investment Corporation

2 2012 Oil n/a

Nigeria – Bayelsa

Bayelsa Development and Investment Corporation


N/A

Nigeria Nigerian Sovereign Investment Authority

1.4 2012 Oil 9

US – Louisiana

Louisiana Education Quality Trust Fund

1.3 1986 Oil & Gas n/a

Panama Fondo de Ahorro de Panamá

1.2 2012 Non--Commodity

n/a

UAE – Ras Al Khaimah

RAK Investment Authority 1.2 2005 Oil 3

Bolivia FINPRO 1.2 2012 Non-Commodity

n/a

Senegal Senegal FONSIS 1 2012 Non-Commodity

n/a

Iraq Development Fund for Iraq 0.9 2003 Oil n/a

Palestine Palestine Investment Fund 0.8 2003 Non-Commodity

n/a

Venezuela FEM 0.8 1998 Oil 1

Kiribati Revenue Equalization Reserve Fund

0.6 1956 Phosphates 1

Vietnam State Capital Investment Corporation


4

Gabon Gabon Sovereign Wealth Fund

0.4 1998 Oil n/a

Ghana Ghana Petroleum Funds 0.45 2011 Oil n/a

Indonesia Government Investment Unit


n/a

Mauritania National Fund for Hydrocarbon Reserves

0.3 2006 Oil & Gas 1

Australia Western Australian Future Fund

0.3 2012 Minerals n/a

Mongolia Fiscal Stability Fund 0.3 2011 Minerals n/a

Equatorial Guinea

Fund for Future Generations 0.08 2002 Oil n/a

Papua New Guinea

Papua New Guinea Sovereign Wealth Fund

n/a 2011 Gas n/a

Turkmenistan Turkmenistan Stabilization Fund

n/a 2008 Oil & Gas n/a

US – West Virginia

West Virginia Future Fund n/a 2014 Oil & Gas n/a

Mexico Fondo Mexicano del Petroleo

n/a 2014 Oil & Gas n/a

Total Oil & Gas Related $4,204.9

Total Other $3,038.9

TOTAL $7,243.8

Period Total Sovereign Wealth Fund Assets

Total Oil & Gas Related

Total Other

Total Oil & Gas Related (%)

Total Other (%)

Total Gulf SWF Assets

Mar 2016

7,400 4,201 3,199 56.78% 43.22% 2,892

Dec 2015

7,437 4,241 3,195 57.03% 42.97% 2,926

Sep 2015

7,428 4,254 3,174 57.27% 42.73% 2,963

Jun 2015

7,506 4,319 3,187 57.54% 42.46% 2,980

Mar 2015

7,527 4,345 3,182 57.72% 42.28% 3,002

Dec 2014

7,408 4,263 3,145 57.55% 42.45% 2,919

E C O N O M Y

Rank CountryForeign exchange re-serves (Millions of US$)

Figures as of

1 China 3,305,445 March 20162 Japan 1,262,509 Apr 2016- Europe (Eurozone) 761,679 Feb 2016

3 Switzerland 649,190 Mar 2016

4 Saudi Arabia 572,000 May 2016 5 Taiwan 425,978 Jan 2016 6 Russia 388,300 May 20, 2016 7 South Korea 369,840 Mar 20168 Brazil 362,200 Apr 20169 India 361,000 May 20, 2016- Hong Kong 359,900 Feb 201610 Singapore 244,013 Feb 2016 11 Germany 200,394 Apr 201612 Mexico 179,708 Mar 201613 Thailand 175,073 Mar 201614 United Kingdom 164,003 Mar 201615 Algeria 155,700 Dec 31, 201516 France 153,890 Mar 201617 Italy 143,183 Mar 201618 Iran 125,900 Dec 201519 United States 121,269. Apr 201620 Turkey 112,769 Mar 201621 Indonesia 107,542 Mar 201622 Poland 100,530 Mar 201623 Malaysia 95,631 Feb 201624 Israel 94,775 Mar 2016 25 Iran[5] 93,950 Dec 31, 201526 Canada 83,922 Apr 201627 Philippines 82,977 Mar 201628 United Arab Emirates 79,920 Dec 31, 201529 Czech Republic 74,785 Apr 2016 - Europe (ECB) 75,150 Mar 201630 Denmark 64,015 Mar 201630 Libya 61,630 Dec 31, 201531 Peru 60,445. May 7, 201632 Sweden 59,558 Feb 201633 Norway 59,423 Feb 201634 Iraq 57,070 Dec 31, 201535 Spain 54,154 Mar 201636 Lebanon 49,610 Dec 31, 201537 Australia 49,264 Mar 201638 Colombia 46,798 Apr 2016 39 South Africa 46,770 Mar 201640 Netherlands 40,393 Apr 201641 Romania 40,148 Apr 201642 Chile 39,552 Mar 201643 Vietnam 39,600 Dec 31, 201544 Qatar 36,707 Jan 2016 45 Kuwait 31,430 Dec 31, 201546 Hungary 31,366 Mar 201647 Argentina 29,571 Mar 201648 Bangladesh 28,800 May 201649 Kazakhstan 27,800 Mar 1, 2016 50 Nigeria 26,500 May 2016 51 Belgium 24,861 Mar 201652 Morocco 23,516 Jan 2016 53 Austria 24,757 Mar 201654 Turkmenistan 22,640 Dec 31, 201555 Pakistan 21,602 May 27, 201656 Bulgaria 24,318 Mar 2016 57 Portugal 21,328 Mar 2016- Macau, China 19,130 Feb 201658 Angola 18,460 Dec 31, 201559 Egypt 17,050 Dec 31, 2015 60 New Zealand 16,769 Mar 2016 61 Jordan 16,386 Feb 201662 Oman 15,720 Dec 31, 201563 Venezuela 15,410 Dec 31, 201564 Uzbekistan 15,000 Dec 31, 201565 Uruguay 14,377 Feb 201666 Croatia 14,306 Feb 2016 67 Bolivia 12,818 Jan 201668 Ukraine 12,721 Mar 201669 Trinidad and Tobago 11,690 Dec 31, 2015 70 Serbia 11,680 Dec 31, 2015

71 Cuba 11,600 Dec 31, 201572 Finland 10,412 Mar 201673 Myanmar 9,417 Dec 31, 201574 North Korea 8,000 Nov 201375 Botswana 7,990 Dec 31, 201576 Costa Rica 7,784 Feb 201677 Guatemala 7,658 Mar 201678 Greece 7,535 Mar 201678 Kenya 7,356 Dec 31, 201580 Cambodia 7,091 Dec 31, 201581 Paraguay 7,028 Dec 31, 201582 Tunisia 6,714 Feb 201683 Afghanistan 6,681 Dec 31, 2014 84 Sri Lanka 6,225 Mar 201685 Iceland 6,186 Apr 2016

86 Nepal 6,034 Dec 31, 2014

87 Ghana 5,617 Dec 31, 201588 Dominican Republic 5,183 Mar 201689 Bahrain 5,051 Dec 31, 201590 Ivory Coast 4,882 Dec 31, 201591 Bosnia and Herzegovina 4,625 Dec 31, 201592 Mauritius 4,497 Mar 201693 Republic of the Congo 4,407 Dec 31, 201594 Azerbaijan 4,399 Jan 29, 2016 95 Panama 4,182 Dec 31, 201596 Belarus 4,111 Mar 1, 2016 97 Tanzania 4,021 Dec 31, 201598 Honduras 3,755 Mar 201699 Uganda 3,681 Dec 31, 2015100 Brunei 3,649 2014101 Ethiopia 3,589 Dec 31, 2015102 Latvia 3,519 Feb 2016103 El Salvador 3,171 Mar 2016104 Ecuador 3,128 Dec 31, 2015105 Papua New Guinea 2,966 Dec 31, 2015106 Slovakia 2,879 Jan 2016 107 Albania 2,852 Dec 31, 2015 108 Zambia 2,716 Dec 31, 2015109 Jamaica 2,670 Jan 2016 110 Mozambique 2,528 Dec 31, 2015111 Cameroon 2,510 Dec 31, 2015112 Macedonia 2,454 Jan 2016 113 Nicaragua 2,441 Jan 2016 114 Georgia 2,426 Feb 29, 2016 115 Yemen 2,309 Dec 31, 2015116 Ireland 2,191 Jan 2016117 Senegal 2,099 Dec 31, 2015118 Equatorial Guinea 1,903 Dec 31, 2015119 Gabon 1,825 Dec 31, 2015120 Haiti 1,803 Dec 31, 2015121 Kyrgyzstan 1,794 Feb 2016 122 Armenia 1,740 Jan 2016 123 Moldova 1,717 Mar 4, 2016

124 Democratic Republic of the Congo

1,443 Dec 31, 2015

125 Mongolia 1,324 Jan 2016126 Niger 1,282 2014127 Lithuania 1,268 Feb 2016128 Bhutan 1,245 2014129 Namibia 1,135 Dec 31, 2015130 Chad 1,111 Dec 31, 2015131 Rwanda 1,028 Dec 31, 2015132 Kosovo 990 Sep 30, 2015 133 Lesotho 981 Dec 31, 2015134 Laos 976 Dec 31, 2015 135 Mauritania 969 2012136 Syria 968 Dec 31, 2015137 Madagascar 963 Dec 31, 2015138 Bahamas 950 Dec 31, 2015 139 Slovenia 939 Feb 2016 140 Fiji 903 Dec 31, 2015141 Mali 861 2014142 Cyprus 809 Jan 2016 143 Benin 809 Dec 31, 2015 144 Luxembourg 774 Jan 2016 145 Malawi 743 Dec 31, 2015 - Aruba 680 2014


146 Barbados 663 Dec 31, 2015147 Malta 658 Feb 2016 148 Belize 634 Dec 31, 2015 149 Maldives 627 2014150 Suriname 625 2014151 Guyana 614 Dec 31, 2015152 Sierra Leone 601 2014[127]

153 Montenegro 600 Dec 31, 2014 154 Palestine 581 Dec 2015155 Swaziland 572 Dec 31, 2015 156 Seychelles 537 Jan 2016 157 Solomon Islands 496 2014158 Togo 494 Dec 31, 2015 159 Liberia 493 Dec 2013160 Cape Verde 492 Dec 31, 2015 161 Estonia 471 Feb 2016 162 Zimbabwe 457 Dec 31, 2015 163 Tajikistan 430 Dec 31, 2015164 Djibouti 393 2014165 San Marino 392 2014166 Burkina Faso 363 Dec 31, 2015167 Saint Kitts and Nevis 327 2014168 Burundi 316 Dec 31, 2015 169 Timor-Leste 312 2014170 Guinea 303 Dec 31, 2015 171 Antigua and Barbuda 297 2014172 Guinea-Bissau 287 2014173 Central African Republic 260 2014174 Saint Lucia 258 2014175 Eritrea 248 Dec 31, 2015176 Vanuatu 213 Dec 31, 2015 177 Sudan 172 Dec 31, 2015 178 Comoros 171 2014179 Grenada 170 2014180 Tonga 167 Dec 31, 2015 181 Samoa 141 Dec 31, 2014

182 Saint Vincent and the Gren-adines

135 Dec 31, 2015

183 Federated States of Micronesia 114 2014

Without a doubt, countries that choose to spend all today will end up having nothing saved up for the rainy day. They would invariably have to contend with such problems as; environmental degradation, rural urban migration, high infant and maternal mortality rates as a result of the lack of/or poorly equipped or manned hospitals; desperate migratory patterns/practices (to the Western world); high crime rates, high incidence of school dropouts (as they either lack sponsorships/scholarships/or leave school early to start fending for their families; poverty induced fetish practices, early pregnancies, low technical/vocational skills, overly late adoption of Technology, frequent breakdown of the rule of law, and last but not least, lack of enduring democratic foundations and principles.

A country that has to grapple with all of the above issues will certainly remain underdeveloped for the foreseeable future. On the other hand, a nation can emerge into a force for good and instil national pride in her citizens by saving and investing. Such nations will go through the political pressure of today’s politicians who always want every revenue shared today, leaving tomorrow’s burden on the shoulders of the defenceless generation.

E C O N O M Y

UNECON ASSOCIATES LTDConsulting engineersUnecon Associates Ltd. was registered on the 9th of May, 1969 with specialisation in the field of mechanical and electrical engineering services in real estate and construction sector. We are dedicated to the design of sound engineering schemes based on economic capital and running costs compatible with the client's requirements and utilising good quality products which will provide a reliable engineering service including environmental preservation.

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Mission: To Deliver “World Class” Engineering services and utilise good quality products.

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mine is just another opinion. I’m a public commentator not an economist, but I have been around for a while to be able to lend one or two words to this debate that doesn’t seems to be ending any time soon. There are those that belongs to the school of thought that devaluation is the way to go, and others like the organized labor who threaten to demand for wage increment should the government dare devalue the Naira. Its is not out of place to find the third group who supports partial devaluation.

A simple analogy of devaluation is a situation where Nigeria makes $1 billion naira in a month, and exchange it at the official rate of 199 Naira to a Dollar. This means that the government now have N199 billion Naira to share among the states, with a state like Osun getting like 5 billion. The government can decide to devalue the local currency to the parallel market rate of 400 Naira to a dollar, the government, after exchanging will have double of the initial amount, and Osun state will have 10 billion. While the allocation of Osun state doubled, Nigerians earning is

Naira: To Devalue or Not

still $1 billion, we have only pretended to earn more, while in actual fact our earning has not changed, and the purchasing power of the Naira has been reduced by half. That is called “clever by half”.

Resent history of devaluation in NigeriaDevaluation is the act of reducing the value of a currency by it monetary authority like the central or principal bank.This is not the first time this issue will heat up the polity, in fact, the Naira had been devaluated several times in the past, and it has failed to make any meaningful in pact on the economy apart from increase in government revenue in local value, which will only weaken the Naira more. Naira was devalued by 71.5 per cent in 1986 by the then government of General Ibrahim Babangida; 23.9 per cent in 1989 by same government; 42.1 per cent in 1992; 74.65 per cent in 1999; 3.18 per cent by Obasanjo in 2001; 7.73 per cent in 2008; January 2013, 13.23 per cent, November 2014, 5.58 per cent, and February 2015, 14.25 per cent. The current shortage of forex as a result of sharp decline in the price

T his will easily pass as the most debated economic policy in Nigeria in resent times, especially whenever there is drop in (foreign) earnings.

Different opinions springs up as to how the government should treat the Naira, being the victim of our financial recklessness.

Everyone is quick to conclude on how the government should run the economy, but just like a football match, the best players are always the spectators on the stand. It takes political will to make strategic decisions that will affect the life of over 170 million Nigerians, and because of the ripple effect of these decisions, it tends to affect all sector of the economy . Policy decisions needs to be well evaluated and simulated before they are implemented by the leader, because of the burden of responsibility.

There has been series of debate about whether or not to devalue the Naira,

E C O N O M Y E C O N O M Y

of barrel of crude oil from as high as $140 to an abysmal $28 has necessitated some economic policies like, ban on sales of dollars to the parallel market operators also known as Bureau De Change (BDC), import restriction on certain 41 items to discourage unnecessary importation of goods that can be produced locally and prioritization of forex needs.

We can devalue as much as we want, but our forex earning remains same. If we want to have more earnings in Naira, instead of reducing the value of Naira to have more money, we should focus solely on increasing our forex earning, and starve our quest for forex spending. When a country earns more forex, it in turn has more revenue, and the local currency will appreciate. Depreciation is like a short cut that leads to no where, it will only end up addressing the symptoms while the disease (shortage of currency in this case) will continue to fester. The general assumption is that once we devalue, we will absorb the pressure on Naira and leverage on that, but in the real sense, we have never achieved that assumption.

Who Benefits From Devaluation?We have found ourselves on different divides, depending on our political, tribal, emotional affiliation. This situation is quite unfortunate has we have allowed emotions to take better part of us, we have sacrifice deep down analysis and patriotism for sentiment and sensationalization. Need to mention that both argument for and against devaluation are valid and both can suffix, but its strongly depends on determination and political will. This is what has been lacking over the years.

It is not uncommon to find state governors clamoring for devaluation as seen recently, the reason is simple - if at $1 to 200 naira, we share 2000 naira, by devaluing to 300 naira a dollar, we will have 3000 naira to share. This scenario has been well explained above with analogy, and its eventual implication mentioned.

Another set of people in this class are Nigerians in diaspora who earns forex, with a yearly forex inflow of $25 billion into the country, they might be tempted to see the Naira loose it value for their earning to translate to more Naira, especially when there is direct forex withdrawal (must be converted at the counter) restriction on domiciliary accounts in Nigeria.

Economist who want to apply theoretical angle to the issue might also want to argue that since our foreign reserve has been depleted, and decline in forex revenue, we

don’t have the financial capacity to support the naira at present rate. But many at times, we have seen economic events defied bookmakers to unfold contrary to perdition.

The way forward: #BuyNaijaToGrowNairaMuch has been said about Naira devaluation, and virtually everyone has been able to argue out its own part, as earlier mentioned, both are valid, has we have seen seasoned economists on different sides on this matter, offering different explanation.

This most fascinating comment given by an economist was during the colloquium organized by TheCable. Bismarck Rewane, CEO Financial Derivatives urged Nigerians and indeed government to worry less about whether or not to devalue as this should be left to be determined by the market forces, government should worry more on generating forex through mass production and exportation, as this is the only means the dollar can be strengthened. In his words, the current situation has moved “from whether to devalue or not to devalue, to the implications of the absence of an exchange rate policy. In the end, we have two options: do something and have a policy, or do nothing,”. While he doesn’t really subscribed to devaluation, he also doesn’t want to give legitimacy to governments adamancy not to devaluate. Just has expected, only the end can justify the means.

The governor of Edo state, Adams Oshiomole, as the keynote speaker, on his part urged Nigerians “to curb the demands for imports and reorder our consumption pattern.” He further stated that foreign reserve was $65 billion in 2007, $42 billion in 2014, and now $28 billion. As this reserve is dwindling, our taste for foreign goods and importation is ever on the increase, even as the reserve can be totally depleted in the next one year if something drastic is not done.

We are where we are, and things needs to be done differently, we have to start producing, and not just producing, but also exporting and consuming our local produce. This is the only way the Naira can be eased of the pressure and more jobs will be available. The economy will be buoyant, and investor friendly. Nigerians spend half a billion dollars on education abroad, if half of this is diverted into our economy instead, our GDP will increase, the education sector will flourish and even generate income for government as it is in UK, US and other developed countries.

A situation where the rich and wealthy run abroad for ordinary checkup has to stop, medical is not cheap abroad, especially for foreigners, if a fraction of this amount can be expended on our health sector, no doubt we will compete with other nations like India. The cost of flying plain abroad also contribute to another country’s GDP at the expense of ours. Its high time we get serious, the government needs to strengthen our health institutions to encourage people to treat themselves locally. A situation where FG budget 3 billion naira to upgrade the villa’s health facility in order to ensure that medical trips abroad are reduced to the barest minimum is a welcome development.

We need to start patronizing local companies if we want our economy to improve. No matter the quality of the products locally produced, we have to keep patronizing to encourage competition that will ultimately makes the quality be at par with world standard. Chinese products was not long ago termed as a substandard and inferior goods, now it’s the cynosure of every consumer’s eyes, not just in Nigeria, but all over the word. The Chinese leveraged on their population to woo potential investors, now virtually all manufactures and vendors has their production factory in China. Just like China, we have the population, we have the brains, what we lack in leadership, we gain in abundant natural resources, all these just needs to be harnessed. A business class seat on British Airways is over 2 million naira, while Arik is a quarters of it, yet we travel with BA. Manufacturers are folding up everyday due to lack of patronage, yet we want government to provide jobs for our youths. We can not possibly eat our cake and still have it.

I will end this by sharing a personal experience. I went to a book store to get a white board for my study room, the store attendant, with confidence presented a locally made one, though not as good looking as the imported one I used when I was in Ghana. I told the gentle man I wanted the imported one, the question he asked made me look silly - “what do you want to use it for”. It was then I realized both will serve the same purpose perfectly well, with a disappointed look, he advised I should always patronize made in Nigeria goods to encourage the local producers. I had to apologize to save my face. BuyNaijaToGrowNaira.

Article by NaijazeeraSource: http://www.nairaland.com/2964149/naira-devalue-not-devalue.


n a recent interview, front line Nigerian/German musician Adegoke Odukoya, better known as Adé Bantu was asked to compare the German music industry to the Nigerian music industry.

He refuted the idea of a music industry in Nigeria, preferring to label it a dynamic scene. To the ardent music follower, his response was hardly surprising. Indeed, Nigeria does not have the structures for the distribution and dissemination of music.

However, this scene has gained immense visibility as one of the most vigorous on the African continent with globally recognized artistes like Tuface Idibia, P-Square, D-Banj, who have collaborated with various international brands including Akon, R Kelly, Rick Ross and Snoop Dogg, winning some awards in the process, as well as

Tiwa Savage, Flavour, Olamide, Wizkid, Rekado Banks and Yemi Alade, all exponents of today’s popular and commercially driven music, a rhythmic sound derived mainly from the high life beats invented in the 1960s to fuel a spirit of nationalism as African countries gained independence. This Afro-centric consciousness of the local markets in Nigeria and the larger African continent is arguably the major reason for the success of this eclectic fusion of music. Today, so many other genres exist in Nigeria including hip-hop, Afro beat and R&B, which all benefit greatly from radical technological advancements like free streaming over the Internet. The result is a bustling local scene, creating jobs from record label owners like Chocolate City to video makers like Kemi Adetiba, Clarence Peters and Bolaji Kekere-Ekun, as well as producers like Cobhams Asuquo, Don


www.africvibes.com

www.360nobs.com

IOliver Enwonwu

messymandella.com

Jazzy, IBK Spaceshipboi and Lenell Atta.

Among the biggest names is Asa, who along with artistes like Age Beeka and German-born Lucia Egbuna, better known as Nneka, is widely credited as the progenitor of neo- soul in Nigeria. Her music is laden with socially conscious lyrics and metaphors, incorporates R&B, Afro-music, jazz that betray influences by major acts like Fela Kuti, Aretha Franklin, Marvin Gaye and Lagbaja. Her first album, which features hit singles Eye Adaba and Jailer was released to critical acclaim and in 2008, won the prestigious French Constant in Award. Artistes following in Asa’s stead include Ego, who once featured as a back-up singer for the masked Afro-jazz musician, Lagbaja, before settling for a more self-fulfilling solo musical career and Bez. Born Emmanuel Bezhiwa Idakula, Bez styles his sound as ‘’alternative soul’’. In 2011, his debut album Super Sun was released with the video for hit single Stupid Song premiering on the BET network. Other emergent names are Kenny Sawyer, Kaycee, Stella Bulero, Jessica Bongos-Ikwue, Bemyoda, Lindsey Abudei and Grandsun.

Reality music shows and competitions continue to fuel the glut of talents on the Nigerian music scene. Many of them are sponsored by major corporates including dance competitions by Malta Guinness and The Voice by MTN and have brought to the limelight names like Djinne (first West African Idol winner in 2007), Timi Dakolo (his runner-up), Omawunmi (runner-up in MTN Project Fame, 2007), Praiz (former P-Square back-up singer), Waje and Kween. Many of these organizations continue to support the careers of more established musicians by signing them on as brand ambassadors while aiming to raise awareness for their products and services. Investors can also follow this trend in supporting these incredible talents, who have all not only inscribed their names in gold, but also continue as keepers of our rich cultural heritage.

E N T E RTA I N M E N T

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The Nigerian national football team has made great strides in recent times, being the present champions of Africa. The feat is perhaps hinged on the fact that many Nigerian players ply their trade in some of the best football leagues in the world, including the English Premiership, following in the footsteps of some ex-Nigerian internationals like the phenomenal ‘Jay Jay’ Okocha, Kanu Nwankwo, Joseph Yobo, Efan Ekoku and Celestine Babayaro. Below are some of today’s biggest stars in the Premier League

Mikel John Obi Chelsea’s John Mikel Obi is the most established and longest-serving Nigerian player in the Premier League. He is one of the last remaining Chelsea greats from Jose Mourinho’s first stint as manager, and has remained at the club while several players and managers have come and gone. He joined Chelsea in 2006 as an attacking midfielder. However, under Mourinho he was transformed into a defensive one, and since then has been playing in that role. His main responsibilities are to keep the opposition at bay and play short and simple passes. Though this might sound relatively simple, his role is held in high regard among

Nigerians in the British Football Leagues

S P O RT S

managers, with Mourinho often asserting that by not keeping the ball at his feet for long, Mikel was speeding up Chelsea’s attacking game and dictating the tempo of the game.

Mikel Obi is also rated very highly for his professionalism towards fellow players and managers.

He is well-known for his patience and calm, even when omitted from starting line-ups. In Mourinho’s second spell as Chelsea manager, Obi only played occasionally, but still supported his beleaguered manager through trying phases.

Odion IghaloOdion Ighalo is a 26-year-old striker who presently plays for Watford. He arrived in England in 2014 from Udinese, on a season-long loan deal. He has 14 Premier League goals and 2 assists next to his name, together with 6 man-of-the-match performances.

Ighalo averages a goal every two hours, which is remarkable for a team like Watford, known for a largely defensive game. A natural born finisher, Ighalo also likes to take on players and dribble past

them, a factor contributing to his growing reputation as a fearsome striker. Recently there has been speculation linking him to some of Europe’s top clubs, with Atletico Madrid as his most likely destination.

Victor MosesBorn in Lagos in 1990, Moses began his professional career with Crystal Palace at the age of 16, completing a £2.5million transfer to premier league side Wigan Athletic in 2010. He signed for Chelsea in August of 2012. When Moses chose to represent Nigeria at international level, many considered it as a coup for the African country, since he was one of the most sought after wingers in the English Premier League (EPL) at the time. His progress, however, has stalled in recent years with Chelsea forced to loan him out to premiership sides like Liverpool, Stoke City and West Ham United in search of first team football. Hopefully, the tricky winger will re-enact his fine form in the English game that has made him such a household name.

Odion Ighalo

Victor Moses

S P O RT S

Peter OdemwingieThirty-four year old Peter Odemwingie plays as a forward for Premier League club Stoke City. He grew up in Russia and Nigeria, where he began his career with Bendel Insurance.

Odemwingie first appeared on the English football scene in August 2010 for West Bromwich Albion. He was an instant hit for the Baggies, netting 30 goals and snapping up 3 Premier League player of the month awards. A brief 6-month stint at Cardiff City would follow, before he joined Stoke Cityin January 2014 in a player-exchange with Kenwyne Jones. Odemwingie only managed 8 apearances in an injury-prone season. In March 2016, he joined Championship side Bristol City on loan. He has played 7 times for the Robins, scoring twice against Bolton Wanderers and Rotherham United.

Victor AnichebeVictor Anichebe made his first team debut in the Premier League as a substitute for Everton in an FA Cup 4th round tie against Chelsea. On May 7, 2006, he scored his first Premier League goal against West Bromwich Albion, a club he would later sign for on September 2, 2013. Described by many pundits as a powerful striker, in 2013 he scored a career high 8 goals in a single season. On May 18 2016, it was announced that Anichebe would leave the club.

Kelechi Iheanacho Kelechi Iheanacho is part of a fine crop of exciting, young players, widely regarded as the future of Nigerian football. Presently, the 20-year old plays for Manchester City as a forward. Iheanacho scored his first competitive goal for his club on September 12, 2015, against Crystal Palace. His first hat trick was scored against Aston Villa on January 13, 2016, in the fourth round of the FA Cup.

Iheanacho finished the 2015/16 season with 8 Premier League goals and the best goals per minute ratio-, an average of a goal every 93.9 minutes. He enjoys a reputation as Manchester City’s third highest goal scorer with a record of 14 goals and 5 assists from 35 appearances in all competitions, even though he only started 11 of them.

Alex Iwobi Alex Iwobi signed a new long-term contract with Arsenal in October 2015 and made his Premier League debut in a 3–0 win against Swansea City at the Liberty Stadium, as a stoppage time substitute for Mesut Özil.

The 20-year-old Nigerian plays as a winger and striker for Arsenal. After scoring two goals in his first Premier League start in wins against Everton and Watford, Iwobi enjoyed considerable playing time, particularly with injury to key players. However, as the squad regains full fitness, his chances of making the first team seem most unlikely and a possible loan to Reading or some other Championship club has been mooted. It is hopeful that with consistent quality performances, he will soon find his way back into the first team.

Other Nigerians enjoying fine spells in England include Arsenal’s Chuba Akpom, Tottenham Hotspurs’ Dele Alli, Sone Aluko for Hull City, Cardiff City’s Samuel Amoebi and his brother, Shola Amoebi who was recently transferred to Fleetwood Town F.C.

Peter OdemwingieVictor Moses

Alex Iwobi

Victor Anichebe Kelechi Iheanacho

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