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Published On: Wed, Nov 1st, 2017

Nigeria to host global trade, investment forum

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The Minister for Trade, Industry and Investment, Dr Okechukwu Enelamah

The Minister for Trade, Industry and Investment, Dr Okechukwu Enelamah

By Ab’eku ‘’kachukwuAbuja.

Major world economies will converge in Abuja, Nigeria on November the 2nd and 3rd, 2017 for high level policy and private sector facilitation partnership forum.
Over 30 African counties will be represented at the forum.
This was made known to journalists by the Minister of Industry, Trade and Investment Dr. Okechukwu Enelamah in the ministry yesterday.
The event, according to the minister will be co-hosted by Nigeria and the Economic Community of West Africa States (ECOWAS) in partnership with the World Trade Organisation (WTO) and Friends of Investment Facilitation for Development (FIFD).
Members of FIFD coalition are Nigeria, Argentina, China, Australia, Brazil, Chile, Colombia, Hong Kong China, Japan, Korea, Mexico, Pakistan, Russia, Singapore, Switzerland, Canada, the European Union, Qatar
The Vice-president Prof. Yemi Osibajo is expected to open the event and other dignitaries such as the WTO Director-General (DG), Roberto Azevedo; Secretary General of the United Nations Conference on Trade and Development (UNCTAD) Mukhisa Kituyi; African Union (AU) Commissioner for Trade and Industry, Albert Muchanga; Executive Director of the International Trade Center (ITC), Arancha Gonzalez; Chief Execurive Officer (CEO) of Dangote Group, Alhaji Aliko Dangote; and President of ECOWAS Commission, Marcel Alain de Souza will be in attendance
The event will witness ministers and senior trade and investment officials from over 30 African countries in as well as CEOs, Presidents of Nigerian and Foreign companies, including Procter and Gamble, Huawei, General Electric, Vodacom, among others in attendance.
The minister went further to say that the event is a significant step in the drive towards facilitating trade and investment not only for Nigeria, but sub-regionally and on the African Continent, adding that Nigerian and African economies need to be connected, integrated and diversified and facilitating investment and trade will be key to achieving the objectives.
He said: “United Nation Conference on Trade and Development (UNCTAD) forecasts that developing countries will need an additional $2.5 trillion annually in foreign and domestic investment to meet the 2030 Sustainable Development Goals (SDGs).
“ The World Bank estimates that Africa’s total infrastructure investment requirements at roughly $120-150 billion per annum and estimates the gap between infrastructure investment requirements and available financial resources at about $60-80 billion per annum.
“The case for trade and investment facilitation can therefore, not be overemphasized. I reiterate that this government is committed to investment facilitation, by creating a more investment friendly business climate and making it easier for both domestic and foreign investors to invest in the country.”

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