WEF further boosts Nigeria’s profile

The just concluded World Economic Forum (WEF) in Abuja has further raised Nigeria’s profile among international investors, as many delegates appreciated Nigeria’s economic potentials in spite of temporary security challenges.

Geofrey Lipman, founder, Creative Disruption Architect, based in Belgium, said for the fact that Nigeria was able to pool the influential people from around the world was in itself a tourist activity, as “it is business tourism and it is making economic impact on the country and helping to push the country’s economy along as people are travelling and spending money.”

Country like Nigeria is a good place for investment, as many people who came for the WEF are potential investors and they appreciated the country with largest population in Africa and debt-to-GDP ratio down at 11 percent for 2013, against 19 percent in 2012, Lipman said.

According to him, the WEF is a way of sending a message that Nigeria is open for business. President Goodluck Jonathan at the forum also emphasised that Nigeria was determined to be open for business. With this, Lipman believed that all the delegates and other investors would now look at Nigeria for investment, and their perceptions for the country would now be more positive.

Though the security situation did not encourage most of the delegates to exploit the beautiful parts of Abuja, but Lipman said most people who came to the conference were serious business and focused people, who are not likely to add leisure activity to a conference like this one. He acknowledged that the security put in place was essential for the conference.

As African economy opens, Lipman suggested for easy travel across Africa. To him, there are presently restrictions to enter some countries, but believed that after the conference, African countries will consider the suggestion as it is becoming topical.

On his view, the CEO of Mckinsey and Company, Dominic Barton told investors that if they want to be relevant, “Nigeria is the best place.”

Interested on Nigeria and other African economies, Chinese Premier Li Keqiang, who was at the forum, said “China intends to continue its large investments in and aid to Africa, with a focus on helping to develop the continent’s infrastructure, from aviation to power generation to telecommunications. ‘No political strings’ will be attached.”

Also assessing the brand and economic benefits from WEF, John Woma, a public relations consultant based in Lagos, said the forum offered more economic value for Nigeria. According to him, those who came experienced Nigeria, which is good for the country’s image and the economy.

In his view, John Ajayi, a media expert, said the WEF was a great economic diplomatic breakthrough that Nigeria had ever had in the recent time. The forum, couple with the rebasing, has caused the world to focus attention on Nigeria, its people and market.

John Ehiguese, a public relations expert, also said the WEF was a positive development for Nigeria and show of confidence for Nigeria and its economy. No investor would discountenance Nigeria, which is the largest economy in Africa, he said. Nigeria could leverage the forum, take the lessons and manage the economy and translate them to actual benefits for Nigerians.

The WEF came a few weeks after the rebasing of the economy, which termed Nigerian economy as the largest in Africa, a development that has made more international investors to begin to look towards Nigeria.

Daniel Obi