Okonjo-Iweala: Hosting is a sign of global confidence in Nigeria
Ndubuisi Francis and Kunle Aderinokun
The federal government Monday, jumpstarted the process of hosting the 24th edition of the World Economic Forum (WEF), expressing optimism that the event would boost foreign direct investment (FDI) inflow and provide a window of opportunities for the real sector.
The government stated that the granting of hosting rights to the country for the May 2014 edition underscored the global confidence in Nigeria.
To kick-start the process leading to the hosting of the event slated for between May 7 and 9, 2014 in Abuja, a world press launch was held at the Federal Capital Territory (FCT), yesterday.
The Chief Economic Adviser to the President, Dr. Nwanze Okidegbe, unveiled a strategic partnership between the public and private sectors to organise a successful global forum.
Okidegbe disclosed that the hosting of the event was expected to engender increased FDI inflow into Nigeria, noting that as a leading investment destination in Africa, the WEF would be the icing on the cake for Nigeria.
He stated that a steering committee had been established by President Goodluck Jonathan, comprising key government functionaries and notable private sector players.
Commenting on the impending event, Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, said the choice of Nigeria as WEF’s next host underscored the confidence of the global community in Nigeria.
The minister said the federal government was excited by the choice, which further confirmed that the Jonathan administration was pursuing a purposeful, result-oriented governance in spite of the security challenges.
She said a proof of the nation’s sound economic outlook was the positive rating by globally-acclaimed rating agencies, including Fitch, adding that the security challenges in the northern part of the country had not dissuaded investors from coming to the country.
According to her, the increased confidence in Nigeria by the global community was given further impetus by the more than 400 per cent over-subscription of the $1 billion Eurobond floated by the federal government in two tranches of $500 million each.
She noted that about 80 per cent of the subscribers were investors from the United States of America (USA).
The minister, who is the co-chair of the steering committee, said the federal government was elated that the private sector was very actively involved in the collaborative efforts to plan and organise the august event.
Okonjo-Iweala, further described members of the steering committee as ‘heavyweights’ in the private sector. The members, according to her, included: President of Dangote Group, Alhaji Aliko Dangote, Mr. Tony Elumelu, Mr. Wale Tinubu; Chairman/Editor-in-Chief of
THISDAY Newspapers, Mr. Nduka Obaigbena and the Managing Director of First Bank, Mr. Bisi Onasanya, among others, said with such a high assemblage of distinguished Nigerians, the event would be well organised.
She said sub-committees was to take care of the specific areas and needs in order to ensure a seamless hosting of a successful event have been set up.
The minister said the choice of Nigeria as the next host of the WEF was a product of the recent successes on economic reforms, increased private sector investment, improved economic and investment conditions and the increased international confidence such.
Head of Secretariat, WEF Africa 2014, Mr. Frank Nweke Jr., disclosed that the theme of the event to be hosted by Nigeria is “ Forging Inclusive Growth, Creating Jobs.”
He said the WEF next year’s hosting of the event in Nigeria would be the first by a West African country.
The WEF attracts participants, including heads of governments and statesmen, chief executive officers of global firms, leadingfinanciers and policy development technocrats from about 80 countries.
The World Economic Forum on Africa is one of the regional meetings held annually by the World Economic Forum—a Swiss non-profit foundation based in Geneva, Switzerland, which is dedicated to improving the state of the world by fostering collaboration between businesses, governments and the civil society.
Hosting of the WEF by Nigeria offers the country an opportunity both for economic and cultural diplomacy.
Only three African countries have so far hosted the WEF, including South Africa, Tanzania and Ethiopia.
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