STATEMENT BY PRINCE ADETOKUNBO KAYODE, SAN, CON
REPRESENTING THE PRESIDENT OF NIGERIA ASSOCIATION OF CHAMBERS OF COMMERCE INDUSTRY MINES AND AGRICULTURE AT THE D8 CHAMBER OF COMMERCE AND INDUSTRY PLENARY ASSEMBLY AND BUSINESS FORUM, BELEK, ANTALYA, TURKEY
2nd Day of November, 2018
On behalf of the NACCIMA as well the entire organized private sector in Nigeria, we are pleased to join Your Excellencies and Delegates at this Plenary Assembly and Business Forum of the D8 Chamber of Commerce and Industry.
We wish to appreciate the Chair of the D8 CCI and the President of TOBB for facilitating and organizing this Forum. We also thank the Secretariat which has afforded us such an exemplary facilities and excellent organization.
Nigeria is proud to be active in the conception and take of the D8 organization. We are also proud to have played critical roles in establishing the D8 CCI, as well as the crafting and adoption today of the D8 CCI Statutes which provides a strong foundation for development of trade and other economic activities within D8.
With a population of 185 million, 72% below 40 years of age, about 150 million mobile penetration, fastest internet penetration rate in Africa (82.4 million). And Nigeria has just moved up 10 points in the Global Competitive Index, a reflection of deepening economic activities and success of ongoing economic reforms.
Nigeria is implementing the Economic Recovery and Growth Plan (ERGP) as part of a concerted effort to fast track economic growth. In 2017 we exited recession which was induced by the oil price slump within 17 months and have proceeded on the path of economic growth.
GDP is expected to move from 3% in 2018 to 7% by 2021. Before the recession, Nigeria maintained an average of about 7% growth over the preceding 10 year period. We are also opening up new areas in the economic diversification plan being currently implemented.
International Financial Institutions including the Islamic Development Bank, African Development Bank and the World Bank confirm that Nigeria is set to regain dynamic growth momentum hence Nigeria is amongst the top three African countries to invest in today.
In addition, Being the most central of the the three biggest economies in Africa (including Egypt and South Africa) and abundant natural resources, all our commercial sectors provide average Return on Investment (R O I) of about 21% on FDIs. We also provide a very competitive opportunity for D8 collaboration and investment. Nigeria is one of the few countries in the world where foreign investors may own their company 100% with freedom to repatriate profits after tax. We implement competitive tax incentives, rebates, tax holidays, etc.
But we concede that there are several economic challenges confronting the economies of and by extension, business and commercial activities in the countries making up the D8.
As the private sector arm of the D8, I believe the Assembly and Business Forum afford us all the opportunity to review and assess these challenges with a view to preferring suggestions with the aim of forging a plan of action and fresh mode of engagement by our commercial, industrial and business concerns in other to achieve, (a) economic integration, (b) enhance economic cooperation, (c) enlarge economic development and (d) improve social and economic circumstances (e) and finally, promote peace and prosperity of the D8.
To achieve these objectives, Nigeria propose identification of certain strategic areas of industrial and commercial engagement.
For immediate and medium term, We are interested in AGRICULTURE, AGRO PROCESSING, fishery production and processing; INDUSTRIAL PRODUCTION, (for small machines, equipment, metal and plastic and allied products) and petro-chemicals downstream; and mining. We also have interest in textile, garment and footwear material and accessories. Finally we have interest in halal food and goods production, handling, packaging, storage and transportation; Real estate, hospitality and tourism development.
We also wish to partner on science, technology, ICT, telecommunications, and Technology driven services like FINTECH, education, TVET, etc, in all sectors. We are also interested in research and investment in pharmaceuticals, medical and health industry, equipment, technology and services.
SMEs are the backbone of our economy and will remain so for a long time. So we wish to cooperate on SMEs development at all levels. We suggest joint industrial parks for SMEs development. Under the Nigeria Industrial Development Plan, we have a plan to develop 360 industrial parks in the next 10 years.
We want to state our support for establishment of the D8 Arbitration Centre to take care of investment and commercial disputes in inter D8 countries trade.
In the circumstance, we support the development of ANTALYA PLAN OF ACTION for inter trade and business development and engagement in the D8 to enable us realize the vision as ably set out by the founders and of which we have been so eloquently reminded by the Chair today.
I thank you for your attention, and the Chair, we thank you once again for the opportunity offered by this important Forum, and please be assured of our cooperation and best wishes.
