The 2024 Nigeria-Canada Trade and Investment Business Forum has marked the beginning of improved economic collaboration between Nigeria and Canada, promoting opportunities for shared development. Held in Ottawa, this event was coordinated by Nigeria’s Ministry of Foreign Affairs in collaboration with Affinity Global Ltd, with backing from media organisations Nairametrics and President Bola Ahmed Tinubu (PBAT) Media Centre. Prominent players in various industries from both nations convened to discuss possible investment prospects in areas such as energy, agriculture, financial technology, and marine resources, paving the way for enhanced economic partnership.
Also, the forum commenced with Ambassador Bolaji Akinremi, Nigeria’s Ministry of Foreign Affairs Director for Trade and Investment, underscoring the vital partnership between Nigeria and Canada. He pointed out Nigeria’s role as a crucial access point to Africa, offering distinct opportunities for businesses from Canada. Akinremi highlighted that the African Continental Free Trade Area (AFCFTA) presents Canadian Investors with opportunities in a large African market. He emphasised that leveraging Nigeria’s market capabilities alongside Canada’s sophisticated financial Infrastructure could foster significant Economic Development for both countries.
This can help Nigeria achieve the 30% renewable energy goal by 2030.
Representing the Secretary to the Government of the Federation, Sen. George Akume, the Permanent Secretary, Mohammed Sanusi Danjuma, emphasised the unexploited economic opportunities in Nigeria. He highlighted Nigeria’s GDP of $477 billion and its youthful, vibrant labour force, stating that it is ideally situated to attract foreign investments, especially in sectors like energy, agribusiness, and fintech. Danjuma stated that Nigeria’s goal of achieving 30% Renewable Energy by 2030 offers an excellent chance for Canadian investors to engage in the nation’s transition to more Sustainable Energy sources.
It placed considerable emphasis on the Fintech industry in Nigeria, which drew in more than $1.3 billion in funding in 2023. Abel Aboh, a leader in Data and AI, provided valuable perspectives on the role of fintech in enhancing financial inclusion, especially for marginalised groups and women. Fintech is revolutionising Nigeria’s financial ecosystem, providing digital banking, lending, cryptocurrency, and InsurTech solutions that are enabling millions. He emphasised that in 2023, Nigeria’s Digital Economy handled ₦46.6 trillion in mobile money transactions, showcasing the sector’s swift expansion and opportunities for digital evolution.
Significant investments have been brought in by the initiatives.
Another topic of conversation also revolved around Nigeria’s oil and gas industry. Ambassador Nicholas Agbo Ella, the Permanent Secretary for the Ministry of Petroleum Resources, highlighted the Decade of Gas initiative designed to position gas as the main driver of industrial growth. Ella discussed the extensive investment prospects available in gas infrastructure, LNG developments, and gas-to-power projects, emphasising their importance as Nigeria moves towards a more sustainable energy future. He highlighted that the 2021 Petroleum Industry Act (PIA) has brought in more than $10 billion in new investments due to enhancements in the regulatory structure and financial policies within the oil and gas sector.
A Major focus was also placed on agribusiness. Godfrey Ajayi Sunday pointed out Nigeria’s vast agricultural opportunities, noting that the country possesses 84 million hectares of arable land, with only 40% being utilised at present. He mentioned that foreign investments could boost agricultural efficiency via Technology and value-added processing. In the same vein, Barrister Pius Ukeyima Akutah from the Nigeria Shippers’ Council encouraged Canadian investors to consider Nigeria’s blue economy, especially regarding its inland Waterways and shipbuilding industry.
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Ukeyima emphasised that Nigeria has 10,000 kilometres of waterways that present valuable possibilities for collaborations between the public and private sectors in terms of maritime infrastructure and logistics. Apostle Cornelius Babalola, CEO of Affinity Global Trade & Investment Ltd., deemed the event a success and called it a catalyst for transformative partnerships between Nigeria and Canada. Babalola expressed optimism that the connections formed at the event would lead to long-term investments in key sectors, paving the way for mutual economic success.