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Nigeria’s diversity policy matches Canada

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By Abiodun Okunloye

The economic diversification policy of Nigeria is similar to Canada - Christoff.

In light of the LGC 2022 Canada-Nigeria Business & Investment Summit that was held in Toronto on Oct. 11-15, 2022, with the theme “Trade and investment opportunities Africa’s biggest economy”, Canada High Commissioner to Nigeria, H.E. James Christoff, asserted that Nigeria’s policy on Economic Diversification closely allied with that of Canada’s Export capacity. During the summit, he also made the point that the leadership and influence of the nation are essential to achieving and sustaining Peace and stability in Africa.

With $2.67 billion in bilateral corporate trade in 2016, Christoff estimates that Nigeria has surpassed South Africa as Canada’s top trade partner in Africa. He disclosed that prospects for growth exist in both countries because Nigeria’s economic diversification program is in line with Canada’s export potential in agriculture, ICT, education, clean technology, and mining, among others. The high commissioner backs up his words, saying that people who know him can speak to his dedication towards the Canada and Nigeria connection, with a focus on what he considers a significant possibility for growth in terms of both countries’ trade potential.

Nigeria has an enormous number of young entrepreneurs.

Speaking on prospective Investors when discussing investment opportunities in Nigeria. He emphasized that Nigeria has the greatest population of young people engaged in entrepreneurship as well as unrealized business potential. People in Nigeria have remarkable intellects and incredible amounts of drive. He underlined the significance of leading corporations having access to that information while attempting to grow their investment. Christoff, on the other hand, gave reassurance to prospective investors by stating that the commission has developed a foreign Investment Protection agreement, which will help to improve the flow of investment into Nigeria.

Furthermore, he gave the press his word that the Canadian government is working with the Nigerian government to develop a favourable trade policy in order to improve market access and create an environment that is conducive to the growth of enterprises. Christoff went on to say that discussions for a new transport agreement were recently wrapped up and that this will make it much simpler to travel between the two nations while simultaneously strengthening people-to-people links, which will be a significant step forward in the relationship.

The summit offers a platform to develop and strengthen the economy.

Praising the effort of the event, Mr Sam Adewale, the President of Leadership and Governance Canada, stated that the two-day conference highlighted eight vital areas of the Economy. The primary industries outlined at the event are Agriculture/Agro-Allied value chain, food and cash-crop processing, preservation, and packaging; Health Care/ primary healthcare, ambulance, medical laboratories, trauma centres, and nursing homes; Solid Minerals/Extractive Innovation extractive and modern technology; Power & Alternative Energy solar, wind, turbine, and geothermal energy; Technology & ICT phones, computers, software, and digital economy; Infrastructure Real Estate, Road Development, & Transportation; Oil & Gas sludge management and environmental cleaning; and Aviation infrastructure and Security.

Adewale noted that the summit offers a platform to develop and strengthen trade and economic links between Canada and Nigeria, which would open up numerous trade and investment opportunities. He also suggested that the summit seeks to connect Canadian investors with investment opportunities in Nigeria. He added that the event also provides the Nigerian and Canadian governments, private investors, and business leaders with a forum for constructive dialogue; and examines how to encourage additional Canadian investment opportunities in Nigeria, especially in Manufacturing and services.

LGC provide platforms for governments and investors in Nigeria and Canada.

Moreover, Christoff expressed his gratitude to the organizers of the summit for gathering together decision-makers from both the public and private sectors of both nations in order to discuss how to go ahead in a way that is beneficial. The LGC 2022 Canada – Nigeria Investment Summit provide platforms for governments, industries, and investors in Nigeria and Canada to promote opportunities available within those countries. Recognizing the latest opportunities, challenges, solutions, facilities, and future potential for productive investment and Business Development is crucial. We need to increase growth potential as well as value through information, knowledge exchange, market intelligence, innovation, and investment and business partnership possibilities. Networking with business organizations, government authorities, company leaders, and other high-level stakeholders, attract global and regional investors and promote local partnerships, strengthen Canada-Nigeria commercial and economic connections to unleash trade and investment possibilities.


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