NIPC Showcases Nigeria’s Investment Climate and Opportunities at Africa Singapore Business Forum 2023

By September 1, 2023 September 11th, 2023 NIPC News

Singapore City, 29 August 2023 – The Nigerian Investment Promotion Commission (NIPC) proudly participated in the prestigious Africa Singapore Business Forum (ASBF) 2023, which commenced on August 29th, 2023, in Singapore. Themed “Driving Africa’s Growth through Digitalization, Manufacturing, and Sustainability,” this event drew the attention of global leaders and business innovators.

During the country presentation sessions, focusing on West Africa, the Acting Executive Secretary of NIPC, Hajja Gana Wakil, delivered an outstanding presentation on “Investment Climate and Opportunities in Nigeria,” receiving widespread acclaim. Additionally, she contributed to a panel discussion alongside Chief Executives from Ghana, Republic of Guinea, Ivory Coast, and Cote d’Ivoire Investment Promotion Agencies.

ASBF 2023, a signature event that seeks to forge cooperation between Singapore and African nations, attracted more than 500 businesses and government dignitaries from 40 countries, including 14 from Africa. The primary objective was to explore untapped potentials, diversify cooperation avenues, and establish strong links between African markets and the Association of Southeast Asian Nations (ASEAN).

In his opening remarks, Singaporean Minister for Trade and Industry, Gan Kim Yong, emphasized the need for fortified partnerships to confront contemporary challenges. He asserted that deeper cooperation across regions represents the most effective response to such challenges and underscored Singapore’s pivotal role in facilitating trade between Africa and Asia.

The event witnessed the signing of five Memoranda of Understanding (MoUs) aimed at enhancing business partnerships between Africa and Singapore. These agreements encompassed various sectors, including manufacturing, advanced agriculture, and eco-friendly construction materials.

Noteworthy among these agreements was an MoU inked between three Singaporean firms – Robust International, Adatos, and Trames – to collaborate on projects within Africa. Robust International, a global commodities trader, plans to leverage Adatos’ AI solutions to gain insights into agricultural practices, particularly for sesame crops in Nigeria. Trames will offer tailored logistics solutions, contributing to sustainable farming and optimizing supply chain management for Robust International.

Another milestone agreement involved Singapore’s NivéSal and Ghana’s SKY 40-40, set to establish manufacturing operations in Takoradi, Ghana. Their objective is to produce polymer-based sustainable building materials, aligning with the shared commitment to environmental sustainability.

Singapore’s direct investment into Africa, which currently surpasses US$23 billion, underscores the growing focus on value-added manufacturing. ASBF has solidified its position as the premier platform for fostering business exchanges and enhancing trade relations between Africa and Asia.

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