It is not only the Zimbabwean farmers that have won the heart of Kwara State Government when it comes to foreign investment. So many new investors now want to come to the state. It has opened up a lot of gateways to accommodate these new investors especially with the establishment of a solid Public Private Partnership arrangement. Agha Ibiam in London writes on why the state is an investor’s delight

In spite of security challenges such as the Boko Haram problem and other crisis that have engulfed the country especially the Northern parts, which paint the country black in international domain, Nigeria remains investors’ first choice.

The confidence to continue to invest in Nigeria in spite of all odds was boosted recently in London by the Vice Chairman of the British Business Council for Africa, Mr. Clive Carpenter, who called on foreign investors to make Nigeria their first investment destination in Africa.

He told investors during the 2nd Nigeria Television Authority Business Investment Forum and Exhibition held at the Cavendish Conference Centre, London recently that though Nigeria is Africa’s ‘slumbering powerhouse’, there are massive unrealised potentials that abound notwithstanding the situation. Carpenter added: “Never judge a book by its cover.”

A Carpenter, during his paper presentation titled, “Nigeria Business Ventures: Challenges and Prospects,” stated that though Nigeria is safe for business, but investors should look before they leap.

He said, “Do your homework before jumping over to do business in Nigeria.  But do not be frightened or let the insecurity in some parts of the North put you off. Do your homework well and if one state is challenging, it doesn’t mean the whole country is a no go area.”
Generally, the event was poorly attended especially by government officials. Some of the state governors, about eight of them who were drafted to deliver speeches treated the event with ignominy.  Some of them were in London, but sent representatives which dampened the morale of some investors that would have loved to strike some deals with them.

A lady investor from the United States who had an ‘off-the-record’ conversation said government officials in Nigeria should learn to be serious especially when dealing with international communities. She further warned that they should stop treating local investors with contempt because some of them have all it takes to invest in the country like their international counterpart.

Nonetheless, Kwara State Government, with or without their governor, mounted the podium and presented a paper titled, “Kwara State, Investing in Shared Prosperity.” The Kwara State Governor, Alhaji Abdulfatah Ahmed, represented by his special assistant on investment, policy and strategy, Mr. Yomi Ogunshola, did not only sell the potentials that abound richly in the state but beckoned on investors to make haste while the sun shines.

He ‘stole’ the heart of investors and urged them to tap on the N100 billion Infrastructure Development Trust Fund (IDTF) set aside by the state government for the common good of the people. From all indications, the money is for long term investments which prospective investors are encouraged to tap into to develop roads, power and other infrastructural needs of the state.

“Kwara State is open for business and will willingly receive anyone who could put in value to what government is doing,” he said.
Ogunshola assured that if people invest for the long term, when their business grows bigger, state government will support and partner with them as it would not show interest on investors’ ethnic origin but focus on the value they add to the state and its developmental plans or projects.
Other state governments that put up appearance at the event were Zamfara, Benue and Niger, while government ministries and parastatals such as Federal Ministry of Trade and Investment and National Agency for Food and Administration and control were also in attendance. The representatives of Zamfara, Niger and Bauchi state governments also made clarion calls to investors to use the opportunity of the forum and join the bandwagon by visiting their states and investing in ventures they would never regret.

Zamfara representative unequivocally described the state as a “mining haven,” where investors will be glad to come to. He also told investors that tourism potential and other natural resources endowed bountifully and therefore serves as a ‘safe haven’ for them. “We have huge tourism potentials and the abundance of solid minerals available in commercial quantity in the state. Come and explore the work of nature and consider the state as the next tourism destination,” the representative said.
Ogunshola also told the gathering that Kwara State is the ninth largest state in the country, meaning, “whatever is produced in terms of food and other consumables goods would first have home patronage.”

He continued: “Though land is a scarce commodity in most places, but in Kwara,it is not. While people are looking for white collar jobs, in the state, there are about 1.36 million people in agric value chain.”
To drive home his point, the special assistant wittingly juxtaposed Kwara State to some European and Asian countries in terms of land mass and concluded that if those countries have achieved great feats, the state will. The state he said is approximately the same size as Netherlands which is 33,783 Km2; Taiwan, 36,191 Km2; Belgium, 30,528 Km2; 89 per cent the size of Switzerland’s 41,285 Km2; and 166 per cent the size of Israel which is put at 22,145 Km2.

“Above all, the vision of Kwara State is to use the Infrastructure Development Trust Fund to support the state’s agenda of human and physical asset transformation; set up platform for long-term infrastructure financing and set up strong legacy infrastructure for the future. The whole idea is that projects will be funded completely by the private sector for the development of public goods and excellent return on investments to various private participants.”
Ogunshola gave colourful explanation of the IDTF, which is basically centred on fund description, purpose and its mechanism. This he said would be used to facilitate the execution of key long-term social, economic and physical investments; provide access to funds and support ancillary activities in critical sector reform.

It was also gathered that the fund will be diversified, spreading to both local and foreign investors.
The fund is expected to be administered in the following ways: projects and industries; modern motorable roads; integrated economic zones; railway transport systems and parking garages. Others are shopping centres; water distribution; education and industrial parks, among other vital ventures.
On IDTF mechanism, contractors across various sectors are expected to make investment by entering into PPP contracts including concessions over the asset life or a considerable time post-construction. Revenues generated Ogunshola said would be split with the state government and paid directly to fund.

They is a lot of opportunities opened to investors in Kwara State. Agribusiness has been a sector that has not been adequately tapped in spite of its considerable amount of openings. Key crops such as cassava, soya beans, maize and rice have not been maximally reaped, while poultry and cattle rearing; aquaculture, high value horticulture (fruits and vegetables) are also waiting to be harnessed.
Activities across the value chain include equipment leasing and agro-allied processing. Others such as energy, independent power plant, solar; natural gas and ethanol are also calling for attention.

Investment opportunities in Kwara are too numerous to mention, but the fact remains that it is a state that has all it takes to encourage investors, especially with great opportunities in the healthcare sector, hospitality and tourism, general infrastructure and solid mineral development that are in large quantity. At the event, the stage was not completely left for Kwara State as there were other dignitaries who aired their views on investment opportunities in Nigeria. One of such people that strongly joined forces to motivate prospective investors was the Nigerian High Commissioner to the United Kingdom, Dr Dalhatu Tafida.

He urged investors and anyone with investment capital to think about doing business in the country before considering any other place in the entire continent. He insisted that about 200 visa applications are received and processed at the embassy every day, which goes to show that a lot of foreigners are trooping into the country to make heavy investments.

On the other hand, the managing director of NTA -TV Enterprises, Mr. Joseph Etuk, was optimistic that the interactive session with members of the investing public would help attract direct foreign investments and profitable franchise opportunities for organisations and government.