2nd Symposium on Emerging Market organised by the Chartered Institute Of Financial And Investment Analysts, Nigeria. Held at Reiz Continental Hotel , Central Business District, Abuja on 14th November 2015.
Theme: – Economy without Oil: Alternative Investment Opportunities
Participants and Delegates from different parts of the country attended the 2nd Symposium Of Chartered Institute Of Financial And Investment Analysts, Nigeria (CIFIAN) held at Reiz Continental Hotel, Central Business District, Abuja on 14th November 2015.
The Symposium was hosted by the Governing Council of the Institute. Among the participants were the representative of the Permanent Secretary: Solid Minerals, the Nigeria Shippers Council, representative of Ministry of Finance, etc.
The keynote speakers are Mr Obinnaya C. Uruakpa, Team Lead/ CEO, Grand Renaissance International Limited, a public speaker on Wealth Creation issues and Personal Development Trainer who spoke on the topic ‘ Economy Without Oil: Alternative Investment Opportunities’ and Engr. Sanusi Mahmoud Jubril representing the office of the Permanent Secretary Solid Minerals who spoke on Investment opportunities in solid minerals.
The theme of the Symposium “Economy Without Oil: Alternative Investment Opportunities” and the Symposium sub-themes were:
? Solid Minerals
? Sports, Entertainment, Services
? Information and Communication Technology (ICT)
? Maritime Services etc.
The overall objective of the Symposium was to explore the difficulties, possibilities and modalities for enhancing income generation for Nigeria through the non-oil sector.
To achieve this overall objective, participants led by the Keynote Speaker:
? Explored the historical development of the Nigerian Economy over time and identified major issues that have affected its performance;
? Examined measures taken by some past governments to address the institutional and human resource weaknesses of the public services over time, identified achievements and difficulties encountered as well as lessons learnt;
? Examined the replicability of the measures taken by the newly industrialized countries like Singapore, Hong Kong, Malaysia and Indonesia, India to strengthen their public services that made them to spearhead development.
? Provided an opportunity to participants to learn from each other and from country-case studies, as well as discussions on innovations being undertaken in a number of countries.
? Provided opportunities to participants to discuss current and potential contributions of Research and Training Institutions in enhancing the role of public services and the private sector in developmental states.
Over a five-hour period, the Symposium participants working in plenary:
- Noted the need to promote expanded production in both the agricultural and industrial sectors of our economy.
- Further noted the need to diversify the economy as a matter of high priority to gain access to markets in Africa, especially ECOWAS countries.
- Acknowledged the need to make effective use of bilateral and multilateral trade agreements between Nigeria and other countries.
- Agreed that the promotion of foreign private investment is a vehicle for industrial growth in a developing country like Nigeria.
- Noted that the upgrading of basic infrastructure to a functional level is an urgent need. In particular, adequate power and water supply must be ensured for any meaningful industrialization and export trade to take place. Nigeria should establish more export processing zones in strategic locations within the country to facilitate increase production of manufactured goods that are duty free.
- Noted the to improve on electricity supply as a matter of urgency, it is importance since most industries in Nigeria depend heavily upon the usage of private generators to power production.
- Discussed Financial reforms and opined that wide interest rate has been severally observed as the factor affecting accessibility loans by firms / entrepreneur. Thus, the monetary authorities need to intensify effort at pursuing financial reforms targeted at reducing high interest rate. A moderate interest rate will stimulate the market for non-oil produce.
- Noted that Nigeria is yet to maximize the potential inherent in oil. While we still have the resource, it is pertinent to build the critical competencies needed in our citizen to draw full benefits from this all important but deplorable resources.
- Recognised the need for enough political will to ensure the development of the solid minerals sector. It was recommended that the federal government should float the steel development bond for a period of at least two years to raise a minimum of two trillion Naira to grow the steel sector to full potential.
- Agreed that CIFIAN offers herself to work closely with governments at all levels to achieve policy objective towards national development.
- Strongly encouraged the production and use of made in Nigeria goods and services.
- Equally called for a total overhaul of the educational system in Nigeria with a view to re-orientate towards entrepreneurship, vocational and technical education.
- Encouraged the institute’s leadership to engage the media to ensure visibility for her programmes.
- Expressed the need for the present government to disburse from the solid minerals development fund and the natural resources fund
- Recommended that all companies operating in Nigeria be made to commit a portion of their profit to research and capacity building.
- Identified that the maritime sector holds great potential for income generation and recommended as follows:
- Improvement of port facilities/infrastructure, automation of the port will eliminate the presence of multiple agencies leading to grid lock.
- Also the introduction of the advanced cargo tracking note for security and safety in line with the recommendation of UNCTAD and ISPSS code will lead to transparency and efficiency at the ports.