The nigeria-spain business/investment forum and trade exhibition (nimad 2013)

The Nigeria-Spain Business/Investment Forum and Trade Exhibition (NIMAD 2013), was organised by the Embassy of the Federal Republic of Nigeria, Spain in collaboration with Koinonia Ventures Limited. The event with the theme “Translating Market Opportunities into Robust Trade” was held from 2nd to 4th December, 2013 at the Centro de Congresos “Principe Felipe” Madrid (Spain).
The objective of the Forum/Trade Exhibition was to contribute to the ongoing efforts at showcasing investment potentials and opportunities in the various sectors of the Nigerian economy, to the Spanish and the European Business communities. It was also a platform for Nigerian businessmen, States and Federal agencies to market the various investment opportunities and projects in Nigeria.
The event attracted several dignitaries from both countries especially from government Ministries and Development Agencies, the business community, entrepreneurs, Non-Governmental Organizations and the media. There were four plenary sessions, discussion sessions, round table meetings, exhibitions and a gala night.
It also featured an Opening Ceremony highlight of which was the welcome speech by H.E. Mrs. Bianca Odumegwu-Ojukwu, Ambassador of the Federal Republic of Nigeria to Spain and a remark by the President/CEO of Koinonia Ventures Limited, Mr. OlufemiBoyede. There were also Goodwill Messages from Chief Andrew AraromiIdu, President NIDO Spain; Dr. John Isemede, DG NACCIMA; Dr. John KayodeFayemi, Executive Governor of Ekiti State; Mr. Peter Obi, the Executive Governor of Anambra State; Mr. Jose Julio Martin-Sacristan Nunez, Director, Africa Factor Humano; and a Statement by Nigeria’s Foreign Affairs Minister, Prof. (Mrs.) Viola Onwuliri, who was represented by Ambassador OkechukwuMuoh (Nigeria’s Ambassador to Romania and Bulgaria). Also, in attendance were a delegation from Enugu State made up of Dr. Jude A. Akubuilo (Commissioner for Commerce and Industry), Engr. M.C.C. Eneh (Commissioner for Agriculture) and Prof. I.N. Mbah (Special Adviser to the Governor on Diaspora Matters).
Nine papers were presented on different topics ranging from the need to invest in Nigeria, opportunities for investment to the likely challenges that would confront investors. The presentations were followed by exhaustive discussions with Questions and Answers Sessions.
After exhaustive debates and deliberations, participants subsequently made the following recommendations:

  • An urgent need for the establishment of a Nigeria-Spain Business Council not only to leverage opportunities from NIMAD 2013 but also to facilitate business and trade relationships between the two countries;
  • This is the time to invest in Nigeria given the abundant human and material resources of the country and the evident political will
  • Given that there will always be investment risks, the current situation in Nigeria should not deter potential investors rather investors should be encouraged to come to Nigeria considering that the environment guarantees prompt return on investment and the fact that the ‘perception of the country is worse than reality'
  • Investors are seriously encouraged to come to Nigeria given the numerous tax and investment incentives offered by both the Federal and State Governments;
  • Low production and labourcost, numerous Incentives on exports, huge market (170million people) and a growing middle class all makes it imperative for Spanish investors to consider setting up production businesses in Nigeria; Energy, Construction, Food and Beverage, Manufacturing and General Goods offer particular opportunities of investment for Spanish businesses; and
  • That Spanish companies should target producing for Nigeria’s growing middle class.

Participants commended the Embassy of the Federal Republic of Nigeria, Madrid and Koinonia Ventures Limited for organizing the Nigeria-Spain Business/Investment Forum and Trade Exhibition, which was quite informative and beneficial to participants. They equally showed special appreciation to the Governors of Ekiti and Anambra States and the delegation from Enugu State for gracing the occasion, which helped to make the event a success, while commending theDirecto-General, CASA Africa; The Spanish Ministry of Economy and Competitiveness; Madrid Chamber of Commerce; Barcelona Chamber Commerce; University of Castilla de La Mancha; and the Exporters and Investors Club of Spain for their support. Finally, participants also thanked the management and staff of Centro de Congresos “Principe Felipe” Madrid for the excellent facilities provided for NIMAD 2013.

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