UNCTAD, in its World Investment Report (WIR ) 2018 reports that foreign direct investment (FDI) flows to Africa slumped to $42 billion in 2017, a 21% decline from 2016 but rebounded to US$46 billion the next year 2018 (WIR 2019), an increase of 11%, despite a global slump. However, UNCTAD noted that some individual countries like Nigeria and Egypt could not escape the slump occasioned mainly by falling oil and commodities prices.
According to UNCTAD 2019, FDI stock in Nigeria as at 2018 was estimated at USD 99.6 billion, about 25.1% of GDP after considering the falling inflows which dipped by over 45% to USD 1.9 billion compared to USD 3.5 billion the previous year 2017. Nigeria is looking to diversify away from commodities like oil and gas to manufacturing to facilitate integration into global value chains (GVCs) and productivity boost and improved share of continental opportunities.
UNCTAD attributes the continental rise to massive inflows to South Africa, growing demand and rising prices for some commodities as well as the growth in non-resource-seeking investments in a few African economies. Looking forward, UNCTAD sees a positive trend as “The African Continental Free Trade Area (AfCFTA) agreement will bolster regional cooperation (which) along with upbeat growth prospects, augurs well for FDI flows to the continent.”
Significant investment, foreign and national, is needed to achieve the SDGs in Africa and launch the continent into sustainable growth. And digital technology (DT), the vehicle of the 4th industrial revolution, portends enormous opportunities for Africa to synergize investments, connect to GVCs and level up with the rest of the world.
The strategic sectors of Africa – agriculture and agri-business; mining, oil and gas; energy; financial services; infrastructure including telecommunications and ICT; manufacturing; e-commerce and public sector governance – can effectively deploy DT to unlock efficiencies and promote innovation, entrepreneurship, SMEs and increasing use of PPPs, leading to diversification and growth.But significant investments are needed. According to ECA, despite fiscal reforms that raised revenue to gross domestic product (GDP) ratios to an average of above 15 per cent between 2000 and 2017, thefinancing gap forthe SDGs is still significantin Africa. Investment, both local and FDI, that can catalyze DT is urgently needed in the continent and its constituent countries.
AFRIBIF is planned to enable the leverage of investment and DT to achieve growth and the SDGs in Africa.
AFRIBIF is a public – private dialogue (PPD) platform designed to congregate the leading stakeholders on investment, diversification and competitiveness in Africa; especially decision-makers, private sector actors, professionals and the academia to discuss and recommend relevant policy options and reforms for the various sectors. They will also examine investment opportunities and strategies,negotiate deals and do business!
Four (4) parallel sessions have been planned for selected strategic sectors-power, ICT, agriculture and Agri-business, renewable energy, climate change, solid minerals, research and development including technology adaptation, trade and finance. These will drive the expected discussions, networking and investment deals in AFRIBIF 2019.
On behalf of the Honorable Minister for Trade, Industry and Investment, His Excellency Otunba Adeniyi Adebabyo the local organizing committee is pleased to welcome you to AFRIBIF 2019.
We wish you a successful AFRIBIF 2019 and a comfortable stay in the beautiful city of Abuja.
MONDAY- 4TH NOVEMBER 2019
08:00-04:00 ARRIVAL & ALLOCATIONS OF BOOTH