The National Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA) has called for greater public-Private sector collaboration and focus on economic diplomacy to improve Foreign Direct Investment (FDI) flows to Nigeria.
The Director General of NACCIMA, Ayoola Olukanni, who made the call recently at a forum on review of Nigeria’s Foreign Policy in Abuja, said the increasing role of the private sector in the Nigerian economy, demands that the Private sector be regularly consulted, in the articulation of Nigeria’s Foreign policy direction and its implementation, in cooperation with the Ministry of Foreign Affairs and Nigerian Missions abroad.
He used the occasion to assure stakeholders of the readiness of NACCIMA, as the premier National Chambers of Commerce with members across the country, to continue to work closely with the National Assembly to ensure that Economic Diplomacy and it’s new variant ‘the New Economic Diplomacy initiative (NEDi), which is a component of Nigeria’s Foreign Policy, improves FDI flows to Nigeria and becomes more impactful on the nation’s economy.
Consequently, Olukanni urged the Government to improve security across the country to boost investor confidence in the Nigerian economy adding that the country is a worthy investment destination. He similarly called for measures to ensure that remittances from the Nigerian Diaspora have the desired impact on the economy as well as at subnational level. In this regard, He suggested effective collaboration between Chambers of commerce across the country, relevant Groups and members of Nigerian Diaspora.
On the need for review of Nigeria’s Foreign Policy, the DG observed that time was overdue for an all stakeholders’ National conference to review the nation’s Foreign Policy. ”This is to ensure adoption of strategic options in view of dramatic changes in the new world order brought about by dramatic developments in the ICT and global Covid-19 Pandemic with consequences for the global economy and conduct of international relations.”he said.
DG NACCIMA, Ayoola being presented a plaque of appreciation by Rt Hon Dr Yusuf Buba Yakub, the Chairman of the House Committee on Foreign Affairs
Olukanni said the last time a similar Conference took place was 35 years ago at the All Nigeria Foreign Policy Review Conference held at NIPSS, Kuru in April 1986. “ there is now an urgent need for ‘Kuru 2’, this is to review our Foreign policy that could reposition Nigeria as major player in the global economy even as the world continues to witness dramatic changes in the global financial system and economic landscape with the emergence of new key actors shaping the global economy.”
He drew attention to the thriving Nigeria Digital Sector as reflected in performance of several Nigerian Fintech Companies. “All of these are indications of readiness of the Nigerian Private sector to play key role in Nigeria’s Economic Diplomatic engagement”.