Here are the key talking points from the FT Nigeria Summit

This decision not to sign the draft agreement came up several times during the interview and panel sessions at the FT Nigeria summit which held on Wednesday, May 31, 2018, often brought up by David Pilling, Africa Editor for FT.

1. Why Nigeria did not sign the AfCFTA

The summit kicked off with an opening keynote address by Mr Pilling. This was followed by an interview with Nigeria’s vice president, Prof. Yemi Osinbajo. Among the questions Pilling asked the vice president was why Nigeria chose not to sign the treaty that would have, according to the AU, created “a single continental market for goods and services, with free movement of business persons and investments.” The agreement is aimed at removing barriers to trade, such as tariffs and import quotas, allowing the free flow of goods and services between members states.

The benefits are clear and immense. So, why did Nigeria not sign? The general answer the government provides is that more consultation needed to be done. It was not a question of when Nigeria would sign, but of what Nigeria would sign, the vice president said. He was referring to the intricacies of the deal and its impact on the Nigerian private sector.

During a later panel session, Onyeche Tifase, CEO, Siemens Nigeria, told Mr Pilling (after he resurfaced the question for the third or fourth time) that the decision to hold off on signing the treaty came not from the government, but from the private sector stakeholders involved. There were reservations about certain aspects of the deal and what it would mean for those doing business in Nigeria. Therefore, there was a need to go back and make further consultations to make sure “we get it right”.

2. How to attract American investors

Nigeria is not short of foreign investment. In 2017, it saw a 138.7 percent increase in capital inflow from the previous year. But, there is a specific concern about how American investors view Nigeria. This based on questions that arose during the summit.

“How do we attract American investors into Nigeria?” a member of the audience asked. One of the panelists replied that the greatest ambassadors for Nigeria, in this case, are the companies that are already here. If these investors are brought into the country and shown around all the foreign and local companies thriving, they could be convinced to invest. But the key here, according to the panelist, is getting them to come first.

Here are the key talking points from the FT Nigeria Summit

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