Diaspora investment in Nigeria

[1] On July 13 and 14, Lagos State's Governor Akinwunmi Ambode will be coming to London to attend the Nigerian Direct Diaspora Investment Summit (NDDIS), where he will talk to both foreign direct investors and diasporans keen on investing in Lagos

[2] As things stand, Lagos is an economy in its own right as it accounts for one quarter of Nigeria's gross domestic product (GDP) and one third of non-oil GDP. It is the only state in the country that can survice without crude oil receipts

[3] Since we have announced the visit, NDDIS has been inaundated with mesages from people who want to participate. These include property developers who want to build houses, Nnewi spare parts teraders who want to open distribution centre, Orlu pharmacists who want to open chemists, Abriba clothing designers who want to open fashion warehouses and those keen on capitalising on the proposed Eko Atlantic City

[4] For me, this is the way to go in Nigeria. Spot the opportunities and seek to cash in wherever you can. As a diasporan, it could be guguru and epa you can sell. Nothing is too small, as everyone has something to contribute

[5] We like complaining about the government not doing this or that but the fact remains that there is only so much the government can do. Since independence, Nigeria's budfget has never exceeded $20bn a year and for 188m that amount is not really going to do much

[6] Bear in mind that 70% of the budget goes on recurrent expenditure, so please ask yourselves that 30% of $20bn can really do. It is utopian to think that $4bn is going to solve all Nigeria's infrastructural woes. Power provision alone will gulp that amount annually

[7] This year, President Buhari is planning to double the budget to $40bn but even then, how far will that go? To resolve Nigeria's problems, we need billions of dollars worth of investment in infrastructure, job creation, goods and services. This is where the diaspora is key

[8] There is no state in Nigeria that is barren desert. Every one of the 36 of them has potential. be it agriculture, manufacturing, mining, tourism, services, etc, every state can generate income. The whole idea of NDDIS is to get state governments to meet with the diaspora to discuss the potential for economic expansion

[9] We are expecting at least five governors to attend NDDIS this year. If you cannmot attend, please send in suggestions which can be forwarded to your ghovernopr. For instance, if you are fgrom Yobe State, send in proposals about how we can establish a massive cattle ranch that can breed about 10,000 cows a year, if you are from Ebonyi, send in suggestions about how we can establish palm oil plantations with an adjoining processing plant or if you are from Osun, put forward proposals about how Ile-Ife can be turned into a major tourist venue

[10] Enough of this moaning now ladies and gentlemen. Now is the time for members of the diaspora to stand up and be counted!