As NDIS nears its 7th anniversary – the story so far
Kachi Okezie
The Nigeria Diaspora Investment Summit (NDIS) is an annual business matchmaking event which brings together investors mostly from the Nigerian diaspora seeking to invest in Nigeria and the Nigeria-based MSMEs, start-ups and non-profits offering such opportunities. Through the expertly facilitated pitching sessions, the MSMEs and non-profits present their investment opportunities to prospective investors. The summit also features interactive sessions where investors and business leaders engage and network with Nigeria-based founders and government officials, exchanging ideas and doing deals.
Following its successful inauguration in November 2018, with the theme “Activating Diaspora Investment for a Diversified Economy” and flagging off by the then Vice-President of the Federal Republic of Nigeria, His Excellency Prof Yemi Osinbajo SAN GCON, NDIS has grown to become Nigeria’s foremost annual Diaspora-focused business event.
Organisers
NDIS is jointly organised as a collaborative project by Nigeria Diaspora Summit Initiative (NDSI), a Nigeria-based non-profit and the Nigerians in Diaspora Commission (NIDCOM), the Federal Government agency vested with the statutory mandate to facilitate the effective engagement of Nigerians in Diaspora with their homeland. The aim is to help in boosting Foreign Direct Investment (FDI) to Nigeria by engaging the Nigerian diaspora community and encouraging them to invest in the Nigerian economy through various sectors including agriculture, healthcare, real estate, energy and technology.
NDIS is funded through sponsorships, advertising and event ticket sales, and has attracted on average 2,500 participants yearly, comprising investors, pitchers, exhibitors, business leaders, general participants and the media. Leading sponsors of NDIS have included UBA Capital PLC; Zenith Bank PLC; Ecobank PLC; Fidelity Bank PLC; Bank of Industry and Central Bank of Nigeria. Others include Ondo State Government, Rivers State Government, Nasarawa State Government, Heifer Nigeria, Coronation Finance; Nigerian Maritime Security and Safety Agency; Nigerian Telecommunications Commission; FBNQuest; Norrenberger Finance and Lemonade Finance.
Previous keynote speakers at NDIS include Prof Charles Soludo, former Governor, Central Bank of Nigeria and current Governor, Anambra State; Mr Pascal Dozie, former Chairman, Diamond Bank and MTN Nigeria; Dr Chris Brooks, Chairman, Brooks Ventures LLC; Dr Ali Garba, CEO, Akufai Capital LLC and Mrs Folusho Olaniyan, OON, FIoD, Independent Non-Executive Director, Odua Investment Company Limited Group, one of Nigeria’s foremost property conglomerates.
Impact
Thus far, pitchers have accounted for 25% of total participants at NDSI. 60% of pitchers in 2021 say the summit resulted in increased profit margins for their businesses. 30% of pitchers as of 2022 indicated opening multiple branches in other locations, following the summit. 38% of pitchers in 2020 said the summit increased access to new markets. In 2022, about 32% reported increased clientele and partnerships as well as access to international recognition. At least 20% of NDSI pitchers in 2023 reported increased exposure to Diaspora business partnerships, networking and collaboration with new international contacts.
Among the numerous firms that have benefitted directly from participating at NDIS include Abuja-based Quebec Foods Processing Industrial Parks Ltd, which pitched in 2022 and signed a partnership agreement for equity financing (undisclosed amount) with an investor. Another is Gbedako Global Resources Ltd from Niger State, a 2020 and 2021 participant which has attracted interest from potential investors, with further discussions ongoing. Equally, Abuja-based Ginger Growers, Processors, and Marketers Association of Nigeria (GGPMAN), a 2022 summit participant, has started producing more value-added ginger products and initiated a partnership with the University of Abuja for a processing plant.
So far, sectors impacted positively by NDSI include Agriculture (the full value chain); Infrastructure; Energy; Real Estate; Education and Training; Technology; Oil & Gas; Transportation; Creative, Entertainment and Sport; Tourism and Hospitality; Healthcare and Environment; Manufacturing and Mining.
NDIS has highlighted the diverse investment opportunities available in states, such as Borno State, Ondo State, and Nasarawa State, which attracted significant Diaspora investment to these states. At NDIS 2022, Ondo State Government, as lead sponsor, pitched its seaport development project to the Federal Government and went on to receive its licence within 9 months afterwards. NDIS provided the platform for the public presentation of NIDCOM’S Nigeria Diaspora Housing project, aimed at exhibiting opportunities in the housing sector to Diaspora investors. NDIS 2023 featured the launch of both the Diaspora City and Diaspora Mortgage scheme by the Federal Capital Territory Administration (FCTA) and the Federal Ministry of Housing and Urban Development, respectively.
SOME QUOTES
“Heifer is currently working in 5 states in Nigeria: Lagos, Ogun, Edo, Benue and Nasarawa, and we’re hoping that partnering with Nigerians in diaspora will help us bring over 2 million smallholder farmers out of extreme poverty by 2030.”
<span;>- Dr Lekan Tobe, interim country director, Heifer Nigeria, in 2023</span;>
“Networking is the soul and spirit of business and the NDIS platform is second to none in that respect. Through NDIS, the organisers NIDCOM and NDSI have created a solid foundation for international business networking, cultural interaction and policy influencing, all for the betterment of our country Nigeria.”
<span;>- King Wale Adesanya, founder and president of the Nigerian Canadian Business who led a delegation of investors and participants from Canada in 2021, 22 and 23.</span;>
“In business, if you don’t say ‘here I am,’ no one can say ‘there you are’. NDIS has afforded us a platform to not only say but also show who we are, where we are and what we can do. For that we’re very grateful.”
<span;>- Obinna Uruakpa, PhD, a pitcher and founder of African Proverbs Projects Initiative (APPI), which employs the medium of African languages and proverbs in delivering entrepreneurship education in Nigeria. </span;>
“I look at them [Nigerians in Diaspora] as the most patriotic Nigerians, because, though dissatisfied with the way our country is run…. Yet, in spite of how they feel about that, they haven’t decided to reach for the scissors to sever the umbilical cord that ties them to their fatherland.”
<span;>- Minister of Sport Development, Sen. John Enoh, guest speaker at NDIS 2023, on Nigerians in diaspora being the most patriotic Nigerians. </span;>
“Our diaspora is a key part of our strategic asset. We will find ways to better support NIDCOM as our gateway agency linking us to this important national asset by enabling it to take the message and programmes like NDIS to Europe, America, Asia and the rest of Africa where our people reside in large numbers so as to bring them closer to home and attract their disposable incomes into our domestic economy.”
<span;>- Senator Victor Umeh, chairman of the senate committee on Diaspora and Non-Governmental Organisations, underscoring the strategic importance of Nigerians in diaspora, describing them as a national asset. </span;>
Undoubtedly, NDIS has become a critical platform for connecting the Nigerian diaspora investor with home-based opportunities, whether in the private, public or non-profit sectors, thereby driving substantial economic benefits and fostering stronger ties between Nigeria and its global community. NDIS has also served as a key strategic launchpad for the public presentation of critical government initiatives and programmes relevant to the Nigerian Diaspora community, such as the Ondo State Government’s port development project and the various housing and mortgage initiatives of the Federal Government. Overall, NDIS stands as a testament to the potential of diaspora engagement in national development, and its continued evolution promises further positive impacts on Nigeria’s economic landscape. As the summit prepares for its 7th anniversary with a gala night on November 14, 2024, the organisers, together with the entire Nigerian Diaspora community, home-based MSME entrepreneurs, the non-profit sector, as well as relevant Federal Government MDAs and sub-national governments, wait with bated breath for the big showcase.
Kachi Okezie, Esq, chairs the media and publicity sub-committee of NDIS and can be reached on 0813017013 (WhatsApp only) or kachiokezie2022@gmail.com
