Osinbajo, NCDMB Lure US Investors to Nigeria’s Oil Industry
The Vice President, Prof Yemi Osibanjo and the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote and other top Federal Government officials were at the Silicon Valley, California, USA recently to canvass for foreign direct investment in the Nigeria to over 25 key international players in the Information Communication Technology (ICT) industry.
The main objective of the visit was to promote the ample investment opportunities in the country’s key sectors like ICT, Oil and Gas, Power, Agriculture, Solid Minerals etc. The delegation also highlighted Nigeria’s market size, entrepreneurial spirit, vibrant young demography, fiscal incentives for pioneer investments. Wabote was invited on the trip to expatiate on the NCDMB’s strategies to deepen collaborations and sectorial linkages between the Oil and Gas Industry and the ICT sector.
The Executive Secretary used the opportunity to discuss with top fund managers, sister agencies and the founders of the start-up companies on the Board’s focus areas in Research and Development and support for companies domiciled in Nigeria. The Board has developed a pathway for developing research and development capabilities in the Nigerian Oil and Gas Industry and is partnering with various local and international stakeholders on the initiatives it is pursuing in this regard.
About Nigerian 11 start-up companies in innovation and technology had the opportunity to make presentations to the foreign investors on their business models and the support they require. The presentations covered the application of technology and innovation to address challenges in logistics, procurement, healthcare, financial services and insurance. The Vice President thanked the investors for honoring the invitation and the Nigerian delegation for the efforts put into planning the event to make it a resounding success. The delegation also visited the offices of Google and LinkedIn in the Silicon Valley.
Other key officials in the Nigerian delegation included the Hon Minister of Industries, Trade and Investment and the heads of Bank of Industry (BOI), Nigerian Investment Promotion Commission (NIPC), Nigerian Export Promotion Council (NEPC), Nigerian Film Corporation (NFC), and Nigerian Information Technology Development Agency (NITDA).