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Accepting Nigeria’s naira as a trade currency in the UK means Nigerian importers can buy British goods such as machines and equipment in naira, but critics say Nigeria’s Central Bank may incur losses in case the naira loses value between the period the payment was made and when the money is transferred to the UK / Photo: © CBN

Nigerians in Germany to deliberate on the way out of their country’s economic crisis | 30 September-1 October

The German chapter of the Nigerians In Diaspora Organization (NIDO) will hold its annual summit in Hamburg on 30 September-1 October. The event will feature a business conference and an award ceremony.

The 4th Nigerian Business & Investment Summit is dedicated to discussions on the necessity for, and opportunities in, the diversification of the Nigerian economy, which is currently experiencing difficulties arising from its over reliance on oil exports.

Kenneth Gbandi, the president of NIDO Germany, says the event will put the spotlight on the enormous opportunities in the non-oil economic sectors in Nigeria for both Nigerian and German investors // © Kenneth Gbandi
Kenneth Gbandi, the president of NIDO Germany, says the event will put the spotlight on the enormous opportunities in the non-oil economic sectors in Nigeria for both Nigerian and German investors // © Kenneth Gbandi
Due to the sharp fall in crude oil prices since 2014, Nigeria has seen its annual export revenues reduced by more than 60 per cent, causing extreme economic problems for the country and a sharp devaluation of its currency, the naira, as oil exports account for more than eighty per cent of foreign exchange earnings.

Prof Brando Okolo of the Karlsruhe Institute of Technology, who is also the general secretary of NIDO Germany, will speak on the imperative and processes for creating production driven skills in Nigeria while Ambassador John Ejinnaka, Consul-General of Nigeria in Frankfurt, will give a talk on “Diversifying the Nigerian Economy and Attracting Foreign Direct Investment”.

Jens Ullmann of the Potsdam Chamber of Commerce and Industry will provide “Insights into the Processes of Developing a Sustainable German-Nigerian Business Partnerships” and Prof Peter Eigen, founder and president of the Berlin-based Transparency International, will deliver a speech entitled “Corruption as Obstacles to Institutional and Economic Development”.

Kayode Obembe, the principal consultant of Kayode Obembe & Company, a Lagos-based firm of real estate developers, will also speak on “Why the Nigerians abroad should invest now in Real Estate in Nigeria”.

According to Kenneth Gbandi, the president of NIDO Germany, the event will put the spotlight on the enormous opportunities in the non-oil economic sectors in Nigeria. “Our agriculture potential is largely untapped, we have many solid minerals that are yet to be exploited and our manufacturing is still at its infancy. So, we should consider the current economic crisis as an opportunity to diversify our economy,” he added.

The summit, according to Gbandi, brings together German business people, their Nigeria counterparts from home and the diaspora and experts to deliberate on opportunities for trade and investment in Nigeria and explore possible partnerships.

The business session will also feature special presentations including on the new German technology for producing bread from cassava flour and on the benefits of MoneyGram’s money transfer services to Nigeria. The global remittance provider is a major sponsor of the NIDO Germany Summit this year.

The NIDO Germany Day will be rounded up on 1 October with the 2016 Leadership Award Ceremony & Dinner at which Nigerians who have shown remarkable leadership qualities in their areas of service will be conferred with the NIDO-Germany Leadership Service Awards 2016.
“This act of recognition is a NIDO Germany tradition. The current NIDO executive in line with our past NIDO leaders and founding members has resolved to honour Nigerians and friends of Nigeria at home and abroad for distinguished service at various levels of leadership,” Gbandi said. // Sola Jolaoso

More information on the events at: www.nidogermany.de

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