By Suzzy Tolofari,
Economists observe that the Nigeria’s economic relations with Singapore have been on the upbeat in recent times as the volume of trade between the two countries rose to more than N50 billion in 2014.
They note that although the trade volume was in favour of Singapore, the volume between the countries has been on the increase since Nigeria established its diplomatic mission in Singapore in 2000.
Mrs Nonye Rajis-Okpara, the Nigerian High Commissioner to Singapore, said the volume of export from Singapore to Nigeria in 2013 amounted to 212 million dollars while export from Nigeria to Singapore was 5.4million dollars in the same year.
“This figures show that the volume of trade stands significantly in favour of Singapore,’’ she observed.
This development, nonetheless, analysts insist that the trade volume between the two countries can improve if the government of Singapore adopts Nigeria workable investment policies.
It was in an effort at boosting the trade volume between the two countries that the Nigeria High Commission in collaboration with Singapore Business Federation organised, Nigeria-Singapore Business and Investment Forum recently in Singapore.
The forum with the theme: “Deepening Nigeria-Singapore Bilateral Relations’’, brought together both public and private sector officials from Nigeria and Singapore to explore business and investment opportunities in both countries.
The forum also provided a good opportunity for states governments in Nigeria to discuss and promote various investment opportunities in Nigerian states to Singapore’s prospective investors.
At the forum, chief executives and captains of industries also shared business experiences and deliberated on various methods of strengthening trade ties between Nigeria and Singapore.
Speaking at the opening ceremony of the forum, Rajis-Okpara said for more than 10 years, the Nigerian economy had enjoyed more than seven per cent growth yearly.
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She said that the quintessence of the forum was to boost trade as well as promote bilateral relations between the two countries.
Rajis-Okpara said that the investment collaboration between Nigeria and Singapore would enhance Nigeria’s economy.
She, however, urged the participants at the forum to tap into business and investment opportunity in Nigeria, especially Nigeria’s quality leather products by investing in it, noting that “no investor goes to Africa without visiting Nigeria’’.
She said that the forum was part of Nigeria’s way of celebrating with Singapore’s golden jubilee independence.
In his view, Dr Mohamad Osman, the Minister of State, Ministry of National Development and Ministry of Defence in Singapore, noted that the forum would promote stronger trade and investment ties between Nigeria and Singapore.
He observed that the forum had provided platforms for dialogue and business leaders to gain insights into opportunities in Nigeria and Singapore.
“The forum is an avenue for investors to meet one-on-one with the federal and state governments in Nigeria and also learn from the Singapore’s experience,’’ Osman said.
Gov. Rochas Okorocha of Imo, who also attended the forum, said that the aim of the Nigeria-Singapore business and investment forum was to learn, exchange ideas and woo investors for the development of the country.
“I have learnt a lot on what they call the Singapore Model although it is not quite different from the conventional things we already know.
“I think what is more important is the political will and the sincerity of purpose, commitment and passion to serve the people,’’ he said.
The governor said he was in Singapore to woo investors in the areas of power, education and housing, among others, to enhance the economy of his state.
“We have also come to look for how we can plan the entire city and the various communities that we have in the state and make land an available asset,’’ he said.
Participants at the forum observed that many Singapore investors indicated interests in tapping the abundant business opportunities in the country.
For instance, a Singaporean investor, Mr Louis Tay, said that greater business opportunities were available in Nigeria, especially with the new administration in the country.
“I think this forum has created rooms for investors to invest in Nigeria,’’ he said.
An analyst in Singapore, Mr Jim Rogers, expressed optimism that the ongoing effort to combat corruption in Nigeria would attract more foreign investments to the country.
He observed that corruption had remained a major hindrance to Nigeria’s economic development, noting that most entrepreneurs had discarded investing in the country because of corruption.
“I know that Nigeria can be one of the most exciting places in the world to invest; Nigeria has resources, brains and if Nigerians have started changing for better, am going to invest in Nigeria.
“I have avoided investing in Nigeria in the past 50 years because of corruption but now I am going to start investing because of the positive changes,’’ Rogers said.
He observed that if Singapore could change from corruption, Nigeria could also do away with it.
He said that the forum had made huge openings in different areas of investments for Nigeria, saying: “I know that a lot of investors are going to be investing in Nigeria and I will be sending money to Nigeria soon for investments’’.
Irrespective of the business opportunities in both countries, an investor in Singapore, Mr Mohammed Gafoor, called for the right partnership with relevant organisations.
He observed that Nigerians had great potential and passion that could transcend to entrepreneurship for economic development of the country.
“As long as we can find the trust and the confidence on the right group of people in business, investment is sure.
“Our fears as investors are that we may have business proposals but do not want to go into a business unless we know the right people in the business.
“But the Nigeria-Singapore Business Forum has given us more opportunities in the future through the Nigeria Embassy in Singapore and; hopefully, we can get connected for the right set of partnership.
“Looking at Nigeria with the people who are willing to work hard and the government being so supportive, this is really a good platform.
“I am happy to hear that Nigeria leadership is working towards a totally corrupt-free country which is the first thing one has to eradicate,’’ he said.
By and large, investors hold the belief that the forum has opened a window of business opportunities for Nigerian investors to utilise and use such opportunities for national development.(NANFeatures)