This is a mission that would pave the way to a better Nigeria-Singapore business relationship. We implore the International Enterprise Singapore and SPRING that opportunities exist in Nigeria for investments in manufacturing, infrastructure, information and communication technology, hospitality, financial services and foods etc. Singapore food and beverage companies should consider setting up packaging, canning plants and develop franchises for the return on investment is high.

1. SINGAPORE FOOD AND BEVERAGE MISSION TO NIGERIA
SHERATON HOTEL, LAGOS, JULY 26, 2010
The Honorary Consul General of the Republic of Singapore
The Honorable Commissioner of Commerce and Industry
Iyalode Alaba Lawson, MFR, National Vice President, NACCIMA
Chief (Mrs) P. Kuye, President, Institute of Direct Marketing of Nigeria
Official from National Agency for Foods and Drugs Administration and Control
Official from the Lagos Chamber of Commerce and Industry
Delegates from Singapore
Ladies and Gentlemen
We are very pleased to all of you for honoring our invitation with your
distinguished presence to the International Enterprise Singapore Food and
Beverage trade mission to Nigeria. This is a mission that would pave the way to
a better Nigeria-Singapore business relationship.
As Nigerians, we are conversant with the giant strides made by the government
and people of Singapore in the transformation of their country from being a
third to a first world. We are aware that they have the most business friendly
regulation in the world and have successfully led the world in the ease of doing
business as compiled by the World Bank in the past four years. We are also
conscious of their global business competitiveness rating, the first class
facilities and access to good governance (e-government) that has made
Singapore the envy of the whole world.
Presently, Singapore ranks as one of the fifth largest economies in the world by
gross domestic product. We are therefore privileged to have them here. By the
International Enterprise Singapore beaming the searchlight on Nigeria is a sign
of a better relationship ahead for both countries, both commonwealth nations
with a bond in the English Language.
I wish to inform the delegation that by this Mission, they are not only delivering
their products to the 150 million people resident in Nigeria but to the entire
West African sub-region and its strong 350 million people as Nigeria serves as
the gateway. Entering the Nigerian market has its challenges but there are
ample opportunities for business. Today it is commerce, tomorrow it would be
industry! According to the Honorary Consul General of the Republic of
Singapore, Chief Haresh Aswani, MFR, ‘the truth is that Nigeria is the next
frontier’. Economic progress has been made especially in open attitudes
towards global outreach by both business and government.

2. Business intelligence shows that Nigeria remains a country to be beaten in sub
Saharan Africa as an investment destination. According to the World Bank,
Nigeria’s macroeconomic performances over the past years have been
commendable and include the following: growth in the non-oil sector, reduced
inflation rate, increase in international reserves, bank reforms, improvement in
credit rating, adoption of common external tariff, liberalization and
privatization. Culturally, Nigerians are outward looking in terms of business
and are known for creating opportunities.
To this end, we implore the International Enterprise Singapore and SPRING
that opportunities exist in Nigeria for investments in manufacturing,
infrastructure, information and communication technology, hospitality,
financial services and foods etc. Singapore food and beverage companies
should consider setting up packaging, canning plants and develop franchises
for the return on investment is high. In the words of His Excellency, Mr.
Shabbir Hassanbhai, Singapore’s High Commissioner to Nigeria, ‘a return on
equity as much as 20% is realizable in Nigeria and it is one of the highest in
the world’. The federal and state governments are working on providing
enabling environments for businesses to thrive in the country. Take advantage!
Finally, special thanks to Orissa International for providing us the window of
opportunity to work with the people and government of Singapore as the local
host. We look forward to more opportunities.
Thank you all for your patience.
Ndudi Osakwe
Principal Consultant
Infoplus