Fiscal discipline will get Nigeria out of recession —Aderemi

Kunle Aderemi is the Chief Executive Officer of Fodion Consultants, which is collaborating with the Development Agenda for Western Nigeria (DAWN) to organise the Southwest Investment Forum and Trade Exhibition (SWIFT). In this interview with SULAIMON OLANREWAJU, he posits that emplacing fiscal discipline and empowering Small and Medium Enterprises (SMEs) will guarantee the country’s quick exit from the current recession. He also speaks on the rationale behind SWIFT and other topical issues. Excerpts:

What is the South-west investment and Exhibition Summit about?

FODION Consultants Ltd in partnership with Development Agenda for Western Nigeria (DAWN) is organising the Southwest Investment Forum & Trade (SWIFT 2017). This is an annual trade, exhibition and summit event, where the potential, successes, economic integration and way forward for this vibrant region will be exhibited, discussed and constructive way forward put together.

What do you hope to achieve from it?

We hope that it will afford foreign investors, local and international business people, to see firsthand, what South Western states of Nigeria have to offer, as well as investment opportunities within the state. It will also enable people of the region to grab a foothold in the investment opportunities across the world, bursting with lucrative business opportunities. SWIFT will provide an opportunity to meet the most influential decision-makers in various industries as well as a chance to participate in leading interactive seminars running simultaneously with the exhibition.

It is our expectation that it will boost access to government officials, provide network opportunity with new and existing stakeholders relevant to various business needs and goals.

What benefits await participants?

They will be able to make their products and services visible, develop new contacts and strengthen existing ones, meet with highly targeted audience, interact with people who have managerial and decision making responsibilities in their institutions, reach more prospects in two days than their teams can reach in three months. They will be able to increase their overall profit margin and build awareness about what their businesses can offer customers, investors and inventors.

Other benefits include meeting with key clients and business partners, being up-to-date with the newest trends in their competitive market, influencing and understanding investors’ needs, perceptions and taste, gathering competitive intelligence and making competitive comparisons as well as being part of a revolutionising event.

What are the exhibition objectives?

The specific objectives of the exhibition are; to present infrastructure opportunities to tailor-made investors, to highlight the potential of each South Western state, businesses and SMEs, to change the perception of investing in South West Nigeria, to facilitate direct access to key officials from each state in South West, to facilitate direct access to key officials in the private sector, to identify serious and interested investors to engage with the South West PPP market.

SWIFT is also intended to assist South West states prepare their investment opportunities up to a bankable benchmark, to showcase all available investment opportunities across the South Western states of Nigeria, to profile the state in a marketable manner for investors and to provide opportunities for private businesses, investors and inventors during the exhibition.

What special features should participants expect at SWIFT 2017?

Well, the six Southwest governors of Nigeria will make presentations about investment opportunities in their respective states with each of them highlighting incentives for investors. There will be foreign investors who will meet with SMEs, states and private businesses. There will be business to government breakout sessions and opportunities to showcase new inventions

What impact do you think this summit will have on the economy of the region?

The Southwest Nigeria, is the economic hub of Nigeria, however, there have been limiting factors that have not allowed organisations, foreign investors and businesses to harness the full potential of this region. This summit intends to bring to the fore, all the opportunities, advantages, tax reliefs and many more that this region has to offer. It will open doors for investment into the SME sector, which is the main driver of the economy.

What informed your choice of participants at the summit?

Virtually all the sectors of the Nigerian economy are represented in the Southwest. It is therefore important to have all the sectors participate, help them maximise their full potential and provide opportunities to see and network with companies, which they hitherto had not known about.

The region was known for agriculture and manufacturing in the 1950s, 60s and 70s. Will the summit be looking at how to revitalize these sectors?

Agriculture and manufacturing still remain the core of what keep the Southwest Nigeria growing and attracting foreign Investment. Unfortunately, however,  several factors have contributed to deprive this region of some businesses. The Southwest Investment Exhibition and Summit, will be looking, alongside DAWN and the six state governments on processes, procedures and opportunities to revitalise these industries.

There are talks about regional integration. Will the summit be looking at the possibility of economic integration for the region?

One of the core reasons for this event is economic integration, which is why FODION Consultants is working with DAWN in organising this event. It is better to come together, tap into our collective abilities and potential, rather than work alone. We achieve more working together. It’s all about the team.

What are your plans for SMEs that will participate in the summit?

We are inviting foreign and local funders as well as private and local investors to attend this event. One of the key areas that will add value to our region is SMEs, which will have focal attention. This sector is key to revitalising the southwest region. In addition, in line with our corporate social responsibility, we will be looking at new inventions that need funding and our team of funders and investors will be picking up to five inventions and fund same, like Angel Investors.

Nigeria is currently in recession. How you think we can exit do this?

Nigeria’s recession is due to lack of realistic economic direction. Government, should focus on empowering SMEs, make the banks give them loans with less interest rates, fix a realistic rate for exchange rates like they did for those that went on pilgrimages, this will encourage investors as well as local businesses, at the same time, quality of goods produced must be monitored and export greatly encouraged. Government should be seen to steer clear of trying to run businesses, they should focus on governance. In the United Kingdom, the government established United Kingdom Trade & Investment, UKTI, which works with government to formulate business policies that are realistic. Business should be left to business people and not everyone is a business person. Fiscal discipline is also key in getting Nigeria out of recession. The current administration needs to be open in her activities, report directly to the people, encourage criticism and encourage the private sector to drive the economy.

Which sectors of the economy should the government be paying attention to as a way of growing the economy?

The government should encourage all sectors of the economy, come up with incentives for each sector to attract locals and foreigners alike to want to invest and work. There are too many red tapes now set in place by government that frustrate investors, local businesses and SMEs. An example is the amount of documentation that is needed by foreign companies to register a business and open business account. These things are done, online in Europe and done within 10 minutes in the comfort of your home or office. Government has got to invest in modern technology, modern practices, invest heavily in alternative source of electricity as the Discos have failed Nigeria greatly. Most importantly, let the government put square pegs in square hole, not the other way round.

What should the government be doing about the rate of Naira?

The ridiculous and embarrassing exchange rate is manmade. There is nothing special about UK or USA that our dear Naira will be exchanged for that. Government should open up her systems to compete effectively with these countries. Nigeria is far blessed, Nigerians are much more intelligent and result oriented than these countries. These countries are run by non indigenes. In this 21st century, we must ensure that our currency is our pride.