The Honourable Minister of Industry, Trade and Investment, Mr. Okey Enelamah, has
reiterated government’s commitment to ending the current economic recession
through strategic policies such as robust partnership between government and the
private sector, support to Micro, Small and Medium Enterprises (MSMEs), as well as
intervening in high potential sectors including manufacturing and agriculture.
He made these points at the 2016 Annual Investor Conference organised by FBN
Capital Limited, the Investment Banking and Asset Management subsidiary of FBN
Holdings Plc. held on October 27, 2016 at the Eko Hotels & Suites, Victoria Island
In his presentation tiled ‘Matching Opportunities with Patient Capital,’ the
Honourable Minister of Industry, Trade and Investment, Mr. Okey Enelamah,
emphasized the importance of government partnership with the private sector in
order to move the nation’s economy forward.
He said despite the recession, Nigerians should see the economy from a positive
perspective and deemphasize on the negative side of the recession. He noted that the
oil price crash exposed the structural deficiency in Nigeria’s large and thriving
According to him, “Countries in difficulty have used different strategies to strengthen
and diversify their economies. That is why Nigeria needs to move away from over
dependence on oil. Diversification and growth is key to economic recovery and
ensuring a more stable future. Nigeria should have a strong local base of investors
because foreigners will always leave leading to dry up of capital.”
Mr. Enelamah recommended applying practical solutions such as creating the right
environment and polices to harness the productivity of Nigerians in order to
overcome the current inflation in Nigeria, as the economy remains large and full of
potentials. He added that it is very easy to have a disconnect between the
government and the people when there is no trust in government policies.
Speaking further, the Hon. Minister identified the 5 execution principles of the
Ministry of Industry, Trade and Investment (MITI) which include creating a favourable
economic framework, support to Micro, Small Scale and Medium Enterprise (MSME),
sector prioritization, partnership and joint ventures and immediate implementation
In order to realize Nigeria’s diversification and growth plan, it is essential to
concentrate on an area where Nigerians are advantaged and give them necessary
support, he said.
He further identified areas such as energy, clarification of Nigeria’s foreign exchange
policy, agriculture, manufacturing and transportation as critical to economic growth.
In his conclusion, the Minister declared, “A crisis is too great an opportunity to
Head, Equity Research, FBN Capital, Mr. Bunmi Asaolu, gave a joint presentation With
Gregory Kronsten Head of Macro-Economic Research FBN Capital, titled ‘The
Economy and Markets’ Mr. Kronsten opened the presentation by linking the recession
to the fall in supply of foreign exchange and the lack of a buffer of reserves. He noted
that non-oil inflows are now higher than oil inflows and that they could and should grow substantially.
Mr. Bunmi Asaolu on his part stated that there was a strong double digit growth in
revenue and Profit Before Tax (PBT), and triple digit growth for Payment After Tax
(PAT), and that close to half of the of the PBT derived were from foreign exchange
A panel session comprising the MD of Secure ID, Mrs. Kofo Akinkugbe; MD of Unified
Payments, Mr. Agada Apochi; MD of Presco, Mr. Felix Nwabuko; MD, GTI Group, Mr.
Rahul Savara and MD of Verod Capital Management, Mr. Danladi Verheijen discussed
‘Capitalising on Disruptions to the Status Quo.’
The second panel discourse focusing on ‘A New Way of Thinking on Infrastructure
Spend’ had the Senior Director Investment Group, AFC, Mr. Ato Gyasi; Lead Partner,
Detail Commercial Solutions, Mr. Ayuli Jemide; Executive Director, ICRC, Engr. Chidi
Izuwa and CFO of Seven Energy, Mr. Bruce Burrows as panelists.
The annual FBNQuest conference, which is now in its 6 th year, provides a forum for
investors to interact with leaders of the economy, key policy makers in government
and senior executives of leading corporate institutions. Over the years, the
conferences have hosted several Ministers covering various portfolios including
Finance; Industry, Trade and Investment; Communication Technology; and Petroleum
Resources; as well as representatives from the Central Bank of Nigeria, the Securities
and Exchange Commission and the Nigerian Pension Commission, amongst others.
The Conference was supported by ProshareNG, WebTV, Business Day, Ventures Africa
Publishing and Channels Television.
About FBN Capital
FBNQuest is the brand name of the Investment Banking and Asset Management
business of FBN Holdings Plc. which comprises FBN Capital Limited, FBN Securities
Limited, FBN Capital Asset Management Limited, FBN Trustees Limited, FBN Funds
Limited and FBN Capital Partners Limited.
Through key business lines of Investment Banking, Markets, Trust/Agency Services,
Asset Management and Alternative Investments, we provide services in Advising,
Financing, Trading, Investing and Securing to ensure we support the diverse financial
needs of our clients.
From securing wealth to financing business opportunities, we are constantly
searching for what comes next so we can take our clients there first. We are a trusted
and inspirational partner founded on innovation, a strong heritage and a pioneering
spirit that drives us to help our clients look beyond today, and redefine tomorrow.
For more information please visit www.fbnquestconference.com or