Speaking at the 32nd Economic Forum in Karpacz, Southwestern Poland, Dr. Onas urged the European country especially Poland to see reason to invest more in Nigeria particularly Ogun state where he is the coordinator of the Free Trade Zone.

He delivered a paper titled :

Investment Renaissance: Unlocking a World of Opportunities in Africa and Nigeria for Polish and European Investors .


The full text is reproduced verbatim here.


Dear Esteemed Investors.

The dawn of a new era is upon us. Africa, the world's second-largest and second-most-populous continent, is not merely a land of untapped potential; it is a canvas of unfolding economic miracles. Particularly in Nigeria, where the economy is galvanized by a fervor for innovation and sustainable growth, the landscape is rife with prospects that extend a warm invitation to Polish and European investors. This is not conjecture; it's backed by a series of resounding success stories across diversified sectors.


Agricultural Innovation
Precision Farming

Investment in technologies like drone surveillance, soil sensors, and data analytics can revolutionize farming efficiency and yields.
Agro-Processing: As discussed earlier, transforming raw produce into value-added products presents a golden opportunity for high returns.


Aquaculture and Livestock: With rising consumer demand, there’s room for innovation and investment in sustainable fish farming and livestock management.
Examples to Consider: Farmcrowdy has revolutionized digital agriculture in Nigeria by bridging the gap between small farmers and investors. Olam, a global agribusiness player, has successfully scaled agro-processing in the cocoa sector.


Why Invest? : From precision farming to aquaculture, the agricultural sector promises high returns and offers an avenue for sustainable investment aligned with global development goals.

Digital Transformation
E-commerce Platforms: The rapid urbanization and growing middle-class population offer a booming market for online retail.


Fintech : With a large unbanked population, digital banking and payment systems have immense growth potential.


Telemedicine : Investing in health tech can bridge the gap between remote areas and quality healthcare services.


Examples to Consider: Companies like Jumia and Flutterwave stand as shining examples of success, providing crucial e-commerce and fintech services.


Why Invest ?: With increasing urbanization and a growing middle class, the digital sector promises unparalleled growth and revenue potential.


Sustainable Infrastructure
Transport Networks: From roads to ports, sustainable infrastructure projects are key to economic development and offer long-term investment potential.


Urban Planning: With rapid urbanization, there’s an increasing need for smart cities with efficient waste management, water systems, and housing.


Examples to Consider: Julius Berger, a titan in Nigeria’s infrastructure sector, illustrates the long-term and high-reward nature of infrastructure investments.


Why Invest?: As Africa's population grows, the demand for sustainable infrastructure from transportation to urban planning offers a long-term investment frontier.


Manufacturing and Industrialization
Textile Industry: Africa’s rich tradition in fabrics can be modernized and scaled up to meet global demand.

Automotive Manufacturing: As the consumer base grows, so does the need for vehicles, presenting an opportunity for automotive industries.

Pharmaceuticals: With healthcare needs rising, there's a vast market for pharmaceutical production.


Examples to Consider: Companies like Dangote Cement and Innoson Motors serve as pioneers in manufacturing and industrialization.

Why Invest?

The landscape is open for investors to explore everything from textiles to automotive manufacturing, promising robust financial returns and market dominance.


Intra-Africa Trade
Logistics and Supply Chain: As the African Continental Free Trade Area (AfCFTA) comes into effect, there will be a surge in the need for logistics solutions.
Trade Facilitation Services: Customs, quality checks, and trade finance services will grow in importance, offering investment opportunities.


Examples to Consider: Interswitch is revolutionizing digital payments, making intra-Africa trade more fluid.

Why Invest?

The inauguration of the African Continental Free Trade Area (AfCFTA) has blown the lid off the trade sector, making it a haven for investors seeking to tap into a new, expansive market.


Renewable Energy
Solar and Wind Energy: Given Africa’s geographical attributes, these sectors offer excellent investment avenues for sustainable power generation.
Hydro and Geothermal: Water-rich regions and tectonic activities present opportunities for hydroelectric and geothermal energy production.


Examples to Consider: Azuri Technologies in the solar energy space and the Lake Turkana Wind Power project in Kenya are examples of renewable energy's untapped potential.
Why Invest?: As the world pivots to sustainable energy, Africa's abundant natural resources offer lucrative investment opportunities in solar, wind, hydro, and geothermal energy.


Each of these sectors above not only offers robust financial returns but also aligns with broader sustainable development goals, making them ideal for European investors who are increasingly conscious of responsible investing. Africa, with its blend of need and potential, offers a unique opportunity for both transformative impact and high economic returns. Investing in these sectors can place you at the forefront of a paradigm shift in global economics, while contributing positively to the African story of growth and development.

Why Now? Why Poland and Europe?

The timing couldn't be more ideal. Early investment not only assures high returns but also provides a first-mover advantage in a burgeoning market. Moreover, Africa’s rising focus on sustainability presents an alignment with European and Polish objectives for responsible investing.


Partnership and Geopolitics
The pathway to investment is smoothed by robust diplomatic ties between Europe, Poland, and Africa. Existing EU and African Union frameworks offer institutional support, ensuring your investment is both secure and impactful.


In summary, as a Polish or European investor, aligning your portfolio with Africa's burgeoning sectors is not merely an opportunity; it's an invitation to be part of a transformative journey that will shape the global economic landscape in the years to come. The stories of Farmcrowdy, Jumia, Julius Berger, and many more stand as testimonials to what can be achieved. It's your turn to write the next chapter in this compelling narrative. Seize this moment; it's ripe with promise and abundant in opportunity.


*SEIZING THE AFRICAN OPPORTUNITY: A CALL TO EUROPEAN INVESTORS*

The landscape of global investment is rapidly evolving, and Africa, with its untapped potential and rising profile, stands as the next frontier for transformative growth. As the continent embarks on an ambitious industrialization drive, focused on sectors like agro-processing and solid mineral refining, the opportunities for European investors are immense and multifaceted. Here’s why your participation could be not just beneficial but ground-breaking.


High Return on Investment
The early stages of industrialization often yield the highest returns. With abundant raw materials and a burgeoning labour market, the cost of production in Africa remains relatively low. This translates to higher profit margins and quick capital turnover. Sectors like agro-processing and solid mineral refining, central to Africa's industrialization drive, are particularly ripe for investment.


First-Mover Advantage
Being an early investor in Africa's industrialization drive gives you a strategic edge: the first-mover advantage. By establishing your footprint now, you have the opportunity to shape industry standards, influence regulatory policies, and build long-lasting relationships with local communities and governments. This could also facilitate market dominance and offer a competitive advantage in a new but fast-growing market.


Diverse Investment Avenues
Africa’s industrialization is not a monolithic venture but a multifaceted initiative. Whether it's agriculture, mining, technology, or manufacturing, the diversity of sectors under development allows for a wide range of investment portfolios. This diversity provides a natural hedge against risks and allows for more balanced and resilient investment strategies.


Access to a Growing Consumer Base
Africa is home to a rapidly expanding consumer market, driven by a growing middle class and increased urbanization. By investing in industries that cater to this demographic shift, you are essentially buying into a future market that is set to expand exponentially over the next decades.



Sustainable Investments
There’s a growing global emphasis on sustainable and socially responsible investment. Africa’s focus on sectors like agro-processing can provide a pathway for investments aligned with the Sustainable Development Goals (SDGs), particularly in areas such as poverty reduction, sustainable economic growth, and responsible production and consumption. Your investment would not just be about profit but also about making a tangible impact.



Partnership and Collaboration
Investing in Africa opens doors for cross-continental partnerships, including public-private partnerships (PPPs) and collaborations with existing European Union (EU) and African Union (AU) programs. These partnerships can provide additional layers of security and viability to your investment, backed by both diplomatic and economic frameworks.


Strategic Geopolitical Positioning
As global power dynamics shift, having a strong economic presence in Africa could be strategically significant. The continent is increasingly central in global geopolitics, and your investment can serve as a conduit for enhancing diplomatic ties and strengthening economic relations between Europe and Africa.


In summary, Africa's industrialization drive presents an opportunity that is as rich in potential as it is diverse in scope. For European investors looking to expand their horizons and make impactful investments, there's no better time to engage than now. The continent is not just offering a chance for economic gains; it's extending an invitation to be part of a transformative journey that will shape the future of global economics and geopolitics. Seize the opportunity; be part of the African growth story.


THE NEED FOR FOREIGN INVESTORS
Foreign Direct Investment (FDI) can act as a significant catalyst in the industrialization drive focused on agro-processing and solid mineral refining in Nigeria and, by extension, Africa. Here's how:


Financial Capital
One of the most immediate benefits of FDI is the infusion of financial capital. Developing an industrial base requires significant investment in infrastructure, technology, and skilled labor. FDI can provide the necessary capital to kickstart these industries, easing the burden on domestic resources.


Technological Transfer
Foreign investors often bring along not just capital but also technology and expertise. For industries like agro-processing and mineral refining, which are technology-intensive, this transfer of knowledge can be invaluable. It can lead to the modernization of local industries, making them more efficient and competitive on a global scale.


Skill Development
FDI often comes with training and skill development for local employees. Whether it's managerial practices or specialized technical skills, the knowledge transfer can have long-lasting benefits for the domestic workforce, thereby contributing to human capital development.


Market Access
Foreign investors usually have better access to international markets. By investing in Nigeria's agro-processing or solid mineral sectors, they can potentially open doors to new markets, increasing the export potential of value-added products. This expanded market reach can enhance revenue and contribute to a favorable balance of trade.


Regulatory Improvements
The entry of foreign investors can also prompt improvements in the regulatory environment. For investment to flow smoothly, issues related to property rights, tax policies, and other investment-related laws often need to be addressed. This can lead to a more business-friendly environment, benefiting not just the foreign investors but also local entrepreneurs.


Risk Diversification
By attracting FDI, Nigeria and other African countries can diversify their economic base. Rather than relying solely on domestic investment and government expenditure for industrialization, FDI brings in an additional, often more stable, source of investment capital.


Regional Integration
As Nigeria attracts more FDI in these sectors, it could become a hub for agro-processing and mineral refining in West Africa or even across the continent. This could spur regional industrial clusters, enabling other countries to develop complementary industries.


In conclusion, Foreign Direct Investment can offer a multifaceted enhancement to Nigeria's industrialization efforts in agro-processing and solid mineral refining. It's not just about the capital but also the technological advances, skill development, and global market access that come with it. By strategically attracting and managing FDI, Nigeria and Africa as a whole can significantly accelerate their journey towards sustainable industrialization and economic development.