Nasarawa Investment Summit closes with 6 deals signed

The Nasarawa Investment Summit 2024 has ended with 6 deals signed between the Nasarawa State Government and some partners.

The summit which was held in Lafia, the Nasarawa state capital brought together stakeholders, policymakers, industry leaders and investors from local, national and international spheres for the second time. It is a build-up of the success of the inaugural Nasarawa Investment Summit which was held in 2022 tagged, ‘The Nasarawa Industrial Renaissance’ with infrastructural development as the cornerstone.

Ibrahim Abdullahi, Managing Director and Chief Executive Officer of the Nasarawa State Investment and Development Agency,
said this year’s team, “The Industrial Renaissance”, reflects the aspirations of Nasarawa State to usher in a new era of industrial growth and prosperity, having built some of the key fundamentals required to fuel the ambition in the past years.

He added that the theme underscored the state government’s recognition of the pivotal role that industrialisation plays in driving economic development, creating employment opportunities, and improving the quality of life for its citizens.

On the first day, which focused on the mining and agricultural sectors, deals on mining and agriculture projects worth over $200 million were signed. They comprise a gold project between Box More, Earth Metal and the Nasarawa state government in Uke development area of Karu local government area, a deal for lithium and zinc development in collaboration with Box More with the participation of African Finance Corporation and the Solid Minerals Development Fund (SMDF), rice and sugarcane production and processing in partnership with Lee group worth N200 million.

The second day of the Summit which is the Energy Business Roundtable focused on the oil and gas potential of the state and how the state government is working towards driving its utilization.

Day 1 recorded the launch of the Nasarawa State Gas Master Plan which is the state’s gas strategy document which will be implemented between the state government through the Nasarawa Investment and Development Agency, Axxela and the Gas Aggregation Company of Nigeria (GACN).

Three memorandums of understanding on the lithium and gas value chain, the Nasarawa Renewable Energy in collaboration with the Nigerian National Petroleum Company Limited (NNPCL) and the development of the Compressed Natural Gas (CNG) mainstream infrastructure with PowerGas with Nigerian National Petroleum Corporation Limited (NNPCL), Gas Aggregation Company of Nigeria (GACN), Nigeria Gas Marketing Limited (NGML). This brings to 6 deals in total signed at the Nasarawa Investment Summit 2024.

President Bola Ahmed Tinubu who was represented at the event hailed Governor Abdullahi Sule for his vision in creating a thriving investment environment in Nasarawa State, attracting investors and fostering economic growth.

The President’s commendation was at the opening ceremony of the Summit through Doris Nkiruka Uzoka- Minister of Anite, Industry, Trade, and Investment

The President pointed out that only last week, Nasarawa State celebrated a significant milestone with the launch of a 4000 tons per day lithium processing plant, a testament to Governor Sule’s allure for investment.

“This achievement underscores his reputation as an investment destination and his dedication to providing an enabling business environment.

” I, therefore, urge other states to emulate Nasarawa’s example by intensifying efforts to attract investment. Initiatives like this investment summit are pivotal in showcasing the vast opportunities that await investors across all sectors of the Nigerian economy.

“Nigeria is truly proud of Nasarawa State, particularly for the strides it has taken within the mining sector. This state has shown great vision in ensuring that their vast lithium deposits are developed and processed, ensuring that raw materials are not exported out of this country without any value addition, in line with the renewed hope agenda,” he stated.

President Tinubu added that the theme of the summit ‘Industrial Renaissance’ marks a significant milestone in the state’s journey towards economic transformation, stressing that the industrial Renaissance is not just a theme but a call to action.

Giving a virtual keynote address, the United Nations Deputy Secretary General, Amina Mohammed highlights the Nasarawa advantage as she commends the Nasarawa Economic Development Strategy (NEDS).

“Nasarawa State is primed to be an investment powerhouse and an economic hub in Nigeria due to its strategic location, its rich agriculture base, abundant solid minerals resources and tourism potentials,” she stated.

In a second keynote address, the President of the African Development Bank, Akinwumi A. Adesina, noted that since the inaugural summit held in 2022, the Nasarawa Investment Summit is quickly emerging as a robust platform to showcase the investment potentials and opportunities in the state, as well as provide a forum for dialogue on policy formation and actions that would consolidate Nasarawa’s position as a top investment destination in Nigeria.

Adesina pointed out that the theme chosen for this year’s summit ‘Industrial Renaissance’, focuses on attracting capital for infrastructural development and entrepreneurship to drive industrialization is most apt and resonates with the demands of the time, as well as the industrialize Africa strategy of the ADB.

He, however, said Nasarawa State needs to accelerate its domestic resource mobilization amongst others to support the intended industrial renaissance in the state.

Adesina cited the 2023 BUDGiT States of States Report, which indicated that Internally Generated Revenue in Nasarawa State grew marginally by 3.8 percent in 2022 from 20.7b in 2021 to 21.09bn in 2022.

In his remarks, Governor Abdullahi Sule said organizing the 2024 Invest Summit will further expand the state’s existing pathways to leverage the industrial, agricultural and mining sectors towards enhancing inclusive and sustainable wealth creation and economic prosperity.

Governor Sule said his administration has been deliberate in stimulating the economy of the state, building human capacity, creating wealth and generating employment opportunities for the people.

“It’s for this reason that we have adopted our policy document christened the Nasarawa Economic Development Strategy (NEDS) as a driving force towards the initiation and implementation of the various programmes and policies which we have achieved so far,” he said.

He explained that the reason for choosing the theme for this year’s summit, deliberately coined ‘The Industrial Renaissance’ was because his administration has built some of the key fundamentals required to drive the industrial agenda and present other minerals to investors.

While appreciating President Tinubu, his Vice, Senator Kashim Shettima, all the special guests at the events and captains of industry that attended the event, the Governor called on investors to continue to take advantage of the conducive business environment in the state.

“Let me once again commend President Tinubu, Vice President Shettima and all other distinguished invitees for what you have done in order to continue to promote our state. Let me call on our development partners to continue to invest in Nasarawa State with a view to opening the frontiers of economic prosperity. Nasarawa is ready for business, and Nasarawa is ready for you.” He added.