The recent Commonwealth Trade and Investment Summit, held in the prestigious Mansion House in the City of London, presented a golden opportunity for Nigerian states to showcase their investment potential on a truly global stage.
While Lagos and Enugu states seized this moment, actively engaging with a diverse international audience of investors, policymakers, and business leaders, Cross River State was conspicuously absent, potentially missing out on significant benefits.
The Summit, a high-profile event attracting attention from across the 56 member nations of the Commonwealth and beyond, offered a unique platform for sub-national entities to directly engage with a worldwide multi-dimensional audience. For participating states, the advantages were manifold:
Free Global Media Exposure:
The Summit naturally garnered significant international media coverage, providing a cost-effective way for participating states to reach a vast global audience and highlight their unique investment propositions.
Easy Global Networking:
The event facilitated direct interaction with potential investors, business partners, and influential figures from across the globe, streamlining the often-complex process of international networking.
Attracting Foreign Investment:
By presenting concrete investment opportunities and demonstrating a conducive business environment, participating states could directly attract foreign direct investment (FDI) into key sectors of their economies.
Building Business and Investment Relations:
The Summit fostered the development of long-term business and investment relationships, paving the way for future collaborations and economic growth.
Showcasing Unique Strengths:
It provided a platform to highlight the specific advantages of each state, whether in tourism, infrastructure development, agriculture, manufacturing, or emerging technologies and Cross River has so much to showcase.
Lagos State, with its established economic prowess and burgeoning tech scene, undoubtedly leveraged the Summit to further solidify its position as Nigeria’s commercial hub and attract investment in its infrastructure and innovation sectors. Similarly, Enugu State, with its focus on technology and entrepreneurship, also used the platform to showcase its emerging ecosystem and attract investors interested in the burgeoning Southeast market.
Cross River State, renowned for its rich cultural heritage, tourism assets like the Calabar Carnival and the Obudu Mountain Resort, and its agricultural potential, including its deep seaport aspiration had a compelling narrative to share. Its absence from such a prominent international forum raises questions about the state’s strategy for attracting global investment and promoting its unique economic advantages. The missed opportunity could translate to a slower pace in attracting the much-needed FDI to bolster its economy, create jobs, and further develop its infrastructure.
Future Opportunities for Cross River State:
While the Commonwealth Trade and Investment Summit has passed, Cross River State can proactively identify and strategically engage with other similar high-profile international platforms to showcase its potential. Here are some opportunities the state can leverage in the near future:
International Tourism Expos and Conferences: Cross River’s tourism sector is a major draw. Participating in leading international tourism expos like ITB Berlin, World Travel Market London, or regional African tourism fairs would allow the state to directly engage with global tour operators, travel agencies, and potential investors in the hospitality sector. Showcasing the Calabar Carnival and repositioning it for profitability, Obudu Mountain Resort, and its unique environment, temperate climate and scenic experiences can attract significant interest for the right investors.
Agricultural and Agri-Tech Summits: With its fertile land and agricultural potential, Cross River can participate in international agricultural and agri-tech summits. Events like the Africa Food Show or global agricultural technology conferences would provide a platform to attract investment in modern farming techniques, processing facilities, and export-oriented agriculture.
Cultural Festivals and Trade Shows with International Participation: Leveraging its vibrant cultural scene, Cross River can actively participate in international cultural festivals and trade shows that attract a global audience. Showcasing its unique art, music, and traditions can not only boost tourism but also open avenues for investment in the creative industries.
Nigeria-Focused Investment Forums in Key Global Cities: Actively participating in Nigeria-focused investment forums organized in major financial centres like London, New York, Dubai, and Johannesburg is crucial. These events specifically target investors interested in the Nigerian market and provide a direct platform to present state-specific opportunities.
Partnerships with Federal Government Delegations: Cross River State should proactively engage with federal government delegations attending international trade and investment summits. By ensuring representation within these national platforms, the state can benefit from the broader Nigerian presence and leverage federal government initiatives to promote its specific opportunities.
Digital Engagement and Virtual Roadshows:
In addition to physical participation, Cross River State can leverage digital platforms to conduct virtual investment roadshows and webinars targeting specific investor groups globally. This provides a cost-effective way to reach a wide audience and showcase investment opportunities.
Targeted Sector-Specific Conferences: Identifying and participating in conferences specific to key sectors like renewable energy, forestry, or manufacturing can attract specialized investors.
For Cross River State to effectively position itself on the global investment map like Lagos and Enugu have done, a proactive and strategic approach is essential. This includes identifying relevant international platforms, developing compelling investment propositions, preparing high-quality promotional materials, and actively engaging with potential investors and partners.
The missed opportunity at the Commonwealth Trade and Investment Summit serves as a crucial reminder of the importance of actively seeking and leveraging such global platforms to drive economic growth and development. By embracing future opportunities with a clear strategy and strong commitment, Cross River State can undoubtedly showcase its unique potential to the world.
Eko, is an investments promotion and PR strategist who writes from Abuja.
