Adesoji Adesugba

Name: Adesoji Adesugba
Organisation: Nigerian Investment Promotion Commission
Position: Director - Investment Promotion

1) If you have to single out one investment the NIPC has facilitated that you are most proud of, which one would it be?

For an investment over the last 12 months, I would say the Chinese investment by the Xinguang Group. It is actually a group of about 36 companies which is constructing a free trade zone in Ogun State. They are investing a total amount of US$2 billion in Nigeria. This is an investment facilitated by the NIPC and we are really proud to have them.

2) What do you think are the most common mistakes investors in Nigeria make?

I always tell people that doing business in Nigeria is like doing business in most other locations. Some people make the mistake of not doing proper due diligence. Some don't have a proper business plan. Some don't have the right partners. Some don't plan in terms of access to funds. And in terms of the culture of the people, you need to understand the people you are doing business with. All these things are important for investment in any location, be it Nigeria, Ghana, the United States, or South Africa.

3) Let's talk about the power situation in Nigeria. Although the government seems to be committed to solving the problem, nothing much has happened up to now. When are we actually going to see an improvement?

The power issue is not a quick-fix type of thing. One thing that is certain it that this government is committed to getting it right – and in getting it right we have to do thorough work. We don’t want to make the same mistakes of the past. Government is getting the right people to discuss the issues and to devise a proper plan for implementation.

4) How is the NIPC making investment in Nigeria easy?

The Nigerian Government wants to ensure that the investor finds it relatively easy to register a business and getting permits in time - time is of essence to investors. They also want to get things done in a transparent manner. Government has looked at all this and created an one-stop investment centre at the NIPC. We have a number of agencies working together in the centre to make sure that investors have speedy and transparent access to services.

5) What is the next big sector for investment in Nigeria?

I've told people that a sector waiting to be taken advantage of is ICT. The internet is still in a rudimentary stage in Nigeria and the world has moved ahead of us in this aspect. Investors who come to take advantage of the sector will definitely reap a lot of dividends, especially now that there is convergence between telecoms and the internet.

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