Last month at the request of HE Goodluck Jonathon we organised in collaboration with the Presidential Task Force on Power, Chair by Professor Bart Narji, a Presidential Retreat for power Sector Investors. The President called the retreat to discuss with the international private sector his Roadmap to privatising Nigeria’s power sector. CBC brought 70 high level International power sector investors to the event from over 30 countries, both inside and outside the Commonwealth. In total 400 people attended the event, to hear addresses from the President, Vice President and Senior Ministers.
The Economist, who were in attendance, wrote an interesting article about the retreat that can be read here
The following week, we here honoured to host a lunch for the Vice President, Mohammed Namadi Sambo, during his visit to London. The Vice President addressed a packed room of CBC Members, High Commissioners and business leaders with an interest in Nigeria on the power privatisation plans, during which he described CBC as a ‘true friend of Nigeria’.
CBC has been fully engaged with Nigeria since its return to democracy, in fact we were the first organisation to organise an investor conference in the country. Over the last few years, however, our relationship has shifted in priorities, moving away from more generalised trade and investment promotion – that Nigeria is needing less and less as the world wakes up to the opportunities available in the country - to more niche work, such as the power retreat. This change, I think recognises Nigeria’s move towards middle income status and as one of the drivers of Africa’s economy over the coming years.
Tuesday, 2 November 2010
Friday, 29 October 2010
The future of the Commonwealth
Over the last couple of weeks I have had discussions with both the Chair in Office of the Commonwealth, the Rt Hon Kamla Persad-Bissessar, Prime Minister, Trinidad and Tobago, and the Commonwealth Eminent Persons Group on the future direction the Commonwealth should take.
The EPG was set up by the Heads of Government in Trinidad and Tobago at CHOGM last November to discuss the future of the Commonwealth and sharpen the impact, strengthen the networks, and raise the profile of the Commonwealth. I believe that both the roles of the Chair in Office and the Secretary General should be expanded to enhance coordination between the Commonwealth’s Key Agencies.
Also I feel the Commonwealth should take greater advantage of the excellent work it’s done on good governance and human rights since its founding, and now think about how to convert those successes into economic prosperity. By giving equal attention to the Harare Principles on good governance and the Edinburgh Economic Declaration, the Commonwealth can do more to highlight the link between good governance and increased investment. We feel that this link can be further strengthened by the creation of a commonwealth development fund that would invest in countries that show the best progress in good governance.
This new approach could make the Commonwealth truly relevant for tomorrow, as it will allow the association to directly focus on the areas of greatest importance to all heads of Government (developed or developing); jobs and growth, while still maintain the Commonwealth’s historic focus on good governance and human rights.
The EPG was set up by the Heads of Government in Trinidad and Tobago at CHOGM last November to discuss the future of the Commonwealth and sharpen the impact, strengthen the networks, and raise the profile of the Commonwealth. I believe that both the roles of the Chair in Office and the Secretary General should be expanded to enhance coordination between the Commonwealth’s Key Agencies.
Also I feel the Commonwealth should take greater advantage of the excellent work it’s done on good governance and human rights since its founding, and now think about how to convert those successes into economic prosperity. By giving equal attention to the Harare Principles on good governance and the Edinburgh Economic Declaration, the Commonwealth can do more to highlight the link between good governance and increased investment. We feel that this link can be further strengthened by the creation of a commonwealth development fund that would invest in countries that show the best progress in good governance.
This new approach could make the Commonwealth truly relevant for tomorrow, as it will allow the association to directly focus on the areas of greatest importance to all heads of Government (developed or developing); jobs and growth, while still maintain the Commonwealth’s historic focus on good governance and human rights.
Thursday, 7 October 2010
Nigeria and Elections
Last week I was in Nigeria for our yearly Nigerian Investment Forum, the event was a great success bringing investors from across the commonwealth to meet project holders in Nigeria. For the first time the event also included a business awards gala dinner to celebrate excellence in Nigeria’s private sector, the awards were hosted at State House.
While we were in Nigeria, HE Goodluck Jonathon announced his intention to run in next years presidential election. He has promised electoral reform to ensure a free and fair vote. The Nigerian Business community along with the county’s citizens all want to see elections that will allow the country move forward with its development goals. Any uncertainty over issues of governance can have a direct and measurable effect on a country’s ability to attract foreign investment, so I add my urging that the county comes together at this election and delivers a result that the rest of the world can respect.
While we were in Nigeria, HE Goodluck Jonathon announced his intention to run in next years presidential election. He has promised electoral reform to ensure a free and fair vote. The Nigerian Business community along with the county’s citizens all want to see elections that will allow the country move forward with its development goals. Any uncertainty over issues of governance can have a direct and measurable effect on a country’s ability to attract foreign investment, so I add my urging that the county comes together at this election and delivers a result that the rest of the world can respect.
Monday, 13 September 2010
President Kagame's inauguration
I was honoured to be invited by President Kagame for his inauguration last week. It was an amazing event that filled the Stadium to its capacity of 40,000 with 10s of thousands more watching on screens outside. The Event was attended by 14 Heads of State from across Africa, Ministers, Private Sector Leaders and representatives of International NGOs and Agencies.
The Event was not just the inauguration of Rwanda’s President but the inauguration of a new African Statesman, demonstrated by the level of support shown by visiting Heads of State.
President Kagame dedicated much of his speech to responding to his Critics on Human Rights and discussing the development successes in Rwanda. Anyone that has seen the changes in Rwanda over the last 10-15 years cannot fail to be impressed with the level of progress and development.
While NGOs and the International Media have a right to discuss Rwanda’s Human Rights, I hope they do it within the framework of the Development successes. Leaders like Kagame have to be engaged in Dialogue with constructive criticism rather than publicly hung.
Africa is changing, progress is being made on democracy and economic development and the continent should be engaged in recognition of its potential to be the next BRIC. Africa will be one of the key drivers of global growth over the next century. Let’s not miss this opportunity by failing to create mutually beneficial dialogue and consolidate our partnerships with the continent.
The Event was not just the inauguration of Rwanda’s President but the inauguration of a new African Statesman, demonstrated by the level of support shown by visiting Heads of State.
President Kagame dedicated much of his speech to responding to his Critics on Human Rights and discussing the development successes in Rwanda. Anyone that has seen the changes in Rwanda over the last 10-15 years cannot fail to be impressed with the level of progress and development.
While NGOs and the International Media have a right to discuss Rwanda’s Human Rights, I hope they do it within the framework of the Development successes. Leaders like Kagame have to be engaged in Dialogue with constructive criticism rather than publicly hung.
Africa is changing, progress is being made on democracy and economic development and the continent should be engaged in recognition of its potential to be the next BRIC. Africa will be one of the key drivers of global growth over the next century. Let’s not miss this opportunity by failing to create mutually beneficial dialogue and consolidate our partnerships with the continent.
Wednesday, 25 August 2010
Rwanda and one size fits all development
I was pleased to see President Kagame respond to his critics in the international media via a strong article in the FT last week. It is important that we pay vigilant attention to Human Rights issues across the globe, but President Kagame makes an important point that there is no ‘one size fits all’ path to development and democracy.
Given Rwanda’s recent history, we should praise the country’s success on the path to competitive democracy and continue working with the country to help them strengthen it.
President Kagame also argued that Africa must take responsibility for its own future, that Africa must devise its own solutions to its problems and that partners that work with Africa in this way will benefit. Africa Forging its own path is important for the future of the continent and President Kagame is an important advocate of this.
Given Rwanda’s recent history, we should praise the country’s success on the path to competitive democracy and continue working with the country to help them strengthen it.
President Kagame also argued that Africa must take responsibility for its own future, that Africa must devise its own solutions to its problems and that partners that work with Africa in this way will benefit. Africa Forging its own path is important for the future of the continent and President Kagame is an important advocate of this.
Wednesday, 11 August 2010
Africa the next BRIC
Sub Saharan Africa can be the next BRIC; from 2000 to 2010 Sub Sahara grew at a faster rate, in nominal dollars terms, than both India and China and is predicted by the IMF to grow at a faster rate than Brazil between 2010 – 2015.
Sub Sahara has much going for it and conditions are improving constantly. Between 2002 and 2008 the continent achieved a growth rate of 5.2% a year on average, and only dropped a single percentage point since the global economic crisis – still a higher rate than the developed world is expected to achieve.
Africa’s population had grown to 820 million in 2008, and the percentage that can be considered ‘middle class’ has grown astronomically since the 1990s. Africa is now both ready to take its place as a market of consumers for global products and as an attractive investment destination for global business looking for new opportunities. I would suggest Commonwealth countries to potential investors as they make up 17 of the top 20 places to do business in Africa, according to the IFC.
To achieve this jump, to become the 5th BRIC, Africa needs to deal with a number of persistent issues such as the infrastructure and power deficit, increasing access and the quality of Education and enhancing business competitiveness, these will have to be achieved along with progress on democratization and good governance. To succeed on both economic development and good governance simultaneously African will need more strong and dynamic leaders. Rwanda and President Kagame are a case in point; it is unfortunate to see the international media running negative stories about one of Africa’s best success stories.
Paul Kagame has been one of the most ambitious and successful African leaders in fighting poverty and driving growth in his country. This year the IFC named Rwanda the best business reformer in the World, likewise Paul Kagame is recognised by many western leaders as one of Africa’s Best, Tony Blair described him as ‘visionary’ a sentiment I agree with.
While there are concerns about the current election in the Rwanda, we must not forget the impact that Kagame has made on the development of his country. Democracy is hugely important but it will not be achieved without economic development, democracy on empty stomachs will not succeed –this needs to be more widely recognised.
While raising the issue of Human rights, we should be supporting leaders like Paul Kagame that are driving progress in their countries and the continent. Africa is also making progress on democratisation, Kenya’s recent peaceful referendum that aimed the settle the country’s political disputed is a good example. These stories and there like should be the ones that the international media focus on as Africa strives to become a BRIC. A more balanced approached to reporting on the continent, that helps encourage Africans, will benefit us all in the end.
Sub Sahara has much going for it and conditions are improving constantly. Between 2002 and 2008 the continent achieved a growth rate of 5.2% a year on average, and only dropped a single percentage point since the global economic crisis – still a higher rate than the developed world is expected to achieve.
Africa’s population had grown to 820 million in 2008, and the percentage that can be considered ‘middle class’ has grown astronomically since the 1990s. Africa is now both ready to take its place as a market of consumers for global products and as an attractive investment destination for global business looking for new opportunities. I would suggest Commonwealth countries to potential investors as they make up 17 of the top 20 places to do business in Africa, according to the IFC.
To achieve this jump, to become the 5th BRIC, Africa needs to deal with a number of persistent issues such as the infrastructure and power deficit, increasing access and the quality of Education and enhancing business competitiveness, these will have to be achieved along with progress on democratization and good governance. To succeed on both economic development and good governance simultaneously African will need more strong and dynamic leaders. Rwanda and President Kagame are a case in point; it is unfortunate to see the international media running negative stories about one of Africa’s best success stories.
Paul Kagame has been one of the most ambitious and successful African leaders in fighting poverty and driving growth in his country. This year the IFC named Rwanda the best business reformer in the World, likewise Paul Kagame is recognised by many western leaders as one of Africa’s Best, Tony Blair described him as ‘visionary’ a sentiment I agree with.
While there are concerns about the current election in the Rwanda, we must not forget the impact that Kagame has made on the development of his country. Democracy is hugely important but it will not be achieved without economic development, democracy on empty stomachs will not succeed –this needs to be more widely recognised.
While raising the issue of Human rights, we should be supporting leaders like Paul Kagame that are driving progress in their countries and the continent. Africa is also making progress on democratisation, Kenya’s recent peaceful referendum that aimed the settle the country’s political disputed is a good example. These stories and there like should be the ones that the international media focus on as Africa strives to become a BRIC. A more balanced approached to reporting on the continent, that helps encourage Africans, will benefit us all in the end.
Friday, 6 August 2010
David Cameron in India
David Cameron's visit to India last week could well turn out to be one of the most important diplomatic trips of his time in number 10.
The commitment by both Governments to transform the nation’s relationship over the coming years is most welcome. Both leaders agreed that the India-UK relationship has great room for growth, in the political, cultural, security and economic realms that would be of benefit to both countries.
I am particularly pleased to see the commitment to significantly increase trade and investment between the 2 countries. I have long been calling for the level of interaction between the countries private sectors to be raised and am delighted that the UK-India CEO’s Forum is being set up under the Peter Sands of Standard Chartered and Rattan Tata of Tata Group (both CBC members of long standing) to provide the private sector perspective on strengthening the economic relationship. I look forward to working with the Forum in the future.
Hon Kamal Nath, India’s Minister for Road Transport speaking earlier this year at our India Infrastructure Forum (IIF) said the next 10 years will be India’s Infrastructure Decade. The opportunities offered by this are enormous, tackling India’s infrastructure deficit will require cooperation between the Indian government and the national and international private sector, and the UKs business should be leaders in this. To help push this Lord Adonis, the then UK Secretary of State for Transport, initiated a MoU between the Indian Government and the UK at the IIF to work together on road development, a process that was continued during the Prime Minister’s visit last week.
It is great to see the New British Prime Minister taking such an interest in strengthening the Bi-lateral relationship between the 2 countries, in a report we produced in 2008, and are currently in the process of updating, we found that the UK was India’s most significant investor, a trend we hope continues.
And finally I was delighted to see the strong commitment made by both Prime Ministers during their meeting to work together to ‘strengthen the Commonwealth’ as an important global body.
The commitment by both Governments to transform the nation’s relationship over the coming years is most welcome. Both leaders agreed that the India-UK relationship has great room for growth, in the political, cultural, security and economic realms that would be of benefit to both countries.
I am particularly pleased to see the commitment to significantly increase trade and investment between the 2 countries. I have long been calling for the level of interaction between the countries private sectors to be raised and am delighted that the UK-India CEO’s Forum is being set up under the Peter Sands of Standard Chartered and Rattan Tata of Tata Group (both CBC members of long standing) to provide the private sector perspective on strengthening the economic relationship. I look forward to working with the Forum in the future.
Hon Kamal Nath, India’s Minister for Road Transport speaking earlier this year at our India Infrastructure Forum (IIF) said the next 10 years will be India’s Infrastructure Decade. The opportunities offered by this are enormous, tackling India’s infrastructure deficit will require cooperation between the Indian government and the national and international private sector, and the UKs business should be leaders in this. To help push this Lord Adonis, the then UK Secretary of State for Transport, initiated a MoU between the Indian Government and the UK at the IIF to work together on road development, a process that was continued during the Prime Minister’s visit last week.
It is great to see the New British Prime Minister taking such an interest in strengthening the Bi-lateral relationship between the 2 countries, in a report we produced in 2008, and are currently in the process of updating, we found that the UK was India’s most significant investor, a trend we hope continues.
And finally I was delighted to see the strong commitment made by both Prime Ministers during their meeting to work together to ‘strengthen the Commonwealth’ as an important global body.
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