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Tag: WEF

  • WEF: Shettima to woo foreign investors at Davos

    WEF: Shettima to woo foreign investors at Davos

    The Minister of Foreign Affairs, Ambassador Yusuf Tuggar has stated that Nigeria’s participation at this year’s World Economic Forum (WEF) will provide an opportunity to woo foreign investors to Nigeria. 

    The Vice President Kashim Shettima is the leader of Nigeria’s delegation to the annual event at Davos, Switzerland. 

    No fewer than 52 other Heads of State, including Xi Jinping, President of the People’s Republic of China, and Olaf Scholz, Chancellor of Germany, as well as over 1500 CEOs and Chairpersons of the largest companies in the world, are expected at the global event.

    The 54th Annual Meeting of the World Economic Forum is scheduled for 15th to 19th of January 2024, with the theme Rebuilding Trust. 

    The minister stated that Nigeria’s attendance holds great economic benefits for the country. 

    He stressed that Nigeria’s resilient business climate resonates with the agenda of forum.

    A statement by the media aide to the minister, Alkasim Abdulkadir, also quoted the minister to have said: “The intention of the meeting held annually in Davos, Switzerland, is to provide a crucial space that offers solutions to global challenges facing countries, especially transiting countries. 

    “This year, the organizers of WEF are focusing on the fundamental principles of driving trust, including transparency, consistency and accountability. All these soundly resonate with the Renewed Hope Agenda of President Bola Ahmed Tinubu, which is propelled by a commitment to unleashing the country’s full economic potential through focusing on job creation, access to capital for small and large businesses, inclusivity and, most importantly, the rule of law which underpins WEF’s theme for this year.”

    Tuggar further stated that Nigeria’s participation at the Forum’s Annual Meeting provides an opportunity for Vice President Shettima to woo foreign investors to Nigeria. 

    He also expressed optimism that Nigeria’s attendance holds great economic benefits for the country. 

    Shettima, according to his itinerary is expected to engage top global investors at the Meeting and participate in a series of programs designed for Nigeria, including a Country Strategy Dialogue on Nigeria.

    “Nigeria’s delegation at Davos will be part of the Country Strategy Dialogue on Nigeria, which is a roundtable that will be chaired by Vice President Shettima – with the expected participation of 60 global CEOs/Chairs. 

    “Nigeria is also expected to have a stakeholder dialogue entitled “Transforming Energy Demand” to discuss what companies and governments can do to enable economic growth with less energy.

    “The Vice President will privately meet James Quincey, Global Executive Chief Officer of Coca-Cola Company. Later in the day, the his engagement will end with a private dinner with Klaus and Hilde Schwab; the dinner brings together Heads of State, Government, and International Organizations as well as members of the Board of Trustees, the International Business Council, and Strategic Partners.

    “Vice President Shettima is also scheduled to have a private breakfast entitled Driving Action Under the African Continental Free Trade Area. The Forum Friends of the African Continental Free Trade Area (AfCFTA) coalition brings together heads of state, ministers, chief executives, and heads of international organizations to support the implementation of the AfCFTA agreement through public-private collaboration. At noon, the Vice President will be represented at a private lunch event entitled “IGWEL: Lunch-Restoring Faith in the Global System” by the Minister of Foreign Affairs. 

    Read Also: WEF: Leaders asked to address pressing global issues

    This Informal Gathering of World Economic Leaders (IGWEL) convenes policymakers and business leaders to discuss what an effective multilateral system can look like and how to strengthen faith in global cooperation.

     Equally, the Vice President will host a private country-focused session entitled “Country Strategy Dialogue on Nigeria,” which will delve into the priorities of the Nigerian government and engage in a dialogue about the country’s economic path. The Nigeria Reception is a cultural and entertainment event to be hosted by Vice President Shettima and the ministerial delegation. It will feature Nigerian food, music, national ethos and culture. An estimated 600 participants are expected at the event.

    The World Economic Forum was established in 1971 as a not-for-profit foundation with its headquarters in Geneva, Switzerland, and the Forum engages the foremost political, business, cultural, and other leaders of society to shape global, regional, and industry agendas. 

  • WEF: Tinubu, Dozie, Elumelu push Nigeria’s agenda at Davos

    Business leaders from Nigeria, amongst them the Managing Director of Oando Wale Tinubu, the Executive Director and Co-Founder, Sahara Group, Tonye Cole, Chairman, Heirs Holding, Tony Elumelu and  Managing Director/CEO,  Diamond Bank, Uzoma Dozie, joined global business executives and Heads of States to share the Nigerian perspective, at the World Economic Forum (WEF) in Davos, Switzerland.

    The also engage in robust dialogue and proffer real solutions towards achieving Sustainable Development Goals in Africa, proving once again that  the WEF platform is the most relevant and inclusive arena for leaders in all sectors, public and private across the world to discuss and proffer solutions that will create a better tomorrow.

    Speaking on the importance of inclusive growth, Wale Tinubu said; “The pathway to ensuring inclusive growth in today’s world is through sustainable development, powered by both the public and private sector.

    He said inclusive growth is critical if we are to successfully respond to the fundamental trends that have pushed the world’s economic and social systems as we know today, into a state of imbalance.

    He said with fora like the WEF, he is optimistic about “what the future holds for us all, most especially for Africa where it sometimes feels like our challenges are insurmountable. At WEF, economies are presented with the platform to set their sustainable development agendas, partner for growth and share expertise towards bettering the world.”

    Mr. Tinubu seems to have carved a niche for himself as a key WEF participant renowned for his mentorship of the Young Global Shapers Community at both WEF  in Davos and Africa. Borne out of the belief that young people are central to solution building, policy making and lasting change, the Global Shapers Community is a World Economic Forum initiative.

    He said the Global Shapers Community is a network of inspiring young people under the age of 30 working together to address local, regional and global challenges.  The Community has more than 7,000 members spanning 376 city based hubs across 156 countries.

  • Nobel Carpets attract huge customers at 2017 WEF

    Nobel Carpets and Rugs had recorded a huge customers at the recently concluded Women’s Entrepreneurship Fair (WEF) 2017 by Rullion Capacity Builders.

    This is contained in a statement by the company in which it noted that its presence and participation at the fair hasn’t created a stronger knit between the brand and its numerous customers which thronged in from far and near to experience the amazing product array and also interact with the brand.

    Speaking on the brand’s participation and success at the Fair, the General Manager, Lucky Fibres Plc, Mr. Jitesh Pamnani said, “As the manufacturer of Nigeria’s premium interior floor covering brand, Nobel Carpets and Rugs has consistently sought avenues to reach, interact and engage with our numerous customers and the WEF provided that opportunity in a seamless manner.

    “The Fair came at a strategic time for the brand; as it allowed our customers get more value for lesser price on all our products and also participate and win our exciting rugs in the raffle draws at the fair,” he added.

    The GM therefore expressed appreciation to Rullion Capacity Builders, stating that the feedback received from the interaction with numerous customers will go a long way in propelling and positioning the brand for greater service; even as the company works on churning out more beautiful and captivating floor coverings which are more affordable, durable and can match other international brands.

    Speaking at the fair, the Coordinator, Rullion Capacity Builder; organisers of the Entrepreneurship Fair, Mrs Oluwatoyin Egedi, said the fair is an avenue for women entrepreneur to showcase their skills and entrepreneurship clout through their affordable goods and services to impact and resuscitate the ailing economy. “It is worthy to note that all items on display were sold for N3,000 or less.. Our major aim was to show that affordable items can as well be of best quality.” She said.

    WEF recorded over 800 Shoppers, 90 Vendors and 6 Speakers who mentored participants on independence and entrepreneurship at the fair.

  • WEF, DQ to provide digital learning skills to Nigerians

    Digital Intelligence Quotient (DQ) Institute, an organisation working in collaboration with the World Economic Forum (WEF), has developed a digital initiative aimed at boosting the digital competence of one million younger generations in Nigeria and other countries by 2030.

    The initiative christened DQEveryChild, is a free digital intelligence education programme, which can be ‘plugged and played’ into the country’s education system.

    DQEveryChild is a combination of online education tools and real-time assessment which is free to every child eight and 12 globally, and can be easily incorporated into any national or school curriculum via the DQWorld.net platform, paving the way for a healthier, safer and more prosperous digital economy, for all.

    With the scheme DQ Institute said children will be able to measure their ability and command of digital media, thereby helping to combat their exposure to dangers such as fake news, cyber bullying, online grooming and radicalisation.

    Through the platform, the curriculum of 20 lessons over 10 hours is delivered through storytelling and gamified design, which makes learning interactive and fun and encourages a positive attitudinal shift and behavior.

    The curriculum covers eight core digital citizenship skills including Digital Citizen Identity; Screen Time Management; Cyber Bullying Management; Cyber Security Management; Privacy Management; Digital Empathy; and Critical Thinking; Digital Footprint Management.

    At the end of each lesson, children take an online real-time assessment that will provide DQ scores for each of the skills acquired.

    The DQ Institute, in association with the WEF, will explore the integration of a Global DQ Index – measuring the average DQ across participating countries – within one of the Forum’s main annual reports.

    An official of RAVE et al, a certified-DQ ambassador pioneering the implementation of DQ across Nigeria, Mr. Charity Babatunde, said: “Our children are digital natives, born into a world that offers them incredible opportunities but not without its own fair share of dangers.

    “The eight core digital citizenship skills that DQWorld.net empowers our children with, is a vital necessity for helping them make informed choices and navigate the digital world safely.

    “It is a great honour for me to serve as the pioneer DQ Ambassador in Nigeria (first in Africa) and to be a part of this laudable, award-winning initiative. I encourage parents, schools, government and all other stakeholders to join the #DQEveryChild movement. Let’s make the necessary investment today, in preparing our children for the digital future.”

    Founder and Chief Citizenship Officer of DQ World, Dr. Yuhyun Park, said: “Africa is experiencing explosive growth in the use of the internet. With the increased opportunities offered by this connectivity come new risks, especially for our young children, who are the first generation born and raised in a digital world.

  • WEF: Council calls for bold reforms in Middle East, North Africa

    WEF: Council calls for bold reforms in Middle East, North Africa

    The World Economic Forum’s Middle East and North African (MENA) Regional Business Council at Davos-Klosters, Switzerland, on Wednesday, launched a report outlining policy reforms to create jobs and stability in the region.

    This is according to a statement on Tuesday by Mr Fon Mathuros, Head of Media, World Economic Forum, which is currently taking holding with the theme “Responsive and Responsible Leadership”.

    The report, “Accelerating Economic Reforms in the Middle East and North Africa, a Private-Sector Perspective,” outlines actionable policy recommendations for six priority reform areas.

    The launch took place on the sideline of the 47th World Economic Forum Annual Meeting.

    More than 3,000 participants from nearly 100 countries are participating in over 400 sessions.

    According to the report, labour market regulation in the MENA region should allow workers to quickly move, at low cost, from one job to another.

    “Insolvency systems should be based on efficient legal frameworks and effective judicial actors: impartial judges, competent lawyers and accountants experienced in insolvency proceedings.

    “To stimulate entrepreneurship, decision-makers in the region should exploit IT to create an efficient single interface, a one-stop-shop, for registering a company.

    “For quick conflict resolution, develop an efficient commercial court procedure that increases public-private collaboration, builds trust and promotes mediation as a recognised alternative dispute-resolution method,” it stated.

    According to the report, anti-corruption laws that promote competitive businesses, attract foreign investment, especially in the context of small and medium-sized enterprises is needed in the region.

    Mr Mirek Dusek, Head of MENA, WEF, said the current momentum for reform in the MENA region created an opportunity for the government to initiate inclusive sustainable development.

    “Each of these six policy reforms marks a milestone along the road to success and prosperity.

    “The current drive and the determination of MENA’s premier group of companies offer promise that it will boost growth and achieve prosperity for all,” he said.

    Also, the Chief Executive Officer of Crescent Petroleum, United Arab Emirates, Mr Majid Jafar, said reforms were needed to change and enhance basic business regulations to enable more private-sector investment and entrepreneurship.

    “We cannot continue to have one in three young people in our region unemployed. We need to transform our economies to enable job creators and not just job seekers.

    “Without fundamental economic reform in these key basic areas, we stifle prospects for progress in the region and hold back businesses’ potential to create jobs,” he said.

  • Osinbajo heads to Davos for WEF

    Vice President Yemi Osinbajo is leading Nigeria’s delegation to this year’s World Economic Forum holding this week in Davos, Switzerland.

    In the Nigerian delegation are ministers and special advisers including the Minister of Industry, Trade and Investment, Dr. Okey Enelamah, Minister for Agriculture and Rural Development, Chief Audu Ogbeh and Minister for Water Resources, Engr. Suleiman Adamu.

    A statement issued by the Senior Special Assistant on Media and Publicity to the Vice President, Laolu Akande, said the Special Adviser on Economic Matters to the President, Dr. Adeyemi Dipeolu, is also on the delegation.

    It reads: “At the forum the Vice President would lead a discussion on Business in Nigeria, where ministers from the Federal Cabinet who are members of the Nigerian delegation would also feature.

    “The yearly forum which draws together governmental and business leaders around the world to discuss economic issues and review developments, is normally composed of such panel discussions, country/continent-specific themes and other subjects.

    “Besides, the session on Business in Nigeria, the Vice President, Prof. Osinbajo, will feature in a number of other discussions alongside world leaders including presidents and prime ministers.

    “For instance, he will be discussing on the theme Building Africa with Rwandan President Paul Kagame and the Prime Minister of Ethiopia Mr. Hailemariam Dessalegn, among others. The Vice President would also feature on a panel discussion on terrorism.

    “While in Davos, the Vice President will hold meetings with some of the global companies and other leaders attending the forum.”

    Osinbajo, who departed Abuja on Tuesday, is expected back on Friday.

  • Enelamah joins WEF Stewardship Board

    Enelamah joins WEF Stewardship Board

    Minister of  Industry, Trade and Investment Dr. Okechukwu Enelamah has joined the Stewardship Board of the World Economic Forum (WEF) System Initiative on Shaping the Future of International Trade and Investment

    A statement from  his Strategic Communications Adviser, Constance C. Ikokwu, said Enelamah was invited last month to join the board, comprising between 20-40 global leaders drawn from the public and private sectors.”

    The board members are expected to provide leadership on selected issues.

    According to WEF, “the Fourth Industrial Revolution is transforming the way we live, which necessitates a wider set of actors, experts and resourcefulness to make progress.”

    It went on to explain that emphasis is being placed on a set of major issues called System Initiative, in which multi-stakeholder collaboration is required

    By design, each System Initiative focuses on specific issues, while engaging a cross section of WEF’s interested business and no-business constituents

    “The Role of the Stewardship Board is to guide the work of the System Initiative, take stock of the state of public-private cooperation on the issue at hand and explore collectively how cooperation can be strengthened,” said WEF

    Furthermore, it said that the Stewardship Board “are the only platforms where such high-level exchange about opportunities to strengthen collaboration between public and private partners on these critical issues occurs on an ongoing basis.”

    In accepting the invitation, Minister Enelamah expressed the opinion that the initiative is timely in a global economy undergoing rapid and dynamic transformation, accentuated by the Fourth Industrial Revolution as earlier noted.

    “The changes underway pose challenges accompanied, nonetheless, with an abundance of opportunities.

    “I share your views that progress in this area will benefit, hugely from a range of stakeholder consultations that cut across the public and private sectors. I am pleased to join in the efforts that you are steering,” he said.

  • Elumelu to discuss clean power at WEF

    Elumelu to discuss clean power at WEF

    Chairman of Heirs Holdings and founder of the Tony Elumelu Foundation, Tony Elumelu, is billed to discuss how to scale clean-energy investment to meet developing-country needs on a panel at the World Economic Forum (WEF) in Davos, Switzerland.

    Elumelu will frame his remarks and calls to action in the context of Africapitalism, the economic philosophy that embodies the private sector’s commitment to the economic transformation of Africa through long-term investments that create both economic prosperity and social wealth.

    In the panel, ‘Catalysing Clean Power,’ Elumelu would focus on private sector, governments and research institutions that hope to expand access to and reduce the cost of energy for developing countries; off-grid technologies, battery power; clean cooking methods and environmentally sustainable power generation.

    The ‘Catalysing Clean Power’ panel, would also include Akinwumi Ayodeji Adesina, President of the African Development Bank (AfDB), Takehiko Nakao, President of the Asian Development Bank (ABD) and Francesco Starace, CEO and General Manager of Enel Group, an Italian manufacturer and distributor of electricity and gas.

  • WEF: The issues, the personalities

    WEF: The issues, the personalities

    The World Economic Forum (WEF) in Davos, a municipal city in one of the districts of Switzerland, is a gathering of 40 world leaders to discuss issues concerning peaceful coexistence among member countries of the world and many more.

    The Forum would host global leaders and top business and civil society representatives between Wednesday, January 21 and Saturday 24, 2015 to deliberate on ways of improving the state of the world through public-private cooperation.

    This year’s Forum is scheduled to have a total of over 280 sessions, 100 of which will be on live telecast through the Internet.

    The theme this year is “The New Global Context”, referring to 10 global challenges that the world faces today.

    These identified issues include, environment and resource scarcity, employment skills and human capital, food security and agriculture as well as international trade and investment.

    Other issues facing the world, which would be discussed are future of the Internet, global crime and anti-corruption, social inclusion, future of financial systems, current affairs and the new energy context.

    Davos, a city of about 11.2million people, is located on the Landwasser River, in the Swiss Alps, between the Plessur and Albula Range.

    From Wednesday, the topic will be examined with renewed urgency on a global level, as Kurdish, Iraqi and African leaders are most likely going to call for international support to see the end of insurgency.

    So too, the threat posed by young extremists returning to Europe after fighting with the Islamic State in Iraq and Syria in the Middle East may also top the agenda.

    Among the global leaders expected at the WEF are Ahmet Davutoğlu -Prime Minister of Turkey, Béji Caïd Essebsi –President of Tunisia, François Hollande -President of France, Li Keqiang -Prime Minister of the People’s Republic of China and Angela Merkel -Federal Chancellor of Germany.

    Similarly, John Kerry –US Secretary of State, Muhammad Nawaz Sharif –Prime Minister of Pakistan, Matteo Renzi –Prime Minister of Italy, SimonettaSommaruga –President of the Swiss Confederation and Jacob Zuma–President of South Africa, will be among the key government representatives present.

    The rest of the participants will be mostly made up of more than 1,500 business leaders from the Forum’s 1,000 member companies, 300 public figures as well as recognised leaders from other Forum communities.

    Others are Young Global Leaders, Social Entrepreneurs, Global Shapers, Technology Pioneers and representatives from international organisations and civil society, religious leaders, cultural leaders, academia and the media.

    To mention a few, World Bank President Jim Yong Kim, International Monetary Fund chief Christine Lagarde, Mr. Bill Gates and his wife Melinda from the Bill & Melinda Gates Foundation, Google chairman Eric Schmidt, Alibaba chairman Jack Ma and former US vice-president, Al Gore, now a climate change campaigner will participate.

    Representatives from international organisations and civil society as well as religious leaders, cultural leaders, academia and the media will also join the discussion in Davos, Switzerland.

    Thus, in agreement with Klaus Schwab, founder of the World Economic Forum on the eve of the Forum, it is imperative that World leaders do a brilliant job of coordinating their actions if they want to effectively combat the menace of terrorism and the grave risks from conflicts and volatility around the globe.

    Schwab, a Swiss economist, told StarTribune.com that international teamwork is necessary both to generate economic growth and combat terrorism.

    “Terror cannot be combated on a national basis; it needs international cooperation. But also economic growth can only be generated if we coordinate our actions,” he said ahead of the summit at the Swiss mountain resort.

    Also speaking on the eve of the Summit, co-chair Hari S. Bhartia has called for rebuilding trust between people, corporations and adopt ‘business for corporations and adopt ‘business for livelihood’ as a theme for Indian and global economies.

    “As the devastating effects of the financial crisis have receded from their full fury, this is the best time to rebuild trust between people and corporations.

    “And that cannot be done unless we create the conditions that will give people a better future – a relief from the clutches of hunger, scarcity of water, poor sanitation and lack of adequate
    healthcare,” Bhartia told The EconomicTimes, an English-language, Indian daily Newspaper.

  • ‘Botswana lacks business sophistication’

    ‘Botswana lacks business sophistication’

    The latest global competitiveness report compiled by the World Economic Forum (WEF) shows a wide fall in the way enterprises operate in Botswana.

    The country, according to the report, ranked 116 out of the 144 countries covered by the report this year. The pillar ranked 102 and 95 during the last two surveys conducted respectively. Business sophistication covers among other components, local supplier quantity and quality, state of cluster development, nature of competitive edge, extent of marketing and willingness to delegate authority. The pillar generally looks into whether local suppliers are producing enough and whether their produce is healthy. Six out of the nine indicators under the pillar scored below the average mark of 3.5.

    This, according to Botswana National Productivity Centre executive director Baeti Molake is a wake-up call for local enterprises to up their game. Molake said that local enterprises should spend money on research and development if they are to be competitive in business. Another problematic area interrogated by the WEF in collaboration with the BNPC was goods market efficiency. Though the score remained at 4.1 during the past two years, the pillar ranked 97 from 92 last year. Molake said it is an indication that local enterprises do not realise the importance of customers. “This can only improve if the private sector can come to the party,” he said, further calling for intense competition in the local market. A major challenge over the years has been poor work ethics in the national labour force.

    Other sub-Saharan countries, which have this problem are Namibia, Zambia and Lesotho, though not so predominant like in Botswana. BNPC general manager Tebogo Kesupile told the media last  week that to counter the poor work ethic epidemic, they have so far trained 283 facilitators in the public sector to embark on public awareness on the matter. “We want people to know that they should own their work with passion,” she said. Other pillars that fared poorly are institutions, infrastructure, and financial market development. Meanwhile, innovation remained stagnant at 102 and 3.0 for both rank and score.

    There was also a notable improvement in the mobile broadband subscriptions from 16.5 percent to 74.1 percent, which was attributed to the provision of up to date data by relevant authorities. Botswana ranked at 74 this year, maintaining the position from last year. However, a slight improvement of 4.2 from 4.13 score was recorded.