US embassy cable - 02ABUJA1399

UNCLAS ABUJA 001399 
 
SIPDIS 
 
 
LONDON FOR AFRICA WATCHER 
 
 
E.O. 12958: N/A 
TAGS: ETRD, ECON, NI 
SUBJECT: NIGERIA: COMMONWEALTH-AFRICA INVESTMENT FORUM -- A 
NON-EVENT 
 
 1. The Commonwealth Business Council (UK's equivalent to the 
Corporate Council for Africa) in coordination with the GON, 
hosted the annual Commonwealth-Africa Investment Forum in 
Abuja April 22-24.  Embassy contacts at the British High 
Commission reported that while the Forum was successful, 
nothing of significance occurred. 
 
 
2. President Wade of Senegal was the only Head of State to 
attend, although Ministers from all Anglophone African 
countries participated, including South Africa's Trade 
Minister at the head of the largest African delegation. 
Attendance from the developed world was small; approximately 
25 UK citizens were here, all from private companies either 
already on the ground in Nigeria or looking to enter the 
market or veterans of non-government organizations.  In 
addition, a small number of private companies from 
non-Commonwealth European capitals attended.  Unlike last 
year, no U.S. company was present. 
 
 
3. Discussion at the Forum, according to the BHC Economic 
Office, focused primarily on two issues: barriers in Africa 
prohibiting foreign direct investment (FDI) and the 
governance agenda.   However, the discussion did not result 
in any new conclusions as to why Africa is not receiving more 
of global FDI.  Many Africans expressed significant 
frustration that FDI flows have not increased. 
 
 
4. Comment.  This year's Commonwealth Forum appears to have 
been a non-event, the latest in a growing string of 
low-impact efforts to increase private sector interest in 
Africa.  The World Tourism Organization's Commission for 
Africa's held its 38th annual meeting in Abuja this week, and 
this, too, proved lackluster.  Vice President Atiku 
Abubakar's chosen stand-in sent his own stand-in, who opened 
proceedings three hours behind schedule.  While events such 
as the Tourism Commission meeting and the Commonwealth Forum 
can showcase comfortable accommodations and modern conference 
facilities, they cannot make Nigeria a destination for 
tourists or FDI.  Nevertheless, GON efforts to substitute 
showy manifestations for much-needed reforms are unlikely to 
cease.  End Comment. 
JETER