NIGERIA: COMMONWEALTH-AFRICA INVESTMENT FORUM -- A

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