Innovation and Inclusivity: Director of FCMLI urges development commissions to rethink investment strategies
By Goodluck E. Adubazi, Abuja.
Development Commissions across Nigeria’s geopolitical zones must prioritize innovation and inclusivity when designing investment programs, says Byron Isi, the Country Director of First Class Management and Leadership Institute Ltd/Gte (FCMLI Africa) and an Investment Promotion Specialist.
He emphasized that incorporating these elements would ensure that policies and investment projects deliver tangible benefits to targeted stakeholders.
Speaking during a recent virtual media interview following the North West Diaspora event in Kano, Isi stressed the need for Development Commissions to collaborate with agencies that have direct interfaces with investment hubs.
He highlighted organizations such as the Nigerians in Diaspora Commission (NIDCOM), the Federal Ministry of Industry, Trade and Investment (FMITI), the Ministry of Foreign Affairs (MFA), and other key partners as critical to attracting top-tier tech innovators and entrepreneurs from the African and Nigerian diaspora.
Harnessing Diaspora Investment for Regional Growth
Isi, who delivered the keynote address at the workshop titled “Unlocking the Potentials for Diaspora Investment in Nigeria’s North West Zone,” underscored the role of diaspora funds and technology in Nigeria’s economic growth and industrialization. He urged the North East Development Commission (NEDC), the newly established South East Development Commission (SEDC), and the more established Niger Delta Development Commission (NDDC) to explore diaspora investment models for regional development.
He cited the success story of a Zimbabwean inventor, Maxwell, a 44-year-old former high school dropout, who was incentivized to return from abroad to develop his groundbreaking micro-sonic energy-powered car. Unlike conventional vehicles, Maxwell’s invention does not require fuel, gas, or external electricity charging, using self-propelling technology instead.
This innovation, which has outperformed global disruptors like Tesla, is set for an official launch in Zimbabwe in February 2025.
A Call for Strategic Partnerships and Policy Innovation
Isi noted that Zimbabwe’s presidency recognized and promoted Maxwell’s work due to its innovative potential.
He urged Nigeria’s Development Commissions NEDC, SEDC, and NDDC to forge strategic partnerships with both public and private sector players to identify and support Nigerian diaspora-led tech start-ups. Such collaborations, he argued, would drive inclusive prosperity and economic transformation across the geopolitical zones.
Beyond investment and industrialization, Isi highlighted the role of leadership in tackling Nigeria’s security challenges.
“Insecurity cannot be fought with guns and bullets alone. We need leadership-driven solutions that reorient and engage our youth,” he stated.
Industrialization as a Pillar of Economic Growth
Isi, who serves as the Technical Adviser to the Senior Special Assistant to the President on Industrial Training and Development, Hon. Adamson Oluwatosin Ayinde, emphasized that industrialization and skills training are crucial to Nigeria’s economic growth. He stressed that governments at all levels must prioritize workforce development to create sustainable industrial progress.
He expressed confidence that the Federal Government’s Renewed Hope agenda would attract the necessary funding and technology to drive inclusive development, urging policymakers to align investment programs with emerging global trends.
As Nigeria looks to the future, Isi’s message is clear: leveraging innovation, engaging the diaspora, and fostering inclusive policies will be key to unlocking the nation’s economic potential.
