Nigeria offers the most exciting business opportunities in Africa

By Sunday Oyinloye

Nigeria offers the most exciting and incredible opportunities for investors in Africa, Nigeria’s Ambassador to Belgium, Mr. Obinna Chiedu Onowu has said.

Speaking at the just concluded Nigeria Belgium Luxembourg Business Forum in Brussels, Onowu who is also Nigeria’s Head of delegation to the European Union said the country is considered one of the ten most improved economies in the World Bank Doing Business Report 2020, stressing “its economy continues to thrive”.

He noted that Nigeria remained Africa’s largest economy over the last seven years adding that its geographical land mass is huge, bigger than France and UK combined, and is blessed with diverse natural resources.

In his words: “Nigeria is largest market across Africa with a projected population of 402 million and the world’s 3rd largest population by 2050. Nigeria is home to many international brands who have recorded success operating in the country such as PZ, GSK, Unilever, Diageo and MTN.

“Nigeria’s financial market is one of the largest in Africa with a capital market capitalization rate of over US 40 billion.

“The country has witnessed 24 years of uninterrupted democracy, sparring peaceful handover of six elected presidents. Recently, precisely on 29th May, His Excellency Bola Ahmed Tinubu, GCFR was inaugurated as the President of Nigeria.”

The Ambassador explains further that the Federal Government of Nigeria has provided numerous initiatives and policies to incentivize investment across various sectors.

“Nigeria has energetic, tech savvy and entrepreneurial population with over 50% of the total population below 25 years old. Nigeria has the most vibrant tech eco system in Africa.

“The fintech businesses are twice as large as the banks. The biggest bank in Nigeria is worth 1.6 billion dollars while Flutter Wave is worth 3.6 billion dollars.

“With well mapped out economic policies, over the years, Nigeria remains a prime destination for business and investment” he said.

Onowu assured Nigeria’s Belgian partners that the new administration in his country will improve the current economic policies especially by consolidating strategies to create enabling environment for businesses to thrive, and instill confidence in economic activities.

His words “The Federal Government is fully aware of challenges such as shortage of foreign exchange, inadequate power supply and insecurity in some parts of the country, and is working assiduously to address them. Some of the strategies will be discussed in the presentation by the NIPC.”

The Ambassador is optimistic that partnerships established between government and businesses as well as business to business at the Business Forum will take Nigeria, Belgium and Luxembourg bilateral trade ties to a new level.

In his presentation, the Director Investment Promotion of Nigerian Investment Promotion Commission Abubarkar Yerima said the theme of the Business Forum: “Building Sustainable Partnerships In the Non- Oil Sector” is apt.

“Nigeria and Belgium share a long history of bilateral relations, and it is encouraging to witness the continuous growth and diversification of our economic engagement.

“This gathering presents an incredible opportunity to explore new avenues of collaboration, exchange ideas, and forge enduring partnerships that will drive mutual prosperity.

“Belgium’s expertise in sectors such as technology, logistics, renewable energy, and manufacturing, combined with Nigeria’s vast market potential, natural resources, and dynamic workforce, creates a promising landscape for fruitful investment and business ventures” he said

The Director noted that Nigeria’s investment climate has witnessed remarkable transformation in recent years, stressing that the government in close collaboration with the NIPC has implemented a series of reforms aimed at enhancing the ease of doing business.

“Streamlining bureaucratic processes, simplifying company registration, and improving transparency have all contributed to a more favorable investment environment. These initiatives have been recognized globally, propelling Nigeria’s rise in the World Bank’s Ease of Doing Business Index”.

“Nigerian government understands the importance of providing attractive incentives to investors. Various incentives, including tax holidays, exemptions, and rebates are available in sectors that drive economic growth.

“Whether you are considering investments in agriculture, manufacturing, infrastructure, or renewable energy, Nigeria offers a range of incentives to support your ventures. These incentives not only encourage investment but also foster innovation and job creation, driving sustainable development.” He said

He disclosed that Infrastructure development has been a priority for Nigeria adding that government recognizes that robust infrastructure is essential for economic growth.

His words: “Significant efforts have been made to improve power supply, transportation networks, ports, and telecommunications infrastructure. Initiatives such as the Presidential Infrastructure Development Fund (PIDF), which aims to eliminate the risks of project funding, cost variation, and completion that have plagued the development of the nation’s critical infrastructure assets, underscore our commitment to creating an enabling environment for investors.

“Nigeria presents a wealth of investment opportunities across diverse sectors. Our agricultural sector is teeming with potential, offering opportunities in crop cultivation, livestock farming, and agroprocessing. With abundant arable land and favorable climatic conditions, investors can tap into the immense potential of Nigeria’s agricultural resources.

“The manufacturing sector is another area ripe for investment. From textiles to cement production, automobile assembly to consumer goods manufacturing, Nigeria’s growing middle class and large population provide a ready consumer base for manufactured products. By investing in this sector, you can tap into a market with immense potential for growth”.

“Nigeria’s energy sector, particularly oil and gas, has been a prominent investment destination for decades. With significant reserves of oil and gas, there are opportunities for exploration, production, refining, and distribution. As the world transitions to cleaner energy sources, Nigeria is increasingly focusing on renewable energy projects. Investments in solar, wind, and hydroelectric power projects hold great promise”.

Yerima commended Ambassador Onowu and other organizers for their efforts in bringing together entrepreneurs and investors from both countries.

Many presentations were made at the Business Forum by partners and friends of Nigeria as well as industry players in Belgium, while some companies indicated interest to invest in Nigeria.

There were also panel discussions which unanimously agreed that despite the challenges, Nigeria remains one of the best countries in the world to invest. Sunday Oyinloye is a Public Affairs Analyst.