Although far from being perfect, it isn’t a fluke that Nigeria is regarded as the giant of Africa when it comes down to business investment. With a GDP of $568.5 billion (which is far better than any other country in Africa,) and with a population of more than 180 million people, the world most populous black nation is always going to be a marketplace for foreign and domestic investment opportunities.
The beacon of a rich continent
No doubt, Africa is a rich continent, although some of its natives are yet to reap significant from its endowments. However, the abundance of natural resources in Africa, particularly in Nigeria, has led to many multinational corporations, business and humanitarian-minded organizations flooding the continent in search of investments.
For instance, as of 2018, the United States exports to the Sub-Saharan region now accounts for more than $21 billion. According to the latest statistics, Africa is home to six out of the top 10 fastest growing economies in the world, and Nigeria happens to be among them. According to the UN Trade Agency (UNTAD) and the Overseas Private Investment Corporation (OPIC), Nigeria and the entire African continent offers the highest and fastest return on direct investment, compared to other regions or continents of the world. With its vast population and largest economy in Africa, Nigeria plays a prominent role in all of the business success stories recorded by the continents.
Five reasons why it is good to invest in Nigeria:
A flexible business culture
The prevailing business culture in Nigeria is one that offers flexibility for both foreign and local investment. The country has a knack of developing with new business ideas, bringing diverse perspective into business methods while creating small and large business organizations. The Nigeria people know how to interact and connect with investors—foreign or local—positioning themselves to achieve greater success. This is the sole reason why the country is the economic powerhouse of Africa.
A country of hardworking people
If you have a prize for the most hardworking people in Africa, Nigeria would undoubtedly take the first crown. There is no better or greater country whose people work so hard and never feel the pain compare to Nigeria. They know how to work effectively as business-minded people.
A wealth-creating business environment
From Telecommunication to medical and healthcare services, oil and gas to technology-related products, to computer hardware/software, electric power generating equipment, earth-moving and construction equipment, and automobile, franchising and agricultural products, the Nigerian private and public sectors offers a vast market for investors to thrive.
Nigeria is a place where you can start any business and make a good return within a relatively short time. Once you can engage in activity that solves the basic and everyday needs of the people, the reward is always one of success. It is because of this business opportunity that companies and organizations from other established African countries like are investing so much in the Nigerian market. For instance, as at 2017, there are more than 117 South African companies doing businesses in Nigeria, and a lot more are coming in from China and India—the two new most dominant investors in the Nigerian and African market.
A stable and encouraging atmosphere
There is increase stability in the political and economic atmosphere in Nigeria. Since the nation transcends from Military rule to civilian administration in 2003 to date, people have witnessed steady growth in almost all sectors. There is an improvement (however little) in power supply, with telecommunication becoming one of the most developed and competitive industries in the areas of business in the country. Peace has also returned to the Niger Delta, the hub of oil and gas exploration activities, which further opens up more business opportunities for entrepreneurs and specialized investment.
Generally, the Nigerian people are friendly and highly receptive of foreign investors. These and many more are some of the reasons why so many businesses favor the Nigerian market as the right and most profitable place to do business in Africa.