Nigeria: Africa’s Business Hub

By You-niq Team Log

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It continues to surprise that in a period that the entire globe is in an economic meltdown and chronic recession that shook renowned EU and western economic stalwarts to the marrow, Africa was matching on with Nigeria leading the way.  Nigeria has maintained its impressive growth over the past decade with a record estimated 7.4% growth of real gross domestic product (GDP) in 2013, up from 6.7% in 2012 and this growth rate is higher than the West African sub regional level and far higher than the sub-Saharan Africa level.

When “Nigeria sneeze, Africa catch cold” was just a cliché until the economic wonders started unfolding with Nigeria becoming fastest growing economy, even bigger than South Africa in the continent. Nigeria continues to play a strategic role in the development of Africa and the West African sub-continent. It also houses the largest potential market for investors and Africa’s largest democracy.

Nigeria is the sixth most populated nation in the world after China, India, USA, Indonesia and Brazil (UNFPA), and would be 221million in 2020. It goes without saying that the potential for growth and success for business in the country is phenomenal as has been demonstrated by the telecommunications industry. However, recent security challenges and terrorist activities have investors concerned.

It is important to note that terrorism is a global phenomenon and the Boko Haram sect in Nigeria has been known to have links with terrorist groups like Al Qaeda and Al Shabab, given to be organised on the line of radicalisation, ideologies or sheer plot to destabilise, create terror, and exploit public resources at the detriment of the most vulnerable. Nigeria in recent months and weeks have had a share of its collateral damage and fatal impact, even before the kidnap of over 200 school girls from Chibok, Benue State that made their menace a global one. It is worth pointing out that President Goodluck Ebele Jonathan and his government are committed to stem and contain this insurgency with its multi-track strategy to include dialogue, engagement, empowerment, education and re-orientation.

The Nigerian government is working in collaboration with many nations and regional bodies to end the workings of this terrorist group in the country. The arrests of senior level Boko Haram commanders demonstrates this. Finally, with the launch of the Safe Schools Initiative and the establishment of the Presidential Initiative for the North East (PINE), the government has proved its commitment to ensure that no part of the country offer breeding ground for terrorism. As they always say in business that “High Risk High Profit” – meaning that regardless of the unknown quantity of doing business abroad, in Nigeria it is business as usual with exponential yields. It must be stated that Nigeria offers potential reward for foreign investors especially as considering the business friendly environment, mouth-watering supports and soft-landing strategies in place including but not limited to the following:

  • Tax relief for research and development
  • Abundant natural resources, i.e. Gas,
  • No excise duty oil, solid minerals, and quality human
  • Access to land  resources from it’s over 167 million.
  • Energy sector tax holiday
  • Import duty rebate Large good market
  • Export incentives for non-oil sector with right demography
  • Export processing zones
  • The market gives access to over one billion African population

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