Why you must invest in Nigeria - Nigeria is the largest economy in Africa. Goldman Sachs says Nigeria has a high potential to become a global player.
Why You Must Invest In Nigeria
Why You Must Invest In Nigeria – General Information about Nigeria
The Federal Republic of Nigeria is a federal republic in West Africa. It has 36 states and the Federal Capital Territory, Abuja. Nigeria is officially a democratic secular country.
Nigeria borders Chad and Cameroon in the east, Benin in the west and Niger in the north. Its coast in the south lies on the Gulf of Guinea in the Atlantic Ocean.
Nigeria is generally called the “Giant of Africa”, due to her massive population and economy. With approximately 188.5 million people, Nigeria is the most populous country in Africa and the seventh most populous country in the world.
Nigeria has one of the youth largest populations in the world.
Ethnicity and Culture
The country is a multinational state with over 500 ethnic groups – the three largest are the Hausa, Igbo and Yoruba; these ethnic groups speak over 500 different languages, and are identified with wide variety of cultures.
The official language is English. Nigeria is divided roughly in half between Christians, who live mostly in the southern part of the country, and Muslims in the northern part. A minority of the population practise religions indigenous to Nigeria, such as those native to the Igbo and Yoruba ethnicities.
As of 2015, Nigeria was 20th largest economy in the world, worth over $500 billion and $1 trillion in terms of nominal GDP and purchasing power parity respectively. It overtook South Africa to become Africa’s largest economy in 2014.
The 2013 debt-to-GDP ratio was 11 percent.
Nigeria is considered to be an emerging market by the World Bank; it has been identified as a regional power on the African continent, a middle power in international affairs and has also been identified as an emerging global power.
Nigeria is a member of the MINT group of countries, which are widely seen as the globe’s next “BRIC-like” economies. It is also listed among the “Next Eleven” economies set to become among the biggest in the world. Nigeria is a founding member of the African Union and a member of many other international organizations, including the United Nations, the Commonwealth of Nations and OPEC.
Why You Must Invest In Nigeria – Nigeria’s Competitive Advantage
Global Market Accessibility
Geographically, Nigeria has the advantage of being located in the Gulf of Guinea. What does this mean?
- It means direct freight access to North America
- It means direct freight access to South America
- It means direct freight access to Europe
- It means direct freight access to Asia
With Nigeria’s 54 airports including 40 with paved runways, 14 with unpaved runways, six (6) operational ports and five (5) Heliports, the country can be the production hub to access the combined GDP of over US$43 trillion of the developed markets of North America and Europe.
Nigeria also has extensive rail and road networks that connect its cities together, and connects it to its neighboring countries like Niger, Chad, Cameroun, and Benin Republic.
Why You Must Invest In Nigeria – Access to 188.5 million
Nigeria is the largest economy in Africa and, according to Goldman Sachs, one the next 11 countries with a high potential of becoming among the world’s largest economies in the 21st century.
With a huge population projected to hit 480 million people by 2050, Nigeria is a huge market for any forward thinking investor to tap into.
With an estimated 188.5 million people, the Nigerian market is the biggest in and most energetic in Africa. One in five to six Africans is a Nigerian. It is a youthful population. Over 36% are between 15-35 years and very tech savvy.
This means if you are serious about doing business in Africa, and you are not in the Nigerian market, you need a rethink of your strategy.
Why You Must Invest In Nigeria – Availability of Cheap Labour
The Nigerian workforce of about 77 million people is a strong reason why you mus invest in Nigeria. This number accounts for almost 42 percent of the total population. With about 1.8 million graduates entering the labour market every year, there is a rich pool of Nigerians with tertiary degrees ready to be employed for far less the cost in the west.
Also, with a large proportion of students pursuing graduate studies abroad due to the government and private funded scholarships, when these students return with advanced technical knowledge in their fields, international relationships, and understanding of the way of life of the people in the country of their study, they become an asset to any organization they join.
The total hours worked for the year 2015 was 131,096,143,908 hours with labour productivity of US$3.61.
Why You Must Invest In Nigeria – Stable Political Environment
Nigeria has been politically stable for 17 years.
Since the return to democratic rule, Nigeria has enjoyed 17 years of unbroken stability.
Another significant landmark was achieved in 2015, when political power seamlessly transferred from an incumbent to an opposition party. In Nigeria, there is an active engagement by the three arms of government, a free and robust press, and active civil society organisations and things will only get better.
Why You Must Invest In Nigeria – Abundant Natural Resources
Nigeria is a country blessed with abundant natural resources.
Here are a few facts about why you must invest in Nigeria and her natural resources:
- Nigeria currently has the 12th largest iron ore reserves in the world with over three (3) billion tonnes of iron ore deposits.
- Nigeria also has large deposits of Bitumen, Lead, Coal, Baryte, Limestone among others.
- Nigeria is world’s largest producer of cassava, and fourth largest for cocoa.
- It is Africa’s largest crude oil producer and Nigeria has over 84 million hectares of arable land with 230 billion cubic meters of water; abundant and reliable rainfall in over two thirds of its territory,
- Nigeria has some of the richest natural resources for agricultural production in the world.
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