Why Nigeria remains strong investment destination in Africa

Nigeria launched the country’s Investment Guide to the world at the recent UK Africa Investment Summit to sell the huge potentials of the country’s economy to global investors.

The Nigerian Investment Promotion Commission (NIPC) and its partner, the UK Department for International Development (DFID) published the Nigeria Investment Guide which was launched to showcase why Nigeria is a strong investment destination in Africa.

The Investment Guide marketed Nigeria as “Africa’s largest economy over the last seven years with a geographical land mass bigger than France and UK combined.”

Highlighted in the Guide is the fact that Nigeria is blessed with diverse natural resources with current monthly minimum wage of $83 compared to $233 in South Africa or $124 in Egypt. This implied to investors that the country has a cheap labour workforce compared to other competitors.

Nigeria is also considered one of the 10 most improved economies in the World Bank Doing Business Report 2020, having the largest market across Africa with a projected population of 402 million and the world’s 3rd largest population by 2050.

As shown in the report, Nigeria has per capital income of $2028.2, which is 84 per cent higher than Africa’s average of $1,720.

Nigeria also showcased the country’s existing international brands thriving in the economy such as PZ, GSK, Unilever, Diageo and MTN.

“Financial market is one of the largest in Africa, with a capital market capitalisation rate of over US$40 billion,” the Guide stated, adding that the country “witnessed 20 years of uninterrupted democracy, spanning peaceful handover of five elected Presidents.”

To lure investors, the Guide indicated that the Federal government has provided numerous initiatives and policies to incentivise investment across various sectors, even as the country is projected to grow at a Compound annual growth rate (CAGR) of 2.50 per cent over the next five years.

“Nigeria has a very young, energetic, tech-savvy and entrepreneurial population with over 50 per cent of the total population below 25 years old,” the Guide stated.

NIPC’s Executive Secretary, Ms Yewande Sadiku, stated in her foreword to the guide that it was a high level document created to assist prospective investors to understand Nigeria’s economic opportunities. While the edition of the guide is focused on prospective investors from the United Kingdom, it is useful for all foreign investors seeking insight about doing business in Nigeria. The Nigeria Investment Guide is a complementary addition to the iGuide Nigeria, the online investment guide launched by NIPC in May 2018.

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