Nigeria the world’s newly attractive market - CNBC Africa

Nigeria the world’s newly attractive market

Western Africa

by Dara Rhodes 0

Lagos waterfront in Nigeria. PHOTO: Getty images

“Nigeria equals opportunity. For us, there are strong testimonials to show that Nigeria equals opportunity. If you don’t agree, ask MTN for instance. If you don’t agree ask Sim Shagaya of Konga.com. If you don’t agree, ask the guys in the financial services sector. If you don’t agree, you want to talk to people like General Electric,” Frank Nweke, the Director General of the Nigerian Economic Summit Group told CNBC Africa.

While Nigeria has hosted many successful forums in the past such as the common wealth heads of government meeting in 2003, the World Economic Forum (WEF), promises to present the economy as a robust one while also presenting the country’s very rich culture.

“Our intention is to provide snippets on the status of our economy as one that is robust, as one that has great promise, as one that is delivering to investors,  we are also going to be providing snippets on our culture, of our music, of our food and this is something that we are preparing for extensively,” he said.

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With Nigeria being recently recognised as the world’s most rewarding market, Nweke is certain that there is no better investment hub on the continent.

“Nigeria presents opportunity like no other country in Africa presents. The combination of the share size of this market, the size of our economy, the stability of our micro economic fundamentals, all of these things position Nigeria in a way that no other country in Africa can be perceived,” he explained.

As Nigeria’s full economic potential is still very much untapped, her attraction to foreign investors keeps growing as the country remains Africa’s largest receipt of Foreign Direct Investment. Nonetheless, assistance is still needed for the country to achieve its full internal potential.

“As an investor, this is where I’d come, and I can tell you clearly, this might not sound very nice but I tell you, whether you are looking at real estate, agriculture, technology, consumer goods or transportation, all of these have virgin territory in Nigeria.”

“They are all virgin territory and so it’s a matter of have your pick. Whichever way you decide to go, you can be guaranteed significant returns on your investment in Nigeria,” he concluded. 

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