If there have been security problems in Nigeria, no businessman would go to the national country to explore opportunities, companies like Celtel, MTN, Etisalat, would not have ventured into security risk country to conduct business. Those that spread rumors about security and problem problems in Nigeria are saying so to stop others from earning money in the country.
Figures don’t lie. They are the biggest testimonies for how conducive Nigeria’s environment for business and opportunities are. If you want to do business in Africa and record good earnings on your investment, I welcome one to come to Nigeria. The political environment in Africa, particularly in Nigeria is great.
What is going on currently with the Nigerian economic climate is definately not being affected at all by the global credit problems. At global level currently, the banks are under-capitalised, but Nigerian banking institutions are over-capitalised. And I do not think this is a problem whatsoever. I believe that Nigerian banks are under great pressure from other economies within the Africa continent that are affected by the credit challenges.
The foregoing statements aptly connote two understandings of the condition of Nigerian overall economy. These understandings show that, the economy is one of the fastest growing economies in Africa and in the world. Faced with numerous challenges, the Nigerian government is determined to strengthen, diversify, and make the economy attractive and investment-friendly to both local and foreign investors. It becomes pertinent to direct the course of this discussion to embrace the second understanding of the above mentioned statements created by Hamadoun Toure and Gordon Smith.
However, it becomes more important to enumerate the natural investment opportunities in the Nigerian economy before discussing the problem of security as raised by Toure. As Nigeria accounts for 57 per cent of the West Africa cell phones, the national country is acknowledged as the leading and the quickest growing Telecom market in Africa. With mobile phone users at 44,932,181 and 734,444 for GSM and mobile CDMA respectively, her contributions to West Africa and Africa’s telecommunication growth can not be overemphasized.
With the above-mentioned facts, one can securely conclude that Nigerian Telecom sector offers fantastic and profitable investment opportunities to global investors. And putting into consideration 40% GSM market growth rate in the first quarter of this year (2008), there is the prospect of high return on investment in this sector. Agriculture, the prominent sector of Nigeria overall economy, engages about 70 per cent of the population and provides almost 88 percent of non-oil foreign exchange earnings directly.
It contributes about 41 per cent of the GDP of the country. Statistically, 91 million hectares of the country’s total land section of 92.4 million hectares is adjudged to be ideal for cultivation. Approximately half of this cultivable land is effectively under permanent and arable crops, as the rest is covered by forest timber land, long-term pasture and developed areas.
Among the state governments, that have the most abundant land, areas are Niger (7.6 million hectares) and Borno (2.8 million hectares). Agriculture plants in Nigeria are grouped into cereals, root, and tuber vegetation, grains legumes and other legumes, oil nuts and seeds, tree crops, and fruits and vegetable. Governments and the Ministries of Agriculture have made land acquisition easy, encouraged agricultural practices, extended (still extending) invitations to foreign investors, and have put in place several incentives to stimulate growth in the sector.
- 1 Examining the scientific evidence
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As the world encounters food problems and prolonged rise in gasoline prices, the country’s agriculture offers unlimited opportunities for foreign investors and the world at large to provide solutions to these crises. Foreign traders will find investments in cultivation of glucose cane, sugar beet, lovely sorghum, starch (corn/maize), palm oil, soybeans, jatropha, and algae.
These products are lucrative as they are potential for biofuels, a good replacement for fossil fuel. Presently, there is a very high demand for these crops from the developed economies. Solid Mineral is another sector with great investment opportunities. Nigeria is endowed with numerous mineral resources. Recent policy reforms have brought the solid minerals sector to the fore. The emphasis is on encouraging massive foreign investors’ involvement in this sector as significantly less than 0.5 per cent is contributed to the Gross Domestic Products from Solid nutrient sector. Coal can be found in Enugu, Kogi, and Benue.