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NIGERIA: GIANT STRIDES IN THE GLOBAL MARKET

  • Nigeria has a large market, with deepening pockets and has one of the highest real incomes per capital growth rates in Sub-Saharan Africa;
  • Nigeria’s GDP growth was estimated at 7.9% in 2010, making it one of the fastest – growing economies in Sub-Saharan Africa and it is expected to continue out performing other African OPEC members over the next five years;
  • The non-oil sector has been the main growth driver;
  • Nigeria has a strong fiscal position with a small deficit and low levels of government debt compared to other Sub-Saharan Africa economies;
  • Nigeria has the third largest FDI inflows into Africa and the second largest in sub Saharan-Africa;
  • Nigeria has made significant political strides which are indicative of maturing political culture;
  • Nigeria has the potential to be the fastest growing economy in the world over the next 40 years, with an average growth rate of 8.5%. It could be a significant contributor to global GDP growth increasing its share of global GDP from 0.5% today to 2.5% by 2050;
  • Nigeria is making progress in recapitalizing the Banking Sector and the establishment of a sovereign wealth fund to strengthen the fiscal framework and savings;
  • Nigerian Government has prioritized the power sector and the plans to privatize it across the value chain, whereby removing infrastructure bottlenecks will accelerate growth;

In conclusion therefore, Nigeria has a proud tradition of encouraging and inspiring others to strive for democracy and economic growth. The Nigerian market potential also stretches into the growing West African Sub-region especially, and the government has created a favorable climate for business and industrial ventures, where administrative and bureaucratic procedures are being streamlined. In this regard, a comprehensive package of incentives, general and sectoral, has been put in place to create a favorable environment for foreign investment.

Everything that is Nigeria is business; everything that is business is Nigeria.