Posted on October 11, 2018
As Nigerians prepare for the 2019 general elections, we are certain to witness politicking of all forms but there is a section of the country’s electorate who are engaging in serious discussions that will impact the future. One is the issue of Nigeria’s attractiveness to global investors which has dipped in recent times. In a fast-changing world with global competition for capital, Nigeria cannot afford to lag behind.
In its Africa Investment Index (AII) 2018, Quantum Global’s independent research arm, Quantum Global Research Lab ranked Morocco as the top investment destination in Africa. Morocco’s ranking was due to a strong business environment, size of its economy (fifth largest in Africa) and its social capital. Nigeria did not make the list but received a mention for its strong improvement, which was sadly attributed mainly to a rebound in global oil prices. One wonders why Nigeria did not make the cut. The country has the largest economy in Africa, but could it be that it is so poor in social capital and the business environment abysmal?
The decisions made and actions taken today will determine Nigeria’s future. With the country’s population expected to rise above 300 million by 2050, the availability of capital to spur growth will play a huge role in the country’s future. Hence, there is need for us to start asking some very important questions as we chart a path for the future.
The most prolific sectors of the Nigerian economy are private-sector led. But why would anyone want to invest in Nigeria? How easy is it to do business in the country? Are current policies favourable to increasing capital inflow? With so much investment opportunities available in the country, why aren’t we seeing investors competing fiercely to exploit available opportunities?
What has been done by the government to attract more Foreign Direct Investment, and what should we expect going forward?
These questions are many more will be answered by leaders of the private and public sector, who will be speaking at the Nigeria Investment Conference 2018. Register here to attend.