Welcome to Corporate Nigeria
The Business Trade and Investment Guide.
Welcome to the fifth edition of Corporate Nigeria, the annual business, trade and investment guide that has become a key resource for the international business community as well as for Nigeria’s own business and public sector leaders. Inside, you will find the latest economic developments from Africa’s largest market, alongside an introduction to the wide range of investment opportunities available in Nigeria’s growing economy.
Nigeria has weathered the challenges of 2009-10 well. In politics, the country has seen another peaceful transfer of power between the late President Umaru Musa Yar’Adua and his vice-president, now President Goodluck Jonathan. The new president was integrally involved in the achievements of his predecessor, and has shown his commitment to building on the successes of Yar’Adua’s administration while at the same time addressing the former president’s unfinished business. Nigeria’s ongoing political stability has been one factor in the continuing high investor confidence enjoyed by the country: in 2009, Nigeria received the nineteenth greatest amount of Foreign Direct Investment in the world.
Among the former president’s greatest triumphs is the improvement of security in the Niger Delta. Home to most of Nigeria’s considerable petroleum resources, the region has been plagued by conflict for some years. But an amnesty offered by the government in 2009 succeeded in getting many militants to lay down their arms, and together with a new development programme for the region, it has caused militancy to subside. Oil majors have been able to ramp up production and the country’s oil output has surged, even as new infrastructure and government initiatives have encouraged the speedy growth of Nigeria’s gas industry.
The telecoms industry in Nigeria is going from strength to strength. The eighth fastest growing in the world, the sector has received USD18 billion in investment in the last ten years, and with new technologies, new infrastructure and new initiatives coming online, future growth is assured. Plans to modernise agriculture are bearing fruit, and sub-sectors like cocoa are enjoying a resurgence. New infrastructure projects are improving the country’s transportation capacity and energy supply. And even though the global economic crisis took its toll on the financial sector, a successful bank bailout and subsequent reform drive has seen the sector come through the downturn in better shape than did many countries among the developed markets.
As the world emerges from recession, Nigeria is well placed to carry on its drive towards becoming a major player in the global economy. Corporate Nigeria 2010 can guide you through the country’s many promising opportunities, and provide you with the tools to understand one of Africa’s most vibrant and dynamic business environments.