Abia -Turkish Investment Forum

The forum held on the 27th of September 2016 at 8pm in Turkish Embassy.

His excellency Dr Okezie Ikpeazu and His Excellency Mr Hakan Cakil was in attendance with the State Senetors, Commisioners and Captain of the industries from Abia State- Nigeria and Turkey. 

The similarities within two countries was expressed also with the great opportunities of investments to be explored.

Garment, ceramic, shoe, infrastructure, agriculture and manufacturing sectors were highlighted.

Interaction between businessman continued next day as B2B section in Hilton Transcop Hotel in Abuja. 

Abia-Turkish Investment Forum was organized with the Partnership of Dr Nneka Ebru Okpe and Abia State PPP depermant aiming investment and development in the State. 

BUILDMACEX NIGERIA

Construction is one of the most profitable investments in Nigeria. To compliment that many networking organizations and sessions are happening especially in Lagos,Abuja Enugu , Port Harcourt.

BUILDMACEX NIGERIA on October 27th to 29th was one of the most significant exhibitions that was held in Eko Hotel. Many local and international construction companies, as well as roofing, tiling , window & door , plumbing manufacturers participated in order to find customers , wholesalers, importers , projects to deliver. Companies that came from abroad used the opportunity to see the market and offer solutions for Nigerian needs.

However it took my attention that many participants didn’t know the renewed rules and regulations exporting to Nigerian market. I believe sharing the list of items that would not be supported by Central bank of Nigeria or the official markets to get foreign exchange, would be help for companies looking forward doing business with Nigeria. However it is important to underline that importing these items are not banned or prohibited:

1. Rice

2. Cement

3. Margarine

4. Palm kernel/Palm oil products/vegetables oils

5. Meat and processed meat products

6. Vegetables and processed vegetable products

7. Poultry chicken, eggs, turkey

8. Private airplanes/jets

9. Indian incense

10. Tinned fish in sauce(Geisha)/sardines

11. Cold rolled steel sheets

12. Galvanized steel sheets

13. Roofing sheets

14. Wheelbarrows

15. Head pans

16. Metal boxes and containers

17. Enamelware

18. Steel drums

19. Steel pipes

20. Wire rods (deformed and not deformed)

21. Iron rods and reinforcing bard

22. Wire mesh

23. Steel nails

24. Security and razor wine

25. Wood particle boards and panels

26. Wood Fibre Boards and Panels

27. Plywood boards and panels

28. Wooden doors

29. Toothpicks

30. Glass and Glassware

31. Kitchen utensils

32. Tableware

33. Tiles-vitrified and ceramic

34. Textiles 35. Woven fabrics

36. Clothes

37. Plastic and rubber products, polypropylene granules , cellophane wrappers

38. Soap and cosmetics

39. Tomatoes/tomato pastes.

40.Eurobond/foreign currency bond/ share purchases

Eurobond/foreign currency bond/ share purchases Knowing these items can be guideline for manufacturers in Turkey. Nigeria is looking forward to shape their manufacturing sector for a stronger economy. Exporters from other countries are encouraged to look into producing in Nigeria. Many importers that has experienced are even investing into manufacturing locally.

Pictures from the Summit

OUTCOME of G20 Young Entrepreneurs Alliance / ISTANBUL

G20 YEA SUMMARY

This year Turkey was the host country for G20 YOUNG ENTREPRENUERS ALLIANCE, which is a platform for young entrepreneurs especially from G20 countries to exchange ideas and discuses challenges, opportunities and brain storm together. It is also a global network of young entrepreneurs and the organizations that support them.

TUGIAD which is the Turkish partner of G20 YEA did an excellent job on organizing and hosting members, delegates and international companies in Istanbul.

The topic of the summit was entrepreneurship culture. Mr. MUHTAR KENT as a successful businessman (CEO of Coca Cola TURKEY) underlined the importance of consumers. Some other facts were also discussed:

• Creating an understanding for sustainable and robust growth
• Good communication
• Good markets
• Consumer expressions (consumers talking about your product and exchanging thoughts about it) are strategic point to succeed.

In todays world with the increase of entrepreneurs, businesses and innovative strategies, product selection is on the rise . Importance of the consumer and perception of your product within consumers, might be the breaking point for victory.

Knowing that 75% of the workforce in G20 is by entrepreneurs (startups) in developing countries such as Turkey, India , Brazil  etc., entrepreneurship has a crucial role in these countries economies. By increasing the level of entrepreneurs, this will strengthen the business institutions and environment in these countries allowing companies in the developed nations access to financially dependent private sector by so doing they don’t have to dwell so much on the governmental agencies and the public sector. Subsequently understanding, strategies and work flow are more similar within entrepreneurs which makes business growth and development easier in the private sector.

The summit gave exceptional importance to educating and training entrepreneurs and creating mentoring programs especially in emerging nations.

The discussion also touched on women entrepreneurs. In the global economy, 30% of the entrepreneurs are Women. However women’s growth relatively is an economical issue in public and private sectors. Ms Demet Ozdemir from Ernst &Young Turkey underlines 3 key points for women in business

1. Access for funding
2. Mentorship
3. Networking

When we looked at these key points we agreed that there are more working difficulties in a traditional culture for females.

Nevzat Aydin, co-founder of YEMEKSEPETİ.COM which is online food ordering company providing the facility to place food orders online from an affiliated network of restaurants without charging the user any extra fee. He recently sold the company for 589million dollars and gave $237,000 to each worker (114 employee ) as profit bonus.

His success story was summarised with his statement: “ YOU GET BETTER OFFERS ONLY WHEN YOU REFUSE OTHER ONCE “ .

The innovator of 3Drobotics (mostly known as the founder of DRONE) suggests to entrepreneurs in emerging nations, to plan to get bigger systematically rather than starting big, for efficient and sustainable outcome.

All delegates had a common point on importance of entrepreneurs supporting each other. If we solve this, entrepreneurs can create an improved platform for growth for themselves and their economy. As entrepreneurs pushing government policies, spreading entrepreneurship culture is the least that we can do.

Nigeria is not currently a G20 member but my team is pushing to get a permanent sit for Nigeria in the G20 summit as the key role player of African economy.

Considering that most developed nations are looking for untapped markets to invest in, Nigeria is an open market to be molded for improvement and development.

As discussed in G20YEA, market problems and leadership problems play a crucial role in our progress.

While our young population is growing it tends to increase the standard of leaving enormously, this would only make our “market problem “ better / more solvable. However “leadership problem “ would also find an answer by empowering youth and creating useful mentoring programs.

While companies  are open to untapped emerging nations, they have to accommodate changes in cultural diversity in the possibility of the company becoming global. The basic cultural adjustment actions are : 1)keeping standard of quality of the company 2) hire local people 3) exchange resource.

Andile Khumalo – Chief Investment Officer of MSG Africa from South Africa pointed out Time magazines 2011 cover page where Africa was pointed out as a hopeless continent. Meanwhile the enormous growth and political stability in Africa has made many foreign investors and partners rethink that terminology.

I believe that when the challenges of Africa are seen as opportunities one becomes more aware of “real business”.

AGRICULTURAL TRENDS IN NIGERIA

AGRICULTURAL TRENDS IN NIGERIA

  The agriculture sector as the most dominant sector in the rural areas of Nigeria. It provides employment for about 60% of the work force. The diversity of climatic conditions, the richness of soil types and water sources, and the high population density provide great potentials for crop, animal, fish, and tree production. In the 1960s and up to the early 1970s, Nigeria’s agriculture flourished. The country was one of the world’s highest producers of palm oil, cocoa, and groundnut. Over time, agriculture has declined in importance. From what we see today, there are many signs that agriculture is regaining its past glory. The country is now the largest producer of cassava roots and yam tubers; livestock and soybean production is among the largest in Africa. 
The Nigerian Agricultural Sector has moved through different stages over the last half century. From being the major contributor to GDP, foreign exchange earnings and employment in the 1960’s, focus was gradually turned away from the sector. That neglect seems to have changed into attention, as evident in recent happenings. 

The perception of agriculture as ‘dirty’, ‘low-paying’ and ‘demanding’ are beginning to fade with more enlightenment. The newer generation of farmers, mainly young people are adding some style to the practice of agriculture. Many youth farmers now use ICTs in their agro-businesses to gather information, disseminate information as well as access markets. It is common to see young farmers perform intricate calculations like feed conversion ratio (FCR) for poultry rearing as well as catfish, calculations on pond size, among others by merely accessing information from the internet

A good number of youths interested in raising crops are looking beyond the manual form of cultivation to mechanisation

  

Current Status of Nigerian Agriculture

A brief Highlight of 2014 Agricultural Sector report titled- All eyes on the “Goldmine”

 “Currently, the country is the world’s largest producer of crops such as cassava (54millionMT), dry cowpea (2.5millionMT), kola nuts (138,000MT), melon seed (512,500MT), sorghum (6.90millionMT), coco yam (3.45millionMT) and yam (38millionMT); 2nd largest producer of crops such as cashew nuts (behind Vietnam- 836,500MT in 2012), millet (5millionMT) & sweet potatoes (3.4millionMT); 3rd largest producer of palm kernel (1.20millionMT- behind Indonesia & Malaysia); 4th largest producer of cocoa (383,000MT), ginger (156,000MT), groundnuts (3.07millionMT) & fresh vegetables (6.2millionMT); as well as the 5th largest producer of oil palm (940,000MT- behind Indonesia, Malaysia, Thailand & Colombia) & pawpaw (775,000MT). 

 There is a huge supply gap to be filled for a lot of agricultural products for which the country has production potentials. For example, imports account for a significant portion (95%) of the rice and sugar consumed in the country. Yet, the country has sufficient land and suitable weather for these crops.
What is the way forward: Successive governments have put in place measures to aid the recovery of the agricultural sector, by addressing some of the long-standing bottlenecks- poor access to finance, lack of adequate supporting infrastructure, high levels of wastage, poorly developed value chains (especially the processing aspect) 
Agricultural products and top producer states:

Groundnut: the leading states are Niger, Kano, Jigawa, Zamfara, Kebbi, Sokoto, Katsina, Kaduna, Adamawa, Yobe, Borno, Taraba, Plateau, Nasarawa, Bauchi.

Cocoa: the main producing states (aside from Cross River, in the South East) are located in the South West of the country, which are Ondo, Osun, Cross River, Ekiti, Oyo, Edo, Ogun.
Tomato production : ( Nigeria ranked 16th on the global tomato production scale, accounts for 10.79 per cent of Africa’s and 1.2 per cent of total world production of tomatoes). Leading states are: Jigawa, Katsina, Zamfara, Sokoto, Kaduna, Bauchi, Gombe, Taraba, Kano lead the pack in the commercial cultivation of the crop.
Seafood production: Mainly fish, shrimps, periwinkle, prawns, clams, oyster, and crayfish e.tc. Are produced in the coastal areas.Rivers, Lagos, Delta, Cross River, Akwa Ibom, Bayelsa, kwara, Osun.
Growth Enhancement Support (GES) scheme.

The GES scheme is a federal initiative to actualize the Agricultural Transformation Agenda. It also aims to cut off middle men, bypass fraudulent officials and sell fertilizer directly to farmers through a private sector-driven process under which government-licensed agro dealers sell input to the registered farmers. It aims to subsidize the cost of major agricultural inputs.

The programme commenced in May 2012, and has registered over 14million farmers, through the e-wallet system.

With this system, farmers receive sms alerts on their mobile phones and precede to the nearest agro dealers. 

According to the former minister, about only 11% of Nigerian farmers benefitted from the old system

This system still has major challenges, they are listed below.

The first problem farmers have faced is systemic with the fault lying with the Federal Ministry of Agriculture. Several millions of farmers who were registered in 2012 and 2013 have not been captured in the national database and so could not have benefitted from the programme. Further investigations showed that some of the agro dealers sell the products to traders because many farmers who come to redeem their input do not have the required amounts. For example, in Niger State, agro dealers do not even waste time explaining anything to farmers who come without the prescribed amounts. They just sell the products to others, farmers and traders, who are willing to buy.Apart from the apparent manipulation of the system by corrupt officials, the GES scheme is also bedeviled by systemic challenges and lapses. For a programme that targets about 10 million farmers this year, the number of redemption centers is ridiculously low.

Another obvious corrupt practice perpetrated by officials and agro dealers is the collection of illegal fees from farmers.

Although the GES scheme is a great leap in the agricultural sector, the setbacks are still present, and have to be critically attended to. Though there are some major impacts the GES scheme has made, there are more beneficiaries of the scheme. The former minister, said there’s been a rapid increase, from 11% to 60% of beneficiaries. He also stated that the farmers are able to produce 8.1 million metric tons of food. That’s a 70% increase.
Nigeria has improved its concentration of resources into the agricultural sector, but more can be done. To attract foreign direct investment (FDI), less imports, more exports, increase in revenue, create more job opportunities, which can reduce unemployment rate. 

With more focus on this potential robust sector, the possibilities are endless.

The Manufacturing Sector – Nigeria’s New Economy Reformer

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“The success of any country lies in the strength of the industrial sector of the economy which is the heartbeat of economic development” – Anonymous

According to a recent report by Renaissance Capital the Nigerian manufacturing sector is fast becoming the major driver of economic growth in the country. The sector is growing faster than the telecommunication, oil and gas and agricultural sectors.

Manufacturers in Nigeria have attributed the remarkable increase recorded in capacity utilization within the last year to favourable government policies, especially with respect to industry, trade and investment.

The Nigerian Manufacturing sector as at 2013 accounted for 1/3 of the country’s GDP. The sector experienced an increase in manufacturing capacity utilization from 46.3 per cent recorded in the first half of 2013 to 52.7 per cent in the 2nd half of 2013 a growth that was largely driven by the textile, cement and food sub-sectors, among others.

Based on all this statistics it is no longer news why new factories are being set up in the country day-by-day and why foreigners are looking into setting up manufacturing companies in a country that is creating an enabling environment for them to thrive and for their business to succeed.

From the bustling Illupeju Industrial Estate which is home to some of the major manufacturing plants belonging to multinationals such as Nestle, Glaxosmithkline, PZ, to the busy Oba Akran area in Ikeja which houses paint manufacturing companies, chemical manufacturing companies etc. one is left to wonder why manufacturing comapnies are now being set up in the country by individuals and why the government has developed a sudden interest in the Manufacturing sector.

It is no doubt that the Manufacturing sector is one of the largest employers of labour, a proof of this can be seen in areas like Apapa, Agbara, Illupeju Industrial area and even Ikorodu were most of Nigeria’s manufacturing plants are located. The influx of factory workers is just a proof that this sector has helped reduced unemployment rate in the country

The Nigerian government is aware of the fact that the private sector and foreign investment is the engine of growth and creator of wealth in the country hence our government is always looking for ways to ensure that they provide an enabling environment for mostly foreign investors to operate smoothly.

In the last few years laws and policies which before now had hindered foreign investment or the private sector investment have either being removed or amended while new polices to ensure that new opportunities are created for investors wishing to invest in this sector has been put in place.

The government policies towards foreign investors have become more favourable and investing in this sector has never looked more attractive to foreign investors. Gone are the days when poor infrastructures, high cost of production, less access to man-power, high tax rate etc. in Nigeria left most manufacturing companies with the option of either closing down business or relocating to neighbouring countries with an enabling environment for their business.

Below are few of the reasons why any foreign investor looking to invest in the manufacturing sector should consider investing in Nigeria at a time like this

• TAX HOLIDAY – The Nigerian government has provided a tax holiday period of 5-7 years for foreign investors in the manufacturing sector, especially when such investors company is located in an economically disadvantaged area. Foreign investor’s whose companies have been considered to be economically beneficial, are in the interest of the Nigerian economy and most importantly make use of local raw material can also qualify for this Tax holiday.
• TAX RELIEF FOR RESEARCH – There is a government policy that allows for foreign investors in the manufacturing sector to enjoy up to 120% tax concession when carrying out a research and development for their company in Nigeria.
• TAX RELIEF FOR USE OF LOCAL RAW MATERIALS – Foreign investors who utilize local raw materials in producing their products have the priviledge of enjoying atleast 30% tax concession
• TAX RELIEF FOR USE OF LOCAL LABOUR- Nigerian has a population of over 160 million people meaning it has a large labour force for any employer to tap into. Hence labour is cheap and easily accessible in the country. In addition to having access to large man power in their companies, foreign manufacturing companies also have the opportunity to enjoy a 15% tax concession for employing Nigerians to work in their companies.
• Foreign investors would enjoy 20% for the cost of providing infrastructures if located in areas where these infrastructures do not exist. Hence companies located in areas where their cost of production is high due to lack of infrastructures such as light, road, water etc. would enjoy atleast 20% tax concession
• For every foreign investor with a plant in an economically disadvantaged area there would be a 100% tax holiday for 7years
• All foreign investors are not entitled to pay excise duties
• RE-INVESTMENT ALLOWANCE – Manufacturing companies that incur capital expenditure for purposes of approved production expansion, diversification into related products, etc. are entitled to an incentive which is aimed at encouraging such companies to reinvest their profit
• INVESTMENT TAX ALLOWANCE – Certain manufacturing companies can enjoy generous tax allowance in respect to qualifying capital expenditure incurred within 5 years from the date they commenced operation.
• Dividend derived from manufacturing companies in petro-chemical and liquified gas sub-sectors are exempted from tax.
• Companies with turn over less than 1 million are taxed at a low rate of 20% for the first 5 years of operation
• Dividends from companies in manufacturing sector with a turn over less than 100 million is tax free for the first 5 years
• ACCESS TO LAND – Any company incorporated in Nigeria is allowed to have access to land rights for the purpose of any activity in the country
• Engineering manufacturing sectors who own an assembling plant in the country cab enjoy up to 10% tax concession for 5 years, to encourage local fabrication in the country.

It has never being a better time for foreigners to invest in this now thriving sector which seems to have become the new haven for wealth creation in the nation.

The Nigerian government has put in place policies aimed at ensuring that foreign businesses in the manufacturing sector succeed and experience a minimal level of discomfort for investing in Nigeria.

NIGERIA: THE NEW GOLDMINE FOR FOREIGN INVESTORS

Nigeria for investors

The Nigerian-Turkish Investors Forum

NIGERIA: THE NEW GOLDMINE FOR FOREIGN INVESTORS

One too many times we have received messages from foreign investors looking to invest in Nigeria. We have in the past few months heard foreign investors  speak to us about their doubts and possible expectations towards investing in a country like Nigeria.

It’s a good thing you have a blog like this to get detailed information about investing in Nigeria, a platform that provides answers to your investment questions and ultimately helps clear all doubts about directly investing in Nigeria.

FOREIGN INVESTMENT IN NIGERIA

In 2012 Nigeria became the 5^th largest trade partner of Turkey in Africa and 2^nd among the Sub-Saharan countries, a trade relations which is worth $2.2 billion. 

Turkey’s goods exports to Nigeria in 2012 were $438 million, up by 11.4% ($393 million) from 2011, and up 447% from 2004. 

The top export categories for 2012 were: Iron…

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NIGERIA: THE NEW GOLDMINE FOR FOREIGN INVESTORS

NIGERIA: THE NEW GOLDMINE FOR FOREIGN INVESTORS

One too many times we have received messages from foreign investors looking to invest in Nigeria. We have in the past few months heard foreign investors  speak to us about their doubts and possible expectations towards investing in a country like Nigeria.

It’s a good thing you have a blog like this to get detailed information about investing in Nigeria, a platform that provides answers to your investment questions and ultimately helps clear all doubts about directly investing in Nigeria.

FOREIGN INVESTMENT IN NIGERIA

In 2012 Nigeria became the 5^th largest trade partner of Turkey in Africa and 2^nd among the Sub-Saharan countries, a trade relations which is worth $2.2 billion. 

Turkey’s goods exports to Nigeria in 2012 were $438 million, up by 11.4% ($393 million) from 2011, and up 447% from 2004. 

The top export categories for 2012 were: Iron & steel ($136 million); Electrical machinery, apparatus and appliances ($54 million); metals ($36 million); Non-metallic mineral manufactures ($26 million); and Articles of apparel and clothing accessories ($25,4 million). 

Turkish goods imports from Nigeria totaled $1,1 billion in 2012, up 36.5% ($823 million) from 2011, and up 478% from 2004. 

The top 5 imports categories were: Gas, natural and manufactured ($672,9 million); Petroleum, petroleum products and related materials ($342,2 million); Oil-seeds and oleaginous fruits ($81,9 million); Leather, and general clothing apparel ($11.1 million); and Non-metallic mineral manufactures ($6,4 million)

With a population of over 160 million people, Nigeria is an important market.   Nigeria is currently one of the world’s major investment destinations and one of the fastest growing economies in the world.  A burgeoning middle class has created huge opportunities for businesses in consumer markets like financial services, food, energy and telecommunications.

Nigeria offers:

• A large and competitive domestic market with high unmet demand for basic goods and services
• A growing and increasingly sophisticated middleclass
• Untapped abundant natural resources
• A large and flexible workforce
• A population that is innovative and entrepreneurial

According to the UN classification the Nigerian economy is one of the most developed economies in Africa, although a middle-income nation we however have one of the most developed financial, communication and transport sector in Africa. The country boasts of the second largest stock exchange in Africa and the 12^th largest producer of petroleum in the world

The nation ranks 33 in the world in terms of GDP. The GDP per capita is US $2,400. In April of 2014, Nigerian National Bureau of Statistics revised the country’s GDP in 2013 from 42.4 trillion naira to 80.2 trillion naira. As a result, Nigeria’s output grew by 89 percent, making the country Africa’s largest economy, ahead of South Africa. 

Nigeria receives the largest amount of Foreign Direct Investment (FDI) in Africa. Foreign Direct Investment inflows have been growing enormously over the course of the last decade: from USD1.14 billion in 2001 and USD2.1 billion in 2004, Nigeria’s FDI reached USD11 billion in 2009 according to UNCTAD, making the country the nineteenth greatest recipient of FDI in the world.

Main changes to the GDP structure 

1. Manufacturing, which used to account for 2 percent, now stands at 7 percent
2. Mining and construction sector account for around 20 percent, half of the share under the old structure.
3. Weight of agriculture declined to 20 percent from more than 30 percent
4. Services sector grew to around 50 percent of total GDP from 25

WHERE TO INVEST IN NIGERIA

It is no longer news that in the last few years the Nigerian government has started to show interest in sectors, as well as  introduce measures to develop and attract foreign investment into other sectors in Nigeria outside the oil and gas industry.

In the past one decade we have recorded tremendous amount of growth in out Tourism , Entertainment and Construction industry hence it is no longer news that these sectors have continue to attract foreign investment from all over the globe.

CONSTRUCTION INDUSTRY

According to a report made by Global Construction Perpectives and Oxford Economics Nigeria has the potential to be one of the biggest construction markets on the planet, with the fast growth it is experiencing while the world is struggling to emerge from the global economic collapse. According to current estimates it has being suggested that the growth in the Nigerian construction industry is greater than that of India.

This outlook is excellent news for the country as a whole. Every ambition that the Nigerian government has such as creating much-needed housing, improving public services, developing its tourist sector, improving transport links, creating new jobs and eradicating poverty can be linked to the construction sector.

Foreign investment is desperately needed to build roads, ports, bridges and airports. The country’s archaic railway network, barely altered since colonial days, is also in great need of an upgrade.

Roads, in particular, are a problem. Only the capital Abuja and, to a lesser extent, the coastal metropolis of Lagos, has a reasonable road network. Nationwide, road fatalities are one of the most common causes of death

It is hoped that Nigeria, which has been to a certain degree protected from the global economic crisis by rising oil prices, can attract overseas companies seeking new markets in developing countries.

OIL AND GAS SECTOR

With proven oil reserves exceeding 9 billion tons, Nigeria is one of the largest hydrocarbon feedstock producers in Africa, and ranks twelfth place worldwide, the sector accounts for about 80% of government revenues and provides 95% of foreign exchange.

MANUFACTURING

Nigeria’s manufacturing industry has suffered from neglect, since the country’s economy has depended on the petroleum sector since the 1970s. As the government tries to diversify the economy, it is working to reinvigorate the manufacturing sector so as to increase its contribution to Nigeria’s prosperity.

Lagos and its surroundings are home to about 60% of Nigeria’s industrial base. Other key industrial centres are Kano, Ibadan and Kaduna. Nigeria’s most important manufacturing industries include beverages, cement, cigarettes, food processing, textiles and detergents.

BENEFITS OF ESTABLISHING A BUSINESS IN NIGERIA

• Abundant Resources: Nigeria has enormous resources, most of which are yet to be fully exploited. They include mineral, agricultural, oil, and human resources.
• Huge Market: Nigeria offers the market in sub-Saharan Africa, with a population of about 120 million people. The Nigerian market potential also stretches into the growing West African sub-region.
• Free Market Economy: The Government has created a favorable climate for business and industrial ventures. Administrative and bureaucratic procedures have been greatly streamlined. The Government has put in place policies and programmes that guarantee a free market economy.
• Robust Private Sector: The country has a dynamic private sector, which has assured greater responsibilities under the new economic environment.
• Free Flow of Investment: Exchange control regulations have been liberalized to ensure free flow of international finance. There is now unrestricted movement of investment capital.
• Attractive Incentives: A comprehensive package of incentives has been put in place to attract investment.
• Fast Growing Financial Sector: There is well-developed banking and financial sector. The investor has easy access to working capital and other credit facilities.
• Skilled and Low Cost of Labour: There is an abundance of skilled labour at an economic cost, resulting in production costs, which are among the lowest in Africa.
• Infrastructure: Rapid development of physical and industrial infrastructure, in terms of transportation, communications, electricity and water supply

Nigeria has never been more ready and open to foreign investment, hence now is a good time to shake off your doubts, dust your passports and get on a flight to Nigeria to invest.

ROTARY CLUB HOSTS INTRASOLUTIONS

IntraSolutions Consultancy recently honoured an invitation from ROTARY CLUB IKEJA to organize a business talk between Nigerian and Turkish investors.

The event had in attendance investors from Nigeria and Turkey. Also in attendance were 13 Turkish construction companies looking to relocate and establish their businesses in Nigeria.

The event served as an avenue for Nigerian investors to network with Turkish companies as well as strike-up prospective business partnerships with Turkish business men.

Below are clips from the event

EKO ATLANTIC : OUR AFRICAN DUBAI

EKO ATLANTIC : OUR AFRICAN DUBAI.