Nigeria is made up of not less than 250 ethnic groups, each with her unique language. A recent survey puts the population of Nigeria at 203,442,505. Although the country is multi-ethnic, economic factors seem to be most talked about line of division in recent times. Nigeria plays a pivotal role in the economy of West Africa, Africa, and the world at large. The purpose of this article is not to tell the history of Nigeria. Instead, this article will examine how the Giant of Africa, as the country is often called is moving economically. In so doing, we want the world to understand that besides bad news awash in the media, there is growth. Yes, I mean economic growth.
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NIGERIA: A COUNTRY MOVING FORWARD
From our vantage point, Vagmon Integrated Services has identified the following recipes that have encouraged economic growth:
- Relentless crusade against corruption
- Implementation of new economic policies
- Creation of supervisory agencies, etc.
NIGERIA: RELENTLESS CRUSADES AGAINST CORRUPTION
This article does not take sides in the legitimacy or otherwise of the fight against corruption in Nigeria. What we are saying is that this C-word has received constant and relentless condemnation in recent time as never before. The implication therefore is that virtually everyone has come to see corruption for what it is – economic enemy. Where would you rather invest your money? A country that says we are not corrupt or one that admits elements of corruption, and works hard against it? Do you remember when the issue of “fantastically corrupt” came up sometime in the UK? The response given by the first citizen of Nigeria has been judged by some to mean de-marketing the country. However, an honest person would rather see that as bitter truth. Thus, problem identified is problem to be solved. Therefore, the war against corruption has attracted honest investors.
NIGERIA: IMPLEMENTATION OF NEW POLICIES
The Nigerian nation has succeeded in implementing various polices that enhanced economic growth. Have read about the ‘ease of doing business’ in Nigeria? Do not just read about it, experience it through trying to obtain permits or licences. Frankly, things have changed and continue to change in the way government agencies work. The corporate affairs commission for instance, can register companies faster and with less human involvement. Unlike before, one can now apply and obtain certificate of incorporation by applying online without an agent. Ease of doing business is proof that amidst the numerous challenges, this great nation remains a on the path of forward motion.
To give this clearer focus, we will take a careful analysis of some sectors of the Nigerian economy.
THE AGRICULTURAL SECTOR
News n the 14th march 2019 has it that Nigeria has overtaken Egypt in rice production. This overtake is possible because of several government policies and measures put in place to encourage local rice production in Nigeria. For example there is an upsurge increase in tens of rice produced per annum from 3,186,000 (3.1 million) in 2007 to 5.8 million in 2017. Some of those policies put in place in recent years include.
- Inclusion of rice as one of the items not valid for foreign exchange via the official window of interbank trade. This decision by the central bank of Nigeria is in fact seen as an incentive to local rice producers. The idea of buying foreign currency from black market with high cost implication means that local traders would have to look inwards to satisfy their business appetite.
- Establishment of 40 large scale rice processing plants.
- The Anchor borrowers programme (ABP) established in 2015 / 2016, which provides money for dry season farming, etc.
OTHER SECTORS OF THE ECONOMY
Other identifiable areas the Nigerian country is recording tremendous success include, but not limited to the following:
- Rise in export commodities
- Progress in the use of technology
- Infrastructure development
- Increase in human capitals
- Rapid industrialisation
We shall discuss more on these and other advancing sectors of the Nigeria economy in another article.
The Nigeria economy is on upward trajectory, things are improving. The country is a destination, a good market for honest investors. Large markets exist as the population is on the rise. Crusades against corruption, implementation of new policies, and provision of critical infrastructures are no small measure to growth. Vagmon Integrated Services does not see a gloomy economy in the biggest black race. We encourage investors to take full advantage of incentives offered by the government and invest in Nigeria. Contact us for more info using the contact us page of our website.