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Business Promotion in Nigeria
The Nigerian Economy
Located on the Gulf of Guinea, Nigeria is home to many natural wonders and wildlife reserves. With a varied climate ranging from arid to humid equatorial and showcasing a diverse grouping of people that encompass over 100 different spoken languages in the region. A mixed economy and an emerging market make this region attractive to any investors looking to bring their ventures abroad to achieve success.
Employing about 70 percent of the nation’s population with small farms producing 80 percent of the nation’s food output across roughly 33 percent of the available land in the region places this sector as an invaluable part of the country’s economic growth. Nigeria’s climate diversity allows for an array of cash crops to be produced with this chief products coming in the form of yams, corn, beans, sweet potatoes, bananas and rice. Starting in the early 1970s, Nigeria began to cultivate the petroleum industry within its borders and this has taken a stronger foothold in the economy, but the region remains primarily an agriculture-based society. With a significant piece of this sector involving cattle herding, fishing, poultry and lumbering the country does not solely rely on crops to produce revenue to boost its economy. Investors can use this to their advantage as there are multiple opportunities within the sector to bring revenue and success to their businesses.
Nigeria has an extensive network of roadways, railroads, airports and communication networks. The roads are responsible for the transportation of 95 percent of the countries goods, services and people and therefore are the most important aspect of this sector. Nigeria plans to spend upwards of $20 billion dollars over the next 10 years to improve their infrastructure as government officials believe that is what is needed in order to meet the challenges of revenue generation. With the specifics uncertain of how this will be achieved and with the country’s budget still in progress, all that is known is the government will look to other streams of revenue, beyond oil and agriculture, and will use the assistance of other stakeholders to raise funding for these projects. With the introduction of an infrastructure bond from the Nigerian government expected later this year, this plan would bring much needed stability to the most important piece of the region’s economy and provide new sources of revenue to facilitate growth. The country already spends about $6 billion dollars a year on federal infrastructure and this added monetary boost to that will give the country a good start in the direction they are hoping to go.
Tourism in the region is heavily dependent on events as the country is diverse in its population, but not be overlooked are the rainforests, waterfalls, savannahs and other natural wonders. Lagos is a city where many of these events take place and they may be happening in different months year to year. Food festivals, celebrations of heritage and culture, film festivals and music festivals are just a few of the focuses chosen to bring people together. Visiting museums, shopping traditional markets, visiting parks and embracing the culture will ensure a good trip is had. It is to be expected that the hospitality industry is flourishing with all there is to do in the region and there is no shortage of unique ventures to take part in. That being said, foreign investors can feel confident in coming abroad as the array of activity breeds opportunity for consistent success as most of these activities are recurring or mainstays.
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