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Welcome to Corporate Nigeria 2009
The Business Trade and Investment Guide.
I am pleased to welcome you to the fourth edition of Corporate Nigeria, the annual business, trade and investment guide that caters to the international business community as well as Nigeria’s corporate and public elite, informing about the economic developments and investment opportunities in the country.
In 2008, Africa’s most populous country has made great strides towards economic and political progress, and there is no indication that the speed with which the nation is transforming itself is slowing down anytime soon.
Thankfully and just in time, Nigeria’s 2005 banking consolidation has resulted in a more sound and stable financial sector ready to weather the challenges of the current global financial crisis and providing the basis for adopting West Africa’s single currency - the “Eco” - due to take off in December this year.
With 57 million connected subscribers and a monthly growth rate of 1.1 million new sign ups, Nigeria is now officially not only Africa’s fastest but also the world’s eighth fastest growing telecommunications environment. Last year has witnessed the Federal Government’s serious commitment to developing the country’s tremendous agricultural potential with the introduction of Nigeria’s National Food Security Programme, which -in the light of the world food crisis- is poised to attract international attention and will show first short-term results in 2009. The Oil & Gas sector, producing Nigeria's prime export good and generating more than 90% of the country’s foreign-exchange earnings, has continued to thrive despite the Niger Delta issue, and Nigeria’s quest to attract investors to drive its USD 30 billion Gas Master Plan has drawn the unprecedented interest of major global utility, gas and oil companies.
And last but not least, Nigeria has proved to the world that it is growing up politically. Democracy has marked a few significant victories this year, with judicial due process either revealing or reconfirming the country’s leaders, and the Economic Financial Crimes Commission actively pursuing transparency and accountability. All these indicators ensure that Nigeria remains Africa’s prime investment destination, and despite the global financial crisis, the nation was named the least vulnerable economy in the world, according to a report compiled by a team of experts from Merrill Lynch in November 2008, giving Nigeria's quest for foreign investment inflow a further boost.
Let Corporate Nigeria 2009 guide you through the country's countless commercial opportunities and let us equip you with a comprehensive insight into one of Africa's most vibrant and complex business environments.
