NACCIMA boss asks investors to leverage Nigeria as gateway to Africa’s 1.4bn market base,
The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, Dele Kelvin Oye, has urged investors to tap into Nigeria’s strategic position as the gateway to Africa’s vast market base of 1.4 billion people as well as exploit the enormous potential presented by the African Continental Free Trade Area, AfCFTA, agreement, which offers unprecedented opportunities for trade and investment across the continent.
Oye, who is also the chairman of the Organised Private Sector in Nigeria, OPSN, highlighted Nigeria’s economic significance as the continent’s powerhouse, characterised by a burgeoning private sector, a rapidly expanding consumer market, and a cultural richness that reflects its over 250 ethnic groups.
Oye spoke in Germany during his keynote address at the 3rd International B2B Conference organized by the German Chamber of Commerce and Industry with the theme, “The World Meets in Giessen.”
He said: “As Nigeria boasts one of the largest economies in Africa, its diverse economic landscape includes sectors such as oil and gas, agriculture, telecommunications, and technology.
“Five of the eight African unicorns are Nigerian, highlighting the country’s position as a major hub for innovation and entrepreneurs.
“Nigeria hosts Nollywood, the third-largest film industry in the world, reflecting its vibrant culture and creativity, contributing significantly to both local and international economies.
“Nigeria’s geographical positioning offers access to several regional markets in West Africa, positioning it as a gateway for trade and commerce across the continent.
“Recent reforms and initiatives aimed at creating a conducive environment for investment are propelling Nigeria’s growth trajectory.”
On the AfCFTA, the NACCIMA boss added: “The African Continental Free Trade Area, AfCFTA, offers foreign investors in Nigeria unparalleled access to the vast and growing African market. With a population of over 1.4 billion people across 54 countries, investors can leverage Nigeria’s strategic position to expand their reach and increase exports.
“By establishing a presence in Nigeria, foreign investors can tap into the African market, benefiting from reduced tariffs and non-tariff barriers, streamlined customs procedures, and enhanced trade facilitation. This presents exciting opportunities for investment in key sectors such as manufacturing, agriculture, and services, allowing foreign investors to capitalise on Nigeria’s competitive advantages and access the broader African market.
“Choosing Nigeria as your focal point for investment is not just a strategic business decision; it is a pathway into the heart of Africa’s emerging economies. The country’s rapid economic transformation, sustained by a substantial youth population and increasing urbanization, provides fertile ground for investment across various sectors.”
“The unmissable opportunity lies in Nigeria’s status as a critical player in Africa’s economic landscape. If you are not engaging with Nigeria, you are missing out on the numerous avenues for lucrative investment that the continent can provide.”
Assuring NACCIMA’s support to facilitate the investment on the continent, the OPSN chairman said, “At the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, NACCIMA, we play a significant role in championing Nigeria’s investment potential. As the organized private sector’s voice, we are dedicated to creating an enabling environment that promotes dialogue and collaboration between investors and Nigeria’s vibrant business community.
‘’Our services, according to him, include connecting investors with local businesses and industry leaders to enhance partnerships, providing necessary insights into navigating Nigeria’s regulatory framework, ensuring smooth market entry and assisting in identifying potential investment areas, sectors, and opportunities that align with your business objectives.
“Africa’s dynamic investment landscape is brimming with opportunities, and Nigeria is arguably its crown jewel. As a potential investor, we invite you to Nigeria, the home of Afrobeat, Nollywood, we strongly urge you not to overlook the significant potential that Nigeria offers.
“The fusion of stability, reforms, and growth prospects makes Nigeria the definitive destination for strategic ventures in Africa. Engaging with Nigeria also means embracing the future of the continent-a focal point of innovation and economic growth.”
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The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, Dele Kelvin Oye, has urged investors to tap into Nigeria’s strategic position as the gateway to Africa’s vast market base of 1.4 billion people as well as exploit the enormous potential presented by the African Continental Free Trade Area, AfCFTA, agreement, which offers unprecedented opportunities for trade and investment across the continent.
The post NACCIMA boss asks investors to leverage Nigeria as gateway to Africa’s 1.4bn market base appeared first on Vanguard News.
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