By James Sunday, FCAI, MNIIA
Nigeria has long been described as the gateway to new opportunities and investment platforms in Africa. But what truly makes a nation an investment hub? Globally, opportunities and investment growth are driven by deliberate government actions to improve the socio-economic wellbeing of citizens.
Key enablers include:
An improved Gross Domestic Product (GDP)
Flexible investment opportunities
A readily available labour force
A competitive market system
The elimination of multiple taxation
Fair customs duties and excise policies
A flexible visa regime
A corruption-free system
Safe and secure financial structures
Easy access to bonds and loans
Strong legal institutions
Security and a peaceful environment
Good governance backed by a sound foreign policy
Gateways to Opportunities and Investments
Nigeria’s potential lies in creating conditions that allow for:
Easy access to loans and credit
Safe and reliable investment partnerships
A genuine ease of doing business
Strong working trade relations in technology, engineering, finance, economy, and industrial development
Supply chains that support local industries and promote exports
Flexible government policies that encourage trade, tourism, hospitality, immigration services, and customs operations
Untapped Wealth and Resources
Nigeria’s natural endowment is vast. Decades ago, Nigeria exported cocoa and palm seedlings to Malaysia. Today, Malaysia leads in global production of cocoa and palm oil, sectors where Nigeria still lags despite its potential. Beyond this, Nigeria is rich in Shea butter, bamboo for furniture, gold for mining, crude oil and its derivatives, aluminium, steel, granite, uranium, hides and skins, cotton, snails, crabs, pig farming, and even snake skin for leather production.
Institutional Drivers of Investment
For Nigeria to become a true gateway, its key institutions must work efficiently and transparently. The Nigeria Customs Service, the Nigeria Immigration Service, financial institutions, tax managers, and government agencies such as the Ministries of Finance, Budget and National Planning, Investment, Trade and Tourism, Foreign Affairs, and Labour all have critical roles to play in creating an enabling environment.
The ICT and AI Imperative
In today’s world, ICT and Artificial Intelligence are reshaping governance and economic sustainability. For Nigeria to thrive and compete globally, it must embrace both the spirit and the practice of ICT and AI to build world-class systems and services.
Nigeria’s opportunity is clear: with its resources, human capital, and strategic position, it can be a genuine investment hub, not just for Africa, but for the world. What is required now is deliberate policy, coordinated institutions, and a renewed focus on global best practices.