Economy

If there were security problems in Nigeria, no businessman would visit the nation to explore opportunities, and companies like Celtic, MTN, and Escalate, would not have ventured into a protected risk country to do business. Economy those who spread rumors about security and corruption problems in Nigeria assert so to avoid others from earning money in the country. Figures don't lie. They are the biggest testimonies of how conducive Nigeria's environment for business and opportunities is. If you wish to work in Africa and record good returns on your investment, I welcome you to come to Nigeria. The political environment in Africa, particularly in Nigeria is tremendous.

What is happening currently with the Nigerian financial system is definitely not being affected at all by the global credit crisis. At the global level currently, the banks are under-capitalized, but Nigerian banks are over-capitalized. And I don't think this can be a problem at all. I think that Nigerian banks are under some pressure from other economies within the African continent that are affected by the credit challenges.

The foregoing statements aptly connote two understandings of the state of the Nigerian economy. These understandings show that the economy is among the fastest growing economies in Africa and in the world. Although Nigeria has already established hash economic history, it's undergone and still undergoing economic reforms, which are aimed at making Nigeria Africa's financial hub and among the twenty largest economies on the planet by the year 2020. Naturally that the nation has experienced political instability, corruption, and poor macroeconomic management in the past, this is accountable for the unpleasant and harsh economic situation.

The federal government's relentless efforts to reposition the economy have translated into amazing economic growth and development. Several mechanisms have now been placed in a spot to sustain this growth and development, effective at balancing the interests of stakeholders. Perhaps, this view will need to have influenced Gordon Smith's submission. He described Nigeria as the absolute most dynamic market in Africa, which can be under severe pressure from some countries in Africa to serve as a support against the consequences of global turbulence.

He also noted that some countries like Ghana, Malawi, and Mauritius, amongst others were depending on her right now because of global risk exposure and that the country's economy, led by the consolidated banks, was definitely not being affected by the global credit crisis currently rocking the world's financial giants. He stressed further that foreign investors, who are likely to be patient enough to weigh the Nigerian financial system on the credit risk perspective relative to global events, will find the nation's financial sector more interesting to invest in and raise capital from.

Confronted with numerous challenges, the Nigerian government is determined to strengthen, diversify and make the economy attractive and investment-friendly to both local and foreign investors. The federal government has adopted total liberalization and globalization because the economic policy, instituted privatization and commercialization programs of public enterprises, provided total security for business and people, extended invitations to domestic and foreign investors, abolished laws inhibiting competition, and embraced and fine-tuned policies to ensure the quick realization of growth and development of all sectors of the economy. The effort has already been paying off as Nigeria is currently the focus of foreign investment thereby increasing exponentially Foreign Direct Investment (FDI). Scores of economic missions and delegations from developed and developing countries have visited Nigeria, thus accelerating the growth of the economy at a quick rate.

It becomes pertinent to direct the course of the discussion to embrace the next knowledge of the above-mentioned statements made by Hamden toured and Gordon Smith. However, it becomes more pertinent to enumerate the inherent investment opportunities in the Nigerian economy before discussing the matter of security as raised by toured.

No doubt, Nigeria is definitely an investment haven with countless lucrative investment opportunities including oil and gas, solid mineral, agriculture, tourism, telecommunication, power and steel, transport, trade processing zone, financial sector, property/property, manufacturing, sport and entertainment, and fashion industry. Economy investors have a wide variety of opportunities to decide on. It is important to notice that the rate of growth of investment is fantastic and exponential in any of these sectors. Investors are advantageous assets in presenting their products and services to already-made markets using the populace of over 140 million.