Africa Business Communities

[Nigeria Business Week] Andrea Ayemoba: Investments take priority over all

With global inflation spiraling out of control, every country is working harder than ever to welcome new enterprise and business. Nigeria made great progress in this in recent months. The Federal Government, together with the African Business Roundtable, held a few months ago a forum in New York that raked in over $2billion dollars of foreign investments into the Nigeria, with financial commitments coming in from France and the US, as well as local industries like NNPC. 

Further investments can be expected from Fedex and Mastercard Foundation, the former currently establishing a direct commercial presence in Nigeria and the latter financing a Lagos-based female-led investment outfit. 

Investments are also pouring in from the tech and telecom sectors. The Nigerian Exchange has named the most compliant listed company on the Exchange, and a technology company that’s shown significant growth in the past one year has secured a large pre-seed funding from a variety of investors. A prominent mobility fintech has also secured a $30m funding intended for expansion into the UAE.

A digital park, the first of its kind, is nearing completion and set to be completed in January 2023.

To get a handle on the financial and economic situation in the country, the Cental Bank has put in several new measures that are bound to affect daily routines of Nigerians, both individuals and businesses, such as cash withdrawal limitations. The new policies, of the apex bank, and their validity, is set to be a topic of debate for the Senate in the coming days.

Andrea Ayemoba is a Senior Editor at Africa Business Communities


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