[Nigeria Business Week] Towards self-dependence, reduced importation

As industries grow, so does the job market, consumer satisfaction and investor confidence. Nigeria is gaining a reputation as fertile ground for both business expansion and takeoff point for startups. Last year alone, figures reveal that out of the $560m technology startup investments that entered Africa, Nigeria earned $114.6m, ranking third place to South Africa and Kenya.

Further international investment was seen in the entertainment industry, with Universal Music Group opening an office in Lagos and global insurance group, Allianz, acquiring 99.03 percent of the shares in Nigerian insurer Ensure Insurance.

More on international/local relations, The Nigeria Employers Consultative Association appointed Nestlé Nigeria’s Managing Director and Chief Executive Officer, Mauricio Alarcon, as its Vice President.

On the indigenous front, Lagos-based airline, Green Africa Airways has joined the Flight Safety Foundation, an independent and international organization dedicated to global aviation safety. As for the Nigerian Aviation industry, a pleasant development is in works as National Carrier, Nigeria Air, is all set to launch operations by year end. This is development comes as a shine to the national image of the country considering the fact that it has been nearly 15 years since the previous State-run airline, Nigerian Airways, ceased operations. President Buhari expressed optimism that this could go a long way to, amongst other advantages, create jobs for the ever-growing populace.

The Nigeria Stock Exchange (NSE) has been busy with youth trainings on financial literacy, collaborating with Kinabuti Fashion Initiative to engage about 25,000 undergraduates on capital market education. The NSE also announced the listing of a $30 million Green Bond at coupon rate of 13.48% by Government’s Debt Management Office.

Agriculture continues to be upheld as the shovel that will dig Nigeria out of international dependency. To that end, the Raw Materials Research and Development Council has reached an agreement with agricultural entrepreneurs to collaborate in rural agro-industrial development.

The construction industry has not gone unnoticed, with Larfage Africa recording an impressive $448 million half year net sales.

The industries of Nigeria are teaming up to reach the same goal – self dependence and reduced importation. It’s a rocky slide and an almost endless process, but the process continues nonetheless.