[Nigeria Business Week] With Construction, Agribusiness, Oil and Gas and startup hubs, Nigeria leaves no sector behind
Two years ago Nigeria was as good as drowning in debts, unemployment, reduced investment and general widespread discontent. The people expected miraculous and instant improvements in their economic situations when Muhammadu Yaradua got sworn in as president. This was perhaps unrealistic and the disappointment that followed was to be expected. But improvement did come, slowly but surely, and though still a work in progress, the country has exited recession and is fast regaining its momentum.
Some interesting developments in the past week include the Government signing a $6billion dollar rail project with China for the construction of the Lagos-Kano railway.
The African Development Bank also expressed its confidence in Nigeria’s agribusiness sector by approving a $100m loan to Indorama in a bid to boost fertilizer production.
More on collaborations, the country’s petroleum regulatory body, NNPC (Nigerian National Petroleum Corporation) reached an agreement with the Nigerian Ports Authority on ways to improve petroleum products supply at the various ports of Nigeria.
Shell Nigeria in a similar strive for development has upped its domestic gas distribution capacity by an impressive 150%, while managing to maintain its expenditures on GMoUs (Global Memorandum of Understanding). Since 2006, Shell has spent a total of N14.85billion in Rivers State on diverse projects, including health, education, power and infrastructure.
The Innovation and Technology sector remains busy as ever, with digital financial platform, Lidya, raising $6.9million in a Series A Round. Facebook has also stepped up its game in Nigeria by launching NG_Hub in Lagos, in partnership with CcHub. It is noteworthy that this is Facebook’s first flagship community hub space in Africa.
Also worthwhile noting is that South African telecom giant, MTN, has revealed that a total of 28% of its overall capital expediture for 2017 was spent in the Nigerian arm, in the amount of ₦225 billion.
In the country's endless stride toward increased investment, Nigeria has launched an electronic portal to court investors. iGuide will provide both domestic and foreign investors with up-to-date and relevant information on investment opportunities on ground.