NIGERIA THE NEW HOT SPOT FOR TRADE IN AFRICA
Tobechukwu Okoye MBA 2014
Trade experts and economists believe that Nigeria will lead the contingent of African countries in the revival of the continent’s economic health. However, for Nigeria to achieve this goal it must trade with more African countries. The potential for Nigeria to become a trade giant can be seen in the highlights enumerated below:
-The country is home to major business moguls like Alhaji Dangote, whose cement business penetrates the market of 13 African countries. Another prominent business personnel is Michael Adenuga , whose telecommunications company has a large stake in the major west African countries like Ghana and Benin Republic
-it currently leads the African cultural market by virtue of its production and circulation of Nollywood movies, Statistics show that the Nigerian movie industry reels in $200million dollars annually. Even more promising is the potential that the circulation has not been maximized
-Currently Nigeria engages in trade activities between its West Africa, also Nigerians reside and conduct business in most of the African countries. This point suggests that Nigeria has the capacity to accommodate most African cultures
As of 2012, Nigeria’s GDP is estimated at $273 billion. Its major competitor is South Africa with close to double its GDP. However, relative to the size of each country Nigeria has a major upside. In the event that Nigeria embraces the idea to achieve its full economic potential its stands to increase its GDP garnering potential by 50% according to economic experts.
Most of Nigeria’s under achievements have been attributed to its sole dependence on revenues from oil reserves. The Finance Ministry claims that almost 95% of the country’s exports come from oil. Experts believe more should be done to cultivate interests in the investments in telecommunication sector, eCommerce and agriculture.
Its unavoidable to have talks of potential without touching on sensitive issues like security and corruption. Many of the factors hindering the potential for Nigerian growth rests mainly on its history of corruption. Developers and investors have been disparaged from investing in Nigeria owing to history of fraudulent activities associated with many Nigerian start up ventures. Internet scams have become engrained in our culture and has been related closely to most Nigerians.
Personally I believe that time and the emergence of credible Nigerians will heal all. The inflow of American schooled Nigerians in Nigeria, the country will gradually rebuild the country and remove the stigma of fraud consequently attracting foreign investors.