NSE DG, Oscar Onyema
A report by the Oxford Business Group (OBG) has described the Nigerian economy as a destination for long-term investors.
According to a statement, the latest OBG report titled: “Nigeria 2012,” also contained contribution from President Goodluck Ebele Jonathan, together with a detailed, sector-by-sector guide for investors.
Regional Editor, Robert Tashima, argued that although Nigeria had a long way to go before it could supplant South Africa as the continent’s biggest economy, the slow and steady reform of the country's infrastructural bottlenecks, such as electricity generation, had helped improve both the medium- and long-term outlook for the country's industrial and service sectors.
“Oil and gas may still dominate, but fields such as manufacturing, telecommunications and finance are playing an increasingly prominent role,” adding that “Risk in Nigeria is no small thing and short-term returns are hard to come by, but the country’s structural fundamentals, such as a large consumer market and labour pool, a sizable supply of industrial inputs, accessible liquidity and a wealth of natural resources mean the potential for long-term growth is immense.”
The publication, according to him, provided a wide range of interviews with leading political, economic and business representatives, including the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala; Director-General of the Nigerian Economic Summit Group, Mr. Frank Nweke Jr; Minister of Petroleum, Mrs Diezani Alison-Madueke, amongst others.
It added: “The government’s plans for economic growth and development over the short- and medium-term are ambitious, with targets to surpass South Africa as the continent’s largest economy in the coming years and a bid to become one of the world’s 20 largest economies by 2020.”
Editor-in-Chief, OBG, Andrew Jeffreys, said: “Nigeria is complicated country for a foreign investor to enter, for any number of reasons - ranging from the problematic infrastructure to the convoluted process of reform - but for those who enter with a long-term vision, the market has plenty to offer, whether it is a competitive labour force, a sizable supply of feedstock or a ravenous domestic market."