Nigeria Remains Investment Hub in Africa, Says British Envoy

By Peace Obi

The acting Deputy British High Commissioner to Nigeria, Mr. Ahmed Bashir, has described Nigeria as a good base for businesses, saying that in spite of the economic downturn the country is presently fiting, it remains a hub for intending investors in the continent.

Speaking during the 17th United Kingdom Trade mission to Nigeria which took place at his residence in Lagos recently, the acting Deputy High Commissioner expressed  optimism that the Nigerian economy would soon recover.

According to him, a review of different economies in the world showed that most of them experienced recession at one time or the other.

Stressing that the future holds bright prospects for both local and foreign investors, he urged the prospective investors to focus on the long-term opportunities rather than the short term so as to tap from the huge business opportunities the country offers.

According to him, “I have a lot hope for Nigeria. What I keep telling people is that I see a lot of energy here. Though we are in a difficult time here in Nigeria right now, but the determination for a long term victory is a very strong one. Nigeria may be at it right now, but if you look at it from a long-term basis, the future looks brighter.

“There are many companies that have been operating here for many years now. They have seen ups and downs, got into the long haul and they are making it. For such companies when you think of investing in Nigeria, you should think about the long term and not the short term benefits.

“This time around, yes, there are issues and there are biases of getting into Nigeria, but companies that are keen should look out for what opportunities that are available and what value it could add to their businesses.

“Nigeria has got so much opportunities. It may be lacking in many, but there are a lot of opportunities and there will be a time when things will start to balance out. And that may be the point companies would want to take advantage to really benefit but you have got to be in it early to move with it. And this is the good time to start,” Bashir declared.

In his remarks, the Managing Director, Fidelity Bank Plc, Mr. Nnamdi Okonkwo also assured participants that the economy would rebound.

“We know that with some of the actions the government is taking now, we will soon begin to see some turn around,” he added.

Welcoming the companies on the mission to Nigeria, Okonkwo said for him and the rest of the business communities around the world, Nigeria remains the next frontiers as long as investment and good business climate are concerned.

“I witnessed the rapid growth in the banking industry, the stock market and the subsequent inflow of brains and experts who lived abroad who used the opportunity to come home and set up businesses in consulting, manufacturing, financial services, among others.”

Okonkwo who noted that there is a bad perception of the country by the outside world, said despite the challenges, Nigerians remain resilient and businesses have continued to thrive. According to the bank MD, Nigeria has a lot of positive factors that investors and businesses can leverage on to thrive.

“Looking at the positives, we have huge population. If you look at the average age of the population, you will know they the future will continue to be bright. If you look at the kind of emergence of middle class we saw in the past 10-15 years now, you will realise that Nigeria has a lot of potential.”

On her part, the Director General, Nigerian-British Chambers of Commerce (NBCC), Joyce Akpata,  said that the Chamber remains committed to its role of facilitating and improving business relationships between Nigeria and the United Kingdom.