A recent bomb explosion in Nigeria’s capital of Abuja overshadowed some good news about the country. With Africa’s largest GDP, driven by a thriving service and manufacturing sector, Nigeria’s reputation as a fast growing economy should begin to outweigh the problems we read about in the news.
Traditionally thought of as oil and gas industry-driven, Nigeria’s entrepreneurial spirit is feeding new markets like a dynamic movie industry called “Nollywood” and an exploding mobile telecom sector. Multi-nationals are taking note and investing in the country. With expansion plans by companies such as GE and GlaxoSmithKline, who read more positives than negatives in the commercial landscape tea leaves, Nigeria is poised to take off.
Traditionally thought of as oil and gas industry-driven, Nigeria’s entrepreneurial spirit is feeding new markets like a dynamic movie industry called “Nollywood” and an exploding mobile telecom sector. Multi-nationals are taking note and investing in the country. With expansion plans by companies such as GE and GlaxoSmithKline, who read more positives than negatives in the commercial landscape tea leaves, Nigeria is poised to take off.
Predicted to have a bigger economy than Canada’s by 2050, (ref: Goldman Sachs) the country’s middle class is bigger than India’s -- driving a level of consumer spending that is powering unprecedented growth.
Problems remain, but for those who can see past the security issues and struggles with Islamist terrorist groups, a lucrative new market in the midst of economic transition awaits.
Read more here: WSJ Nigeria
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