NIGERIA Invest in 2012-13 - Newsdesk Media

Dalhatu Sarki Tafida
Nigeria High Commissioner to the United Kingdom
FOREWORD 21
I
would like to personally welcome you to this edition of Invest in Nigeria, which
provides the reader with a comprehensive overview of the various sectors of Nigeria’s
economy that are likely to be of particular interest to overseas investors.
Nigeria’s relationships with our global partners is something we sincerely appreciate.
Without building on the historic and economic ties that bind us together we are less likely
to succeed in our stated aim of becoming a top 20 economy by 2020. We are very keen to
embrace those partners’ interests in working with Nigeria – partners who are looking at our
country with an understanding of the huge investment opportunities it offers.
Those opportunities can be best grasped when viewing the rapid changes that are taking
place in Nigeria – not just in economic terms, but also in the transformation of the political
landscape and policy agenda. Reform of the political process has been a central plank in the
process of becoming a modern democracy that shares the same values as leading economies
around the world. By creating the right infrastructure we are well placed to achieve the
Millennium Development Goals as we move closer to 2015. Last year’s elections were a clear
reflection of the exceptional progress that has taken place in this respect.
That said, there are plenty of challenges ahead. Investors who are aware of Nigeria’s
potential will also be aware of the challenges the country is undertaking to deliver modern
infrastructure. Those challenges can be found in the need to quickly update the existing road
and rail network to one capable of supporting such a rapidly developing economy, and airports of
international standard are needed to service increasing numbers of passengers. Having the right
power station capability and effective power distribution is also key to ensuring that economic
development can be maintained at the current trajectory.
Investors will also be aware of the tremendous strides that Nigeria has taken towards
creating a stable financial system that will be a vital backbone to a growing economy. In recent
years, Nigeria’s leading financial policymakers have worked tirelessly to tackle a banking system
that was in need of updating. We have gone much further than most countries in light of the
financial crisis, recreating a system capable of withstanding further shocks that may take place
by stripping out failing universal banks. What we are left with is a system that can be effective
in supporting growth. The Nigerian Stock Exchange and local financial initiatives are also
playing a key role in ensuring stable development of the economy at every level.
The recently developed sovereign wealth fund – a noteworthy sign to international
partners of Nigeria’s long-term interest in stabilising its revenues from energy production – is
another step in the right direction. By ensuring we have the right measures in place, both
economic and democratic, Nigeria can look to the outside world with fresh excitement about
partnering in various respects. As leading financial institutions have identified, Nigeria has all
the right characteristics for becoming a global powerhouse economy. With the efforts put in
place so far, and a willingness and determination to foster better relations with partners around
the world, Nigeria is excellently placed to make progress and move forward.
InvEst In nIGERIA 2012-13