Nigeria’s investment market has the highest Return-on-Investment (RoI) compared with what is obtainable across the globe.
Not a few investment experts across ECOWAS countries believe that investment flows into this part of African region has quadrupled in recent past, as investors recognise that Nigeria’s market offers high RoI; in addition to investment friendly tax system.
According to Enitan Obasanjo-Adeleye, managing director, Legacy Investment Management Company, “Nigeria is a significant proportion of the African market that has been attracting huge Foreign Direct Investment (FDI).”
She noted ahead of the third ECOWAS Investment Forum holding this week in Lagos the need for massive investment on infrastructure to attract more foreign investments to Nigeria. The investment forum is being organised in partnership with The Infrastructure Bank plc, African Export-Import Bank, Nigerian Export-Import Bank (NEXIM), Jeune Afrique, and Legacy Investment and Management.
Currently, the drive of ECOWAS Commission is to harmonise the investment laws of its members and make the region one market. For ECOWAS harmonised market, it offers a market with about 350 million people.
Many global brands have indicated interest in the Nigerian market, noting among others factors like high RoI in addition to a market they perceive to have not reached its peak compared with other countries in the African region.
To Funsho Abiri, president, Nigeria-USA Export and Investment Group (NUEIG), “we have always thought about FDI inflow into the region. We also encourage that Africans should invest in other economic fields across the world and repatriate their profits back to their various countries, just like what the foreign investors do in our own market.
“Despite challenges, the forum showcases Nigeria’s opportunities for the whole world to know how far we have gone, where we are, and where we are going. If we play up the region’s economic potential, we would be reducing our problem by 50 percent.”