Suhail el Obeid, Nigeria is considered the most promising economy in Africa. Why?
Nigeria had a gross domestic product of 405 billion US dollars in 2016, overtaking South Africa as the continent’s economic powerhouse; the country has recovered from the recession and the local currency, the naira, has stabilized again. At the same time, various economic reforms are being implemented in Nigeria and the country is opening up. The list of products that may not be imported to the country is also getting shorter, and with a population of 190 million people, Nigeria also has the most inhabitants of any African country. For Swiss companies wanting to export to Africa, these are promising conditions.
Which sectors offer particularly attractive business opportunities in Nigeria?
There are many different business opportunities for Swiss companies in Nigeria. Mechanical engineering is one: Nigeria wants to build up its own industry, and Swiss products are of course in demand here. There are also good business opportunities in agriculture, healthcare or private banking. Nigeria probably has more high-net-worth individuals than any other African country. This means that luxury products are also in demand there, which in turn opens doors for the watch industry.
How should Swiss companies picture the economy in Nigeria?
I see the economy in Nigeria as very dynamic, young and fresh. People are well educated and want to achieve something, and it’s not just the capital Lagos that offers many economic opportunities, but also the country’s other big cities.
Our experts in Nigeria also share this view. They too believe that now is a good time to enter the market in Nigeria. This is also why we’re organizing a business trip for Swiss companies.
Which companies is the Fact Finding Mission to Nigeria aimed at?
The trip is aimed at companies that have had no contact with Nigeria and want to get a first-hand impression, as well as those that already have contacts or are already active in the country. The business trip is designed in a way that allows us to create an individual program for each participant.
What benefit does an individual program give the participants?
It is important to us that we can meet the companies’ individual requirements, so we work with them to prepare a program before departure. This gives companies the opportunity to talk to many different people, meet potential business partners and learn about the economic conditions in their sector. To help with this, we provide the company with a car and driver, which are included in the trip. Furthermore, the participants will learn facts about Nigeria and hear interesting presentations from logisticians and bank representatives explaining business dealings. Meetings with Swiss companies already operating in Nigeria are also on the program; after all, no one can teach Swiss exporters more than Swiss people who already know how things work on the ground.
Information on the business trip to Nigeria
Are you interested in taking part in the business trip to Nigeria? The Fact Finding Mission will take place from June 25th to 29th, 2018. More details about the trip can be found here.