In anticipation for her trip to Nigeria for Standard Bank's Africa Connected, Pan-Africa correspondent Lee Kasumba sits down with the Minister of Trade and Industry to explore the country's trade opportunities and investment potential.
If the potential is tapped, I'm sure the rest of Africa will follow because it has all the resources to move this continent forward...— EA Sarki, Minister of Trade and Industry at the Nigerian Embassy
International ratings have projected – by the end of the century, Nigeria is set to be one of 11 countries to become one of the 20 most developed countries in the world.
The numbers are looking good for Nigeria – boasting with a demographic of 188.5 million people with 16% made of up of youth between the ages of 18 and 35 years old, the country's potential to drive Africa's economy is looking promising.
Nigeria is one of the largest economies in Africa.
To date, Nigeria is the sixth largest producer of petroleum which contributes to 17% of its estimated GDP of over 500 billion USD and, over 70% deriving from other sectors within its economy.
Coming into power in 2015, President Muhammadu Buhari reviewed the economy and, made the decision to diversify all aspects of the Nigerian economy. To drive this change, his government adopted four cardinal points centred around issues of security, economy, employment and female empowerment.
You can't drive an economy when you don't have robust domestic financial institutions.— EA Sarki, Minister of Trade and Industry at the Nigerian Embassy
To make investment more favourable for foreign investors – the government has partnered with international banks to provide loans and incentives for investors. In order to boost foreign direct investment, the requirements are simple: “if you’ve identified an area of business in Nigeria, you’re free to come and do business in Nigeria,” says Sarki.
I've not seen a government that is so open and so frank in wanting investors to move into their country.— EA Sarki, Minister of Trade and Industry at the Nigerian Embassy
Click here to access the Africa Connected portal or click below to watch Lee's full interview to find out which areas are open to your investment.