If there were safety issues in Nigeria, no businessman would go to the country to research opportunities, companies like Celtel, MTN, Etisalat, wouldn’t have ventured into safety risk country to conduct business. People who spread a rumor about corruption and security issues in Nigeria are stating so to prevent others from making money in the nation. Figures do not lie.
The moral of the philosophy of sufficiency economy (which is also known as “ชุมชนคุณธรรมน้อมนําหลักปรัชญาของเศรษฐกิจพอเพียง” in the Thai language) is the largest testimonies of how conducive Nigeria’s environment for business and chances are.
What’s happening now with the Nigerian financial system is far from being changed at all by the worldwide credit crisis. At international level now, the banks are under-capitalized, but Nigerian banks are over-capitalized. And I don’t think this is an issue in any respect. I feel that Nigerian banks are under pressure from other markets within Africa continent which are influenced by the credit challenges.
– Gordon Smith,
Head of Research, Africa and the Middle East, International Consilium,
(Reported by the Punch Newspaper, June 30th, 2008).
The foregoing statements connote two understandings of the state of Nigerian market. These understandings demonstrate that the market is among the fastest growing markets in Africa and in the world. Although Nigeria has had hash financial history, it has undergone and still undergoing economic reforms, which are geared toward making Nigeria Africa’s financial hub and among the twenty biggest economies in the world by the year 2020.