Africa’s most populous country, Nigeria has been ranked the 19th most attractive investment destination on the African continent, despite a prolonged period of harsh economic conditions, according to an African Investment Index report released by Quantum Global Research Lab, the research arm of Quantum Global.
According to the report, Nigeria attracted over $3 billion in foreign investment in 2015 alone.
“Despite the current market volatility, Nigeria presents tremendous investment opportunities in these areas, which would not only support the local economy but also deliver significant yields to foreign investors,” Prof Ncube said while commenting on the Nigerian economy.
Nigeria remains Africa’s biggest economy with a GDP of $415 billion. However, GDP has shrunk significantly from a peak of $510 billion, a result of its over-dependence on a shaky oil for national revenue.
But the country’s economic size and projected GDP growth make it a tremendous destination for doing business in Africa. Its population, an estimated 180 million people, also make for an attractive consumption market.
The Index projects that Nigeria’s GDP would grow to about US$595 billion by 2020. “This presents a big market for goods and services,” it confirmed.
It further predicts that GDP per capita, which currently stands at 2,260, will grow to US$2, 907 by 2020, which could boost domestic consumption.