Which sectors of Nigeria’s economy are currently attracting the most interest from foreign business people?
The banking crisis of 2009, which highlighted continuing instability in about a third of banks due to reckless behaviour and poor governance, was a setback to economic growth and expansion. But several of these banks have been put up for sale by the central bank and there is considerable interest in these assets from international institutions, including South African banks, and from local players. The stock exchange is also ticking over and Nigeria is still viewed as a key emerging market given its resources and market size. Interest in property and insurance continues and the fast moving consumer goods and retail sectors are poised for good growth. Oil and gas is seeing some large investments, particularly from Asia, although there is great caution around this sector because of looming changes in legislation, high political risk and deep-rooted corruption. Agriculture is always an area of interest but the sector has a long way to go to see any critical mass of investment or productio
