Why Foreign Investors Rush to Nigeria Despite Economic Recession?
By Olawale Rasheed,
LAGOS OCTOBER 19TH (URHOBOTODAY)– Lodged in various hotels ,#Abuja are many #expatriates and #foreign investors .Negotiations proceed rapidly with local agents leading their partners to government ministries and agencies . Why are #expatriates and #investors streaming into Abuja despite the recession?
Phillip from #Germany was revealing. “This is the right time to invest in your country”, exclaimed the businessman who is interested in the mining sector. Another #Singaporean was more explicit,saying “the cheap local currency and the high value dollar,pound and Euro promise huge profit”
Interestingly ,few are worried about security situation. As noted by a businessman,Raymond James from #Scotland,”Violence here and there has nothing to do with business and investment”.
Others slightly disagree with him. At the #Sheraton hotel in Abuja, some expatriates said strong #consular support deters any apprehension. Others point at a conflict map of Nigeria ,noting that safety level in Abuja and #Lagos are above 90 percent.
A check with the #immigration authority confirms that influx of #Europeans,North #Americans and South East #Asians have been on the increase since February this year. Truth is the expatriate community in Abuja is swelling.
But why? A weak #naira at about 400 naira to a dollar attracts investors with forex. Nigerian government is desperately seeking forex. Hence foreign investors with cash are now kings in Abuja.
Besides,the war against corruption has eased the business climate. Greasing palm of previously greedy state officials is a thing of the past.
But there is a down side. Because of divestment in some sectors,some exptariates are also leaving the country. Those smart enough are however changing Jobs or launching into local businesses.
Still on the down side. Incidents of fraud and scam abound. Due dilligence in making move is highly recommended.
While Nigerians are crying on roof tops about recession,business opportunities abound for #Westerners and #Asians with the forex.