| However, infrastructure deficits, a lamentable security | | | | help of overseas investors. |
| situation and inclement policies have combined to | | | | The company's mission of creating a more connected |
| deter overseas companies from venturing into | | | | Nigeria has translated to a wide variety of products |
| Africa's second largest economy. The installation of a | | | | and services, including prepaid calling cards, wireless |
| democratically elected government in 1999 paved the | | | | internet and cellular telephony. Despite the large-scale |
| way for radical reforms calculated to reverse this | | | | success of its operations, VOIX has managed to |
| trend and boost both domestic and international | | | | achieve only a fraction of its full potential in the |
| investment in the country. For the business savvy | | | | absence of private investment to bankroll its |
| though, Nigeria is a country teeming with business | | | | expansion plans. Considering Nigeria's ambitious plans |
| opportunity and potential. | | | | to generate sustainable economic growth through |
| According to TradeInvest Nigeria, a non-government | | | | industry-wide development, telecommunications |
| agency that provides access to business | | | | comprise a potential boom sector for private |
| opportunities in the country, the extent of its trade | | | | investment with uncharted growth potential. |
| potential is unparalleled in the entire African continent. | | | | Solar Power |
| Lucrative investment opportunities exist across | | | | Nigeria's most fundamental infrastructure deficit is in |
| multiple sectors, including healthcare, tourism and | | | | the field of power generation. Earlier this year, the |
| leisure, agricultural and agro-processing, banking and | | | | government announced it is looking to attract $100 |
| infrastructure. The Nigerian Investment Promotion | | | | billion in investments for the power sector over the |
| Commission Decree of 1995 allows foreign companies | | | | next five years1. Power supply is erratic and |
| unrestricted ownership of businesses except in the | | | | insufficient in most areas across rural and urban |
| petroleum sector, where investment is limited to | | | | Nigeria, forcing businesses to operate on generators |
| production-sharing or joint-venture arrangements. | | | | and face security concerns during frequent outages. |
| The range of prospects that Nigeria holds out for | | | | The Lagos state government is once against at the |
| global investors is significant, especially considering the | | | | forefront of efforts to rope in overseas investment |
| nation's long-term goals of accelerated economic | | | | in solar-power generation by announcing attractive |
| development and inclusive growth. | | | | terms of operation. Because of its tropical climate |
| Health Care | | | | and equatorial location, Nigeria has tremendous |
| One of the most profitable business opportunities | | | | potential not only to meet but overshoot its current |
| Nigeria offers is in the healthcare services industry. | | | | electricity requirements through solar power |
| TradeInvest Nigeria especially highlights the | | | | generation. |
| private-sector investment potential in secondary and | | | | For a country that has historically depended almost |
| tertiary healthcare services involving research, | | | | exclusively on non-renewable resources for revenue, |
| capacity building, health management and information | | | | this marks a substantial shift in attitude. Nigeria's hot |
| technology, all of which are currently lacking. The | | | | climate and wide plains make it the perfect location |
| industry offers the added benefit of serving a social | | | | to achieve massive solar power generation. The |
| cause, which is significantly relevant in a country with | | | | added benefit comes by way of employment |
| deplorable human development indices. In this | | | | generation for hundreds of skilled and unskilled |
| context, Nigeria's economic capital Lagos, a city of 17 | | | | workers required for the construction and |
| million people, is a veritable gold mine of unexplored | | | | maintenance of such power plants. There is little |
| dimensions. | | | | doubt that solar power, potentially, is Nigeria's |
| For the business savvy, Lagos is as close to a dream | | | | sunshine sector. |
| investment destination as any in the continent. Home | | | | Others |
| to some of Nigeria's richest and strategically located | | | | From fertilisers to agricultural equipment leasing |
| on the coast, it is serviced by a large seaport and | | | | services, steel production to catfish farming, chemical |
| international airport that offer easy access to the | | | | supplies to waste recycling - Nigeria holds within its |
| entire West African region. The Lagos state | | | | borders a virtual cornucopia of investment |
| government is well aware of the city's business | | | | opportunities for global players. The country's |
| potential and offers investors attractive trade | | | | tumultuous history and record of outdated policies |
| incentives and tax exemptions. Relative political | | | | are slowly but certainly being overcome in the spirit |
| stability over the last decade and progressive policies | | | | of economic reforms and deregulation. There are still |
| have resulted in a boom for private enterprises in | | | | clear and present dangers that thwart substantial |
| Lagos, most of which operate outside the ambit of | | | | foreign investment from landing on its shores, the |
| government regulation and as part of the informal | | | | most prominent emerging out of militancy and |
| economy. Together with the fact that Nigeria is | | | | terrorism in the Niger Delta region and civilian unrest |
| home to 148 million people, according to revised | | | | elsewhere. Trade barriers, an investor-unfriendly tax |
| World Bank estimates for 2009, the scope for | | | | regime and large-scale bureaucratic and political |
| profitable foreign investment in Lagos and elsewhere | | | | corruption still present massive challenges to any |
| across the country are immense. | | | | sustained effort for inclusive growth. Abuja's |
| Information Technology Opportunities | | | | ambitious 2020 plans, initiated by former president O |
| One of Nigeria principal infrastructure lacking is in the | | | | Obsanjo to take the nation to the top twenty world |
| field of communications and information technology, | | | | economies by that year, are contingent on acquiring |
| which contributes in large part to its underachieved | | | | massive private sector investment. |
| economic potential. While the poor | | | | The fate of Nigeria's economic and human |
| telecommunications network is a serious bar to | | | | development goals rests primarily on its ability to |
| business expansion and proliferation for local and | | | | create an environment that sustains foreign |
| foreign businesses alike, it is also a high-growth | | | | investment in diverse sectors. The real test of |
| sector for potential investment by global players. A | | | | savvy, from this point of view, applies as much to |
| case in point is VOIX Networks Limited, a Nigerian IT | | | | the Nigerian regime as it does to the investors it |
| and communications technology products and | | | | desperately seeks to attract. |
| services provider that is looking to expand with the | | | | |