To most people Nigeria is synonymous to Oil, Population and Corruption but data from the World Bank, International Monetary Fund and African Development Bank have a very interesting picture to paint. In 2015 Nigeria with a GDP of 509 billion US Dollars trumped South Africa’s GDP of 372 Billion US Dollars ranking it the 3rd most attractive place for Foreign Direct Investments (FDI). A study done by PWC in 2017 recognized a budding youth group- enterprising and empowering. In the following year McKinsey pointed out that Nigeria’s major move towards diversification was accompanied by significant developments in telecom, entertainment, natural resources and agriculture sector.
The no longer petro-economy shifted gears to attract major production expansions worth 1.4 trillion US Dollars by 2030 from FMCG conglomerates like Proctor & Gamble (P&G), Unilever, Nestle and Miller SAB. These developments are largely attributed to the Nigerian Local Content Act passed in 2010 that opened the Nigerian companies to win international contracts that otherwise would be given off to companies overseas. This has resulted in policy reforms, jobs creation and increase in demand for workforce training, infrastructure development, privatization and rise in entrepreneurship. But to maintain the momentum of the rising private sector investments collaboration between managers, businesses and stakeholders is key.
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