Home Business Nigeria remains a formidable investment hub in Sub-Sahara Africa, says FNCCI
Nigeria remains a formidable investment hub in Sub-Sahara Africa, says FNCCI

Nigeria remains a formidable investment hub in Sub-Sahara Africa, says FNCCI

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The Franco- Nigerian Chambers of Commerce and Industry has stated that regardless of the slight downfall of the Nigerian economy, it still remains a formidable investment hub in the sub-sahara as it is ranked as the number one business destination in the region as well as one of the most sought after business destinations from countries around the Globe.

Oye Hassan- Odukale, the Chairman of the chamber stated that Nigeria shows signs of a health recovery, after the exit of the economic recession which plagued the nation in 2016, at the Chamber’s yearly general meeting and signing of partnership between Schneider electric and 21st century technology to build Tier IV data centre in Lagos.

 He said that the last GDP Report by the National Beaureau of Statistics showed a 1.9% growth in the gross domestic product of Nigeria and non-oil GDP grew by 1.45% which shows that the diversification agenda of the present administration is yielding positive results.

“With the recent passage of the 2018 budget of N9.12 trillion by the National Assembly, I am confident that the growth being recorded will be consolidated and we at the Franco-Nigeria Chambers predict a 3.7% GDP growth by the 4th quarter of 2018”, he added.

He noted that bilateral ties between France and Nigeria continued in an upward swing, as Nigeria remained the first economic and business partner of France in sub-Saharan African region and the 9th largest trade partner of France globally.

On the benefits of the last Nigeria Embassy Cultural showcase in Paris, France, conceived by Dr. Modupe Irele, he said, “a cultural showcase in Paris with the objective of showcasing the rich culture, music fashion and food to French community, has indeed projected Nigeria positively to the international business community.

The cooperation between the French Embassy and the office of the Consul General on one part and Chamber on the other has been truly exemplary and complimentary”.

Director,  Sales and Marketing,  21st century Technology,  Assan Cham, who spoke on the need to tighten Nigeria’s cyber security said, “ in the area of cyber security,  the more digitalised and connected our economy,  the more important it becomes to secure our system in cyberspace.

According to Nigeria Information Development Agency (NITDA),  Nigeria suffered about 2,175 cyber-attacks in 2015: about 14% of 97m internet users in Nigeria suffered attacks , which necessitate the setting up of the Cyber Security Committed.

There are so many unreported cases of cybercrime activities going on in the country resulting in financial loss to organizations and individuals. It has been estimated that Nigeria losses about N127b annually to cyber-crime.

More of these cyber-crimes that dominate our land scape are CEO Email scam, Ransomware, Online assisted kidnapping, cyber bullying and online impersonation.

He said, “during the past year, 21st century Technologies under the leadership or Mr.  Ajisebutu Wale, we have continued to invest in infrastructure and bring forth solutions to market that will support local and international companies in Nigeria to mitigate and prevent such cyber-attacks with Schneider electric which is a member of the Franco-Nigerian chambers if commerce and in industry to build Tier IV data center in Lagos in five centers, Apapa,  Ikeja,  Maryland, Lekki and Surulere.

On his part,  the General Manager,  Franco-Nigerian Chamber of Commerce And Industry, Moses Umoru who spoke on the role of technology in 21century, said,  “digital revolution through the implementation of the IOT,  AI,  Cloud solutions,  robotics,  blockchain and crypto-currency remains one of the key highlights of the 21st century. Technology is indeed helping to shape the ways things are done.  Despite this remarkable pace, Africa has not fully measured up to the equation.

“As digital revolution continues to gather pace, traditional business models are undergoing unprecedented levels  of disruption and those businesses that fail to transform themselves into digital integrated organisations will struggle in the digital economy let alone thrive.

Today’s customers value experience over relationship and without undergoing digital transformations, organisation will struggle to enable the hyper-personalized experience to maintain customer loyalties”, he added.

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  1. Mr Umoru is right spot on. Digital revolution is disrupting existing industries and creating new ones. The challenge for Nigeria is to cascade this to the majority of the almost 200 million peoples. If we can reach even one third of this population, Nigeria will truly enter the take off stage of development. Off grid energy systems as in biomass, solar, waste to energy and other renewables can leveraged to take electricity to the hinterlands of Nigeria, to promote computer/digital literacy which is a precondition for the revolution. The Ecowas Commission, Abuja, can help in this regard. And would welcome collaboration with FNCI. Thanks

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