According to him, despite global tensions and COVID-induced disruptions negatively impacting economies across the world, Nigeria remains one of the best places to do business in Africa because of its market viability, creative and tech-savvy youth population and potential for growth.
Analyst says Osinbajo’s visit will bolster Nigeria-Vietnam economic ties VP Osinbajo being shown round the Vietnam Academy of Agricultural Sciences in Hanoi. Photo credit: @NigeriaGov Source: Twitter Prof. Osinbajo stated this on Wednesday, December 7 in Hanoi during separate interactions with a cross-section of Vietnamese interests in agribusiness, tech and innovation, commerce and industry, as he continued his official visit to the southeast Asian nation.
Speaking at the meeting with the Vietnamese business community under the auspices of the VCCI, the Vice President noted that: “Nigeria remains, perhaps, the most intuitive place to do business in Africa. “Despite the economic slowdown in the aftermath of the pandemic, GDP growth has been positive for the last seven quarters, and though it slowed to 2.3% on a year-to-year basis in the third quarter of this year, it was a 9.7% increase over the second quarter. “Apart from being the most populous country in Africa, Nigeria also has the continent’s largest economy, accounting for over 20% of continental GDP. “The Nigerian private sector has undertaken large path-breaking investments in the country in agriculture, manufacturing, petrochemicals, finance, telecommunications and the digital economy.”
In terms of market viability, Prof. Osinbajo noted that Nigeria continues to rank very high saying: “Our people are renowned for being energetic and tech-savvy, with over 60% of the population below 25 years of age.” In the tech space, the VP said: “Between 2015 and last year, six Nigerian tech-based companies have been certified as unicorns. These are companies valued at over a billion US dollars each.
“Nigeria is also now home to over 200 fintech standalone companies, plus a number of fintech solutions offered by banks and mobile network operators as part of their product portfolio. “Between 2014 and 2019, Nigeria’s bustling fintech segment raised over $600 million in funding and attracted a quarter of the almost $500 million raised by African tech startups in 2019 alone.
