CNN profile of technology entrepreneurs in Nigeria, and a tech start-up that is creating mobile games for Nigeria. One such game is a mobile game focused on okadas (motorbike taxis), customised to a Nigerian environment, complete with pot holes and tuk tuks!
Good article in the Guardian about how Nigeria’s rising middle class are outnumbering most foreign shoppers in London.
*Nigeria has 142,000 visitors to the UK per year.
*US supermarket giant Wal-Mart sees space for 50 stores in Nigeria.
*Other big name brands like Apple see potential in Nigeria’s expanding economy and rising middle class.
Good piece by Al-Jazeera on Google helping young entrepreneurs in Nigeria expand their businesses by putting them online. While many legitimate ventures are launching websites and thriving as a result, the country’s reputation for internet fraud remains an obstacle.
Mobutu Sese Seko, Abacha and Babangida are there…
I would appreciate the input of the economic, investment and finance people out there. In this era of economic doom and gloom, African economies resisted the global recession and handled it quite well.
Going forward, many analysts highlight Africa as a region for future economic investment and return. Nigeria and South Africa especially have a market with over 200 million people between them. South Africa’s confidence has been boosted by its successful hosting of the World Cup, and Nigeria is as always, an energy (oil) giant.
*Africa’s economic growth is forecast to be 4.75% in 2010
*In 2011, half of the world’s 10 fastest growing economies are expected to be in Africa.
*Nigeria’s economy grew by over 7% in the first half of 2010, and is predicted to grow by 10% next year.
Goldman Sachs’ global head of economic research Jim O’Neill said of Nigeria: “If it were to show the same increase in its growth-environment score over the next decade, many investors will look back and say why the hell didn’t I invest in Nigeria”.
This is a television programme about Chinese business involvement and investment in Africa. The focus of this video is Chinese business investment in Zambia.
A good article from Reuters with optimistic analysis of Nigeria’s economy: “Investing in Nigeria today is like buying a lottery ticket with a very high percentage chance of winning”.
Africa Confidential have published an interview with the Governor of Nigeria’s Central Bank Lamido Sanusi. Sanusi sounded very confident about the Nigerian economy. He talked about the after effects of his blitz on banks last year, criticism of his policies, his relationship with new President Goodluck Jonathan and the state of Nigeria’s economy.
I was very interested in how confident he sounded about Nigeria’s economy and his performance so far:
“When I became Governor of the Central Bank, the rate of inflation was 15%, as of March it was 11.8%. The differential between the official rate and the parallel market rate was about 25%, the naira was trading at 189/190 in the black market. It’s been down to about 150/152 for a year now the gap between official and parallel market rate is less than 2%. Interbank rates were at 22% and have now been down to about 2% for a long time, the stock market has gone up 30% since January (2010) so all the indicators of market confidence have gone up.”
You can also see a video interview with Sanusi here: http://www.abc.net.au/4corners/special_eds/20100524/money/
Economic indicator charts: