This is an interesting article in Forbes Africa, about Nigeria’s biggest city of Lagos which it describes as “one of the world’s greatest party capitals” where people do not blink at spending $50,000 (US!) on a night out on the town.
Contrary to images of poverty and insurgency in Nigeria’s northwest, Lagos feels like a different planet. The wealth in Lagos is eye popping and the city is well known for its non-stop party scene. It is well known that Nigeria has the second fastest growing rate of champagne consumption in the world (second only to #France).
Feel free to read for an alternative view of Africa.
Report on the growing online shopping sector in Nigeria.
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.