The rolling out of wide-ranging reforms across Nigeria’s economy is prompting investors to take a “fresh look” at the country, according to Ed Fast, the Canadian minister of International Trade.
Fast had words of praise for the Nigerian government’s privatisation and anti-corruption reform efforts, telling the global publishing, research and consultancy firm Oxford Business Group (OBG) that changes introduced in the banking sector, in particular, should enhance the investment climate.
“These ongoing changes will create better opportunities for all Nigerians and for investors from around the world,” he said. “Canadian businesses are taking a fresh look at Nigeria and the opportunities it presents. They see that the environment is good for business, including a fair and strong regulatory framework to support and protect them.”
The full interview with Fast will appear in The Report: Nigeria 2013, OBG’s forthcoming guide on the country’s economic activity and investment opportunities. Fast said Canada was now working closely with the African state’s government to address issues relating to security which, he said, would help the Nigerian-Canada Business Association in its bid to double the volume of trade to $6bn by 2015. “It is important that security threats are addressed, particularly because security and prosperity go hand-in-hand,” Fast commented.
Read also: Nigerian economic expansion tops BRICs as reforms accelerate
The minister added that while Nigeria’s extractive industries remained a focal point of interest for Canadian businesses, other sectors, such as information and communications technology (ICT), were playing a growing role in bilateral trade and investment. “While diversified trade and investment are vital to our bilateral relationship, the extractive sector can also be an important driver of sustainable economic growth and poverty reduction in developing countries, provided that an enabling environment is created,” he said.
The Report: Nigeria 2013 will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. The publication will be available in print or online.
Oxford Business Group (OBG) is a global publishing, research and consultancy firm, which publishes economic intelligence on the markets of Africa, the Middle East, Africa, Asia and Latin America. The Report: Nigeria 2013 is produced with research assistance from the Nigerian Economic Summit Group, the Nigerian Investment Promotion Commission, Cordros Capital Ltd and PriceWaterhouseCoopers.
