Nigeria remains an attractive investment destination – SEC DG

The Securities and Exchange Commission (SEC) on Monday described Nigeria as a viable and attractive investment destination with consumer spending projected to increase by 94 billion dollars in 2025.

Ms Mary Uduk, SEC’s Acting Director-General, stated this at the formal launch of the book titled ‘Riding the Eagle’ written by Mrs Toyin Sanni in Lagos.

“As a result of its large population, Nigeria offers rich human resources and quality human capital with low labour costs and many investment opportunities on the back of our still significant development gaps,” she said.

According to her, the country is blessed with a young and vibrant workforce with 43 per cent of the population under 15 years of age and over 1.8 million graduates produced yearly by our higher institutions to serve new and existing businesses.

“With an expanding economy, consumer spending is projected to increase by 94 billion dollars by 2025 on the back of a growing middle class and rising incomes,” Uduk said.

She, however, enjoined stakeholders in the capital market to continue to take positive steps that would attract and retain both local and foreign investments to stimulate economic growth and development.

Uduk stated that during the decision-making process, investors required the rationale of their investment decisions before transferring resources, hence the need for quality information.

Speaking on the topic: ‘Why Nigeria is a viable and very attractive investment decision,’ she added that the nation was blessed with an increasingly sophisticated financial market with seven of the top 25 banks in Africa.

Uduk also stated that Nigeria was blessed with abundant natural resources (minerals and arable land) and a maturing democracy.

Commenting on the book, she said providing information to investors would enhance transparency in the Nigerian markets and improve its reputation in the global investment community.

“Riding the Eagle meets this imperative by providing comprehensive and up-to-date information on investing in the Nigerian markets via a roadmap and guide for foreign, domestic, institutional and individual investors alike.

“It also examines the challenges faced by the Nigerian economy across sectors, past and recent success stories and solutions to some of the nation’s economic and development challenges,” Uduk said.

She said the book had details of the key sectors that could drive the performance of the Nigerian economy and the investment opportunities available for interested investors and motivated entrepreneurs.

The SEC DG, therefore, commended the author, Sanni, for putting at the disposal of the industry, the value of over one decade in the money market and another two decades in the capital market.

“The book serves investors’ interest through this comprehensive and authoritative work on investment opportunities in the Nigerian economy.

“It is imperative, therefore, that we all as stakeholders continue to take positive steps to attract and retain both local and foreign investments to stimulate economic growth and develop critical infrastructure necessary for our country’s development” she added.

In her remarks, Vice Chairman FAMFA Oil Ltd., Mrs Folorunsho Alakija, described the book as an appropriate and timely information guide for all stakeholders in the investment sector in Nigeria.

Sanni said the book was to help make Nigeria a sustainable preferred destination by providing detailed and concise information for investors.

She said it discussed Nigeria’s current economic challenges and proffered solutions to some of them.

“Riding the Eagle is a guide for local and international investors seeking to exploit the unique opportunities in the Nigerian Economy,” she added.