December 30, 2024 7:06 pmIn the heart of Africa, Nigeria stands as a beacon of economic potential, rich in natural resources, a burgeoning youthful population, and an expanding market. Yet, the nation’s path toward sustainable growth has been anything but linear. From oil dependence to fluctuating foreign direct investment (FDI), Nigeria’s economic narrative has been defined by cycles of boom and bust.
However, as the global economy pivots towards sustainability, innovation, and diversification, Nigeria’s strategic investment policy is poised to become a critical tool in shaping the country’s future. The 21st century presents Nigeria with an unprecedented opportunity to recalibrate its investment policy, moving beyond resource extraction to foster industrialization, technological innovation, and inclusive growth. This shift is not just about attracting foreign capital but about channelling it into sectors that create long-term value, reduce inequality, and bolster resilience in the face of global economic shocks. Nigeria’s economic structure, heavily reliant on oil and gas, has long been a double-edged sword. While oil revenues account for over 50% of government income and 90% of export earnings, this dependence leaves the country vulnerable to price volatility and market disruptions. The 2014 global oil crash and the subsequent recession in 2016 underscored the urgency of diversifying Nigeria’s economy. President Bola Ahmed Tinubu’s administration has recognized this vulnerability, signalling a shift towards non-oil sectors, including agriculture, manufacturing, technology, and renewable energy. A strategic investment policy must now address the structural imbalances that have stifled growth for decades, ensuring that investments align with national development goals, such as those outlined in the National Development Plan 2021-2025.Infrastructure remains the backbone of any thriving econom
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