As a Nigerian or non-Nigerian, have you considered investing in Nigeria? When You invest in Nigeria to produce local needs, you do humanity a great service. It has been economic priorities aimed at forcing foreign products on the local population, which our body may not have adapted to, people come with the product consumed in their country and believe we would buy with the same enthusiasm as done in their country, but anyone with business acumen should understand that Nigeria is begging for investors who would supply the things we need not the things you think we would want.
On several occasions, we have accepted some of these products handed over to us, yet while some of these goods and services we have adopted have served us to a great extent, there’s an urgent need to refine things of local demand; some of these things that we use while abandoning our products have become an economic and humanitarian concern. Across the world, Africa has the worst lifespan; some of these are the impacts of exposure to products we ought not to have been exposed to.
This has also been partly responsible for the popular notion that Nigeria and other African countries have lower purchasing power; why won’t it be so? First, we import more, export less and abandon ours; who will purchase us while we abandon ours? I think that purchasing power result has been on how much we buy things we don’t need or things we are manipulated to need while we abandon the things we have; now we neither export nor focus on consuming the things we have but rather have to buy everything handed to us, how can we have a strong purchasing power then.
Investing in Nigeria would be a great way for us to rejig our economy and, for the lovers of humanity then, a great way to support different people living in a different environments and facing unique challenges. One thing remains clear: our world is so unique, and given geographical, societal and scientific differences, some factors have decided what works in a particular environment and why it works for such environment, people and society; if you intend to get on in such a venture, you have to be in the right place, providing the right goods and services to the right people.
Apart from Humanitarian concerns, Investors must look into proffering solutions to African challenges. Consider for once that as an investor interested in investing in a particular product that is likely demanded in a particular place by a particular people, then one has to move such investment to such location and people. Now Africans, in general, and Nigerians, in particular, are unique people and, most times, demand specialized goods and services.
The Misunderstanding of Africa’s Needs has impacted investment Focus on Africa negatively.
While Africans have been almost convinced that we need the same things as the rest of the world, the reality is different, we have tried a lot to belong to the global trend, but it is time we pause and realize that not only are the people different, the environment is different, the values are different, and the geography as well, and craving for the global products makes us jettison our local products and subsequently lower our purchasing power, the clear solution is investing in Nigeria and consuming local products.
Convincing anyone why investing in Nigeria is important is not just a humanitarian question but also a business one; what do investors stand to gain while investing in Nigeria? Now answering that with a focus on the business environment and the demand and supply chain, we have to build for African products. That’s the major way the lower purchasing power scenario won’t hit investors; this is because there are businesses, products and services that are mainly most likely demanded in Africa. Take, for instance, mosquito nets; this is one of the essential commodities in Africa; several households lack them; the world health organization and other humanitarian organization has been trying to provide those; however, the supply has been inadequate; what if someone has to take on the business of ensuring that these vital items get to those needing them. In summary, Nigeria has a big market for products in local demand; investors would maximize profit by providing these goods and services.
Whenever we try to answer the question of why investing in Nigeria is unprofitable, we seem to look at it from the perspective of global uniform demand; this has reduced the purchasing power of Africa in manners that are seemingly illogical; perhaps we use a uniform global demand, we may assume that the fact that Africans purchase fewer cars than average European means that Africa has lower purchasing power although all these go a long way even into the strength of the currency it is not taking account of the fact that consuming local products reduces demand for imports thereby first triggering a balance and subsequently creating avenues for export and this is how real strong economy, currency and purchasing power emerge; thinking of purchasing power parity from the perspective of a global uniform market is also not taking account of the fact that such item to be purchased maybe a crucial need in the European scale of preference while to an African it is more of a luxury that would be attended to after attending to other critical needs.
Investing in Nigeria means finding products and initiatives that are likely in demand here and producing or supplying them; this will go a long way in improving our purchasing power, building our economy and providing standard solutions for local needs.
Apart from looking at why investing in Nigeria is crucial from the people’s perspective, one has to also look at it from the entrepreneur’s perspective. With this, we can look into all that investors have to gain by considering setting up a venture in Nigeria, and in conclusion, lots of profits await bold investors who wish to take on the provision of local solutions, products and services.
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