CAN focusses on Nigeria, as it is the most populated country in Africa and is Canada’s second largest trading partner in Sub-Saharan Africa.
Nigeria has had a democratically elected government since 1999. The most recent election was held on May 28, 2015, electing a new government. For many years, the Nigerian government has been attracting foreign investors and securing this investment so as to create a diverse economy for themselves and their partners. What most do not know is that Nigeria has a 35 Percent Return-On-Investment, which ranks them 4th globally; possibly making it the most underestimated potential market in the world.
Nigeria’s population is expected to exceed that of the United States by 2050, and according to UN projections is predicted to become the third most populous country by the end of the 21st century.
Nigeria boasts the number one oil reserve in Africa, and the world’s seven largest oil reserves. Oil, natural resources and agricultural industries such as solid minerals, cocoa, cashew nuts, cassava and palm oil, have helped Nigeria to secure the highest average GDP growth in the world. This combination of rapidly growing population and standard of living has increased the demand over supply of goods and services available in the local market. This positions Nigeria, as the most preeminent trade market to invest in.
- Today, Nigeria is Canada’s second largest trading partner in Sub-Saharan Africa. Since 2006, Canada-Nigeria bilateral trade has more than doubled, with Canadian direct investment in Nigeria at its highest level ever.
- Over 50 Canadian companies operate in Nigeria. The Canadian Pacific Consulting Services alone has completed more than 40 projects in Nigeria.
- Many Nigerians who have immigrated to Canada are highly educated professionals and successful business people who want to contribute back to the country, and create stronger Canada-Nigeria relations.
- Nigeria offers very high returns because of its growing economy; the country is in a unique position with the highest rate of returns on investment in Africa and of the world.
- Business and investment opportunities are immense in every sector of the Nigerian economy.
- 70% of Nigerians are employed in agriculture.
- Nigeria is the 7th largest producer of crude oil in the world (averaging 2,525,000 barrels per day) and the 8th largest exporter.
- Multilingual and multicultural – There are over 500 ethnic groups in Nigera.
- A Global fashion capital – Nigeria has a booming fashion industry; the Arise Magazine show, which showcases African designers, is now a constant feature of New York Fashion Week.
- A musical powerhouse – the Nigerian music industry is growing fast, with an increasing number of collaborations between multi-platinum international artists and Nigerian artists.
- A lover of Social Media – With over 3 million Facebook users, the youthful population of Nigeria have adopted global social media tools with enthusiasm.
- Host to the world’s best parties – Nigerians are legendary for their love of family gatherings, parties and entertainment. According to thedrinksbusiness.com, Nigerians spent £38m on Champagne in 2012. The data analyst Euromonitor forecasts that the country will splash out £68m on Champagne in 2017.