Nigeria - the business opportunities and challenges

Published at 14:22 PM on 10 March 2017

On Thursday 9th March 2017 the Prime Minister’s Trade Envoy to Nigeria, John Howell MP, joined a round table event hosted by PwC to discuss priorities for UK companies doing business in Nigeria.

John Howell MP, commented:

“I am pleased that PwC has taken forward my idea of a business forum for UK companies with an active interest in the Nigerian market and I was delighted to chair it. Nigeria offers substantial opportunities for UK companies across a multitude of sectors in which the UK excels. I hope for this to be the first of many such discussions with the UK business community and for me to represent their interests in Nigeria in my capacity as the Prime Ministers Trade Envoy.”

Joel Segal, chair of PwC’s Africa business group, said:

“It was encouraging to hear the Prime Minister’s Trade Envoy to Nigeria, John Howell MP, speak so positively about the UK’s relationship with Nigeria, and the prospects for business there. The round table allowed for open and constructive discussion on the opportunities and challenges of doing business in Nigeria.

“Nigeria’s large economy and market have a lot of potential, but the ease of doing business, or lack of, is slowing down the pace of development.  The country’s dependency on the oil sector has been a main contributor to its recent economic problems, while a foreign currency shortage has curbed growth in other sectors.

“But Nigeria does have a demographic advantage. Its rising working age population is creating a growing workforce, in contrast to many established markets that are already experiencing a contraction in the working age population.

“Cutting red tape, diversifying to become a non-oil dependent economy, improving infrastructure and moving toward a market determined exchange rate are all ways in which Nigeria’s government can aid the ease of doing business and improve its appeal to UK companies and investors.”  

Ends.

For further information please contact Tilly Parke: tilly.parke@pwc.com / 020 7804 8761.


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