Pic: Unoma Giese
96
Feature
POWERLIST 2008
Revealed:
the new
Nigeria
IT IS POTENTIALLY THE ECONOMIC GIANT OF AFRICA,
WITH A NEW BREED OF ENTREPRENEURS WHO ARE
BUILDING SUCCESSFUL BUSINESSES, AND IF THE GOVT
CAN SORT OUT A COUPLE OF PROBLEMS, THE SKY IS
THE LIMIT, ARGUES MICHAEL EBODA
A
lthough South Africa is the strongest in the price of oil this year when it is expected Furthermore, according to the 2008 Growth
economic force in Africa at the mo- that revenues could hit $75bn. Environment Scores of Goldman Sachs, which
ment, it is surely only a matter of time Foreign investors have been quick to rank countries based on macroeconomic,
before Nigeria catches up and takes over. seize upon what they see as an opportunity political, technological and human factors,
Its natural resources, population (at 150 and, since 2000, investment from overseas Nigeria is one of the top 10 most improved
million and counting, one in every fi ve black companies has more than quadrupled. So, countries in the world.
Africans is a Nigerian) and the fact that it is for example, London-based private equity But one thing above all others will
almost debt-free with some $50bn in foreign group Actis has in Nigeria its largest portfolio guarantee Nigeria fulfi ls its potential: the new
reserves are all factors that should see the of investments outside India. Investment breed of entrepreneurs who are revolutionising
West African sleeping lion become Africa’s bank Rennaisance Capital, ensconced in its the country’s business environment.
largest economy, possibly within the next 10 futuristic offi ces on Victoria Island – Nigeria’s Not so long ago, many of the wealthiest
to 15 years. version of the Square Mile – also has a rapidly Nigerians were the army chiefs who stashed
Last year, according to the United States growing presence in the country: last year their cash, much of it ill-gotten, into foreign
Energy Information Administration, some it launched three Nigerian equity indices. bank accounts. However, since the generals
US$55bn fl owed into the treasury from oil Goldman Sachs and JPMorgan have a growing retired and the troops returned to their
earnings – and that was before the increases presence there as well. barracks nine years ago, a new generation
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