Nigerian Economics
Nigeria is among the top 3 economies of Africa with a steady economic growth due to its fuel industry and mining sector. However, the market value of the country in terms of capitalization does not exceed 47 billion dollars. This is an extremely poor performance which only indicates that Africa has a lot to grow if it wants to catch up with the growing markets like the Asian Indonesia or the European Ukraine. However, the country’s governmental financial adviser, Oscar Onyema made a statement that made even the Russians shake last week in a business summit in Moscow.
The chief of the stock market announced that the country is striving to increase its market value to over a trillion dollars in five years period. This seems to be a task that would hard to achieve. However, the country would rely on a solid economic plan for development that might actually prove to be quite persistent through time.
Nigeria plans to first allow more international players to buy stocks and participate on the home market by easing the requirements for private participation in the economy. Additionally, the reduced requirements would come under a package for further business development - anyone aiming to participate in the domestic economy on a level higher than investment can obtain a business development package that would include tax relief and other attractive measures that aim to introduce the country to new capital holders.
The business development of the state fuel industry is also at the focus. The government does not need an independent financial advisor to conclude that the fuel industry would strongly determine the future of the African state. By allowing private participation and encouraging foreign relations with the businesses, the government might actually strike a hundred percent increase in the market value of the country only by the end of 2012.
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