EAST AFRICA : Following the signing of the East Africa Community (EAC) Treaty that established a Common Market in 2000, Kenya, Tanzania, Uganda , Rwanda and Burundi, this region is poised to become trade and investment destination. The East African community (EAC) has a shared vision and mission of widening and deepening economic, political, social and cultural integration . This common vision aims to jointly promote the region as a single investment destination, through instruments such as the East African Investment Strategy and the EAC investment code. This is in order to improve the quality of the life of the people in East Africa region through increased competitiveness, value added production, as well as trade and investment.
With more than 130 million population and as the doorway to a market of more than 400 million within the COMESA (Community of Eastern and Southern Africa) economic region(COMESA free trade zone), the East African Community (EAC) Treaty countries are open for business that will lead to the rapid development and expansion of their trade, investment and business sectors.
Endowed with valuable natural resources and a vibrant private sector, the EAC is experiencing economic growth that is fuelled by a growing middle class as well as a generation of budding entrepreneurs engaged in a wide range of sectors, including agri-business, tourism, ICT, Oil and Gas, entertainment, health care, banking and finance, manufacturing, mining, telecommunications, transportation with expanding trade facilitation systems.
EAC with several investment opportunities stands to gain from joint efforts to promote investments with Nigeria from within the region as well as from Nigeria. EAC abound with investment opportunities catalyzed by rich soils, conducive climatic conditions ideal for a variety of agricultural products like coffee, tea, fruits and vegetables and increasing oil and gas exploration in the region EAC has enviable natural assets that make it stand out more attractive than any other region in Africa.
The region is also endowed with a variety of minerals, including fluorspar, titanium and zirconium, gold, cobalt and nickel, diamonds, tantalite, wolfram, coal and iron ore. This presents an opportunity for development of the mining industry, which is currently underdeveloped.
NIGERIA: Nigeria is open for inward and outward trade and investment. It is a country, with an expanding and competent workforce, is rich in hydro-carbons and still has vast quantities of untapped crude oil and gas. It is a country in West Africa and the most populous country on the African continent. Nigeria is Africa’s foremost business destination.
Its imports are in the region of $20.54billion USD per annum. Import commodities include machinery, chemicals, transport, equipment, manufactured goods and live animals.
Nigeria as the jewel in the crown of African economies is also focusing its effort at non oil exports and agriculture, which presently accounts for 30% of the GDP, to diversify the economic base. Opportunities exist for partnership in the exploitation and export of natural gas, bitumen, limestone, coal, tin, columbite, gold, silver, lead-zinc, gypsum, glass sands, clays, asbestos, graphite, and iron ore, among others.
- Abundant Resources: Nigeria has enormous resources, most of which are yet to be fully exploited. They include Human Capital, mineral, agricultural and human resources. The business communities and individual have huge financial resources to invest in any economy they wish
- Vast and Dynamic Market: There is vast and expanding market in sub-Saharan Africa, with a population of about 150 million people. The Nigerian market potential also stretches into West African sub-region through its ECOWAS brother countries.
- Entrenching Political Stability: Nigeria offers stable political environment with Government support for growing trade and investment
- Free Market Economy: The country has a favourable climate for business and industrial ventures. Administrative and bureaucratic procedures have been greatly streamlined. The Government has put in place policies and programmes that guarantee a free market economy.
- Dynamic Private Sector: The country has a dynamic private sector, which has assured greater responsibilities under the dynamic economic environment.
- Outward Investment: Nigerian industrialist and investors abound in various Africa countries. Nigeria companies are expanding their operation in other Africa countries and beyond the continent.
- Free Flow of Investment: There is free flow of international finance to and from the country. There is unrestricted movement of investment capital.
- Attractive Incentives: A comprehensive package of incentives are in place to attract investment and encourage Nigerian to invest in other economy.
- Fast Expanding Financial Sector: There is well-developed banking and financial sector. The investor has easy access to working capital and other credit facilities. This industry are investing in other African countries
- International Human Capital: Highly skilled Nigerian can be found all part of the world. There is an abundance of skilled labour at an economic cost, resulting in production costs, which are among the lowest in Africa.
- Infrastructure: Rapid development of physical and industrial infrastructure, in terms of transportation, communications, electricity and water supply. The Government is investing massively in the development of infrastructure