One would ask, at what point did Nigeria close for business?

Well, when the global oil prices went down in 2015, Nigeria’s economy got into trouble.

It practically ran out of cash and that also plunged the economy into foreign exchange scarcity.

This inadvertently raised inflation and then laid the foundation for Nigeria’s entry into recession for the first time in 25 years.

In response, the government took some drastic measures that saw many investors, especially foreign ones pulling out of the country.  

But so far, the government has implemented some measures that saw the economy seeing some marginal growth, effectively bringing it out from recession, said Ike Chioke, Group Managing Director of Afrinvest West Africa at the pre-launch of its Annual Banking Report on Nigeria on Friday.

The leading independent investment banking firm’s 2017 annual banking report indicated that Nigeria “has reopened for business”.

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According to the firm, Nigeria’s economic management have learnt their lessons from the economic bust and have therefore put some regulatory frameworks and reforms in place to forestall further crisis in the economy.

“Nigeria has survived a turbulent phase from 2014 when the economy began to witness an economic downturn to the emergence of green shoots since Q2, 2017,” said Chioke while speaking during the pre-launch press conference, citing reasons for Nigeria’s readiness to business.

The report cited the recently launched Economic Recovery and Growth Plan, ERGP which was launched recently, oil and gas sector reforms as exemplified by the 7-big-wins – a short and medium-term priorities to grow Nigeria’s oil and gas industry - the new approach to solving the liquidity crisis in the power sector and ongoing reforms in the agriculture sector, as some of the signs that Nigeria has indeed reopened for business.

“Despite Nigeria’s oft-repeated political and economic hailstorms – such as corruption, resource mismanagement and underutilisation – that have hampered growth and development over the years, the country remains a centre of attraction to investors and organisations looking to exploit the ample opportunities that exist across frontier markets in Africa. If Africa is indeed the last frontier as often quipped, Nigeria remains its largest prize,” said the report.

The report will be officially launched in London on Friday, the 27th of October 2017 on the London Stock Exchange.

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