The great opportunity for Greek Businesses in Nigeria was highlighted by the conference co-organized by ACCI (EBEA) with the Greek-Nigerian Chamber of Commerce and Technology, on 23rd February 2018, at the premises of ACCI in Athens.
As has been pointed out by all speakers, Africa is the most privileged investment destination in the world, with Nigeria, Africa’s largest economy, at the forefront. Greek entrepreneurs had the opportunity to learn about the size and positive outlook of the Nigerian economy, which rank it among the most attractive investment destinations in Africa.
Investments of USD 5 Billion in 2017 from Greek Enterprises in Nigeria
In his speech, Olukayode Pitan, Managing Director / CEO of the Nigerian Bank of Industry, revealed that Greek companies operating in Nigeria in 2017 invested more than $ 5 billion in the country. Indeed, as the Nigerian Bank Of Industry has pointed out, it has supported Greek businesses in Nigeria by providing loans of over $ 160 million. Mr Olukayode Pitan also said there were significant business leverage opportunities between Greece and Nigeria. Today, as ever, he stressed, there is state support for promoting investment that will create new jobs, whatever the size.
Urbanization, the middle class and rising consumer spending
For his part, Mr. Michalis Economikas, Executive Vice Chairman / CEO of AG Leventis Group, emphasized the structure and market size, stressing that Nigeria is Africa’s most populous country, with a rapidly growing population of 186 million. As he said, 53% of the population is 15-64 years old, while the average age is 19 years. He underlined that Nigeria is Africa’s largest economy and that there has been a trend of urbanization in recent years, while increasing the proportion of the middle class, with a corresponding increase in consumer spending.
Priority in the primary sector and in infrastructure
Mrs Yewande Sadikue, Executive Secretary / CEO of NIGERIAN INVESTMENT PROMOTION COMMISSION, said that Africa today is the most attractive investment destination in the world, while referring to Nigeria as a top priority for investment in primary sector and improvement of rural infrastructure.
Mrs Yewande Sadiku presented in detail (attached table) the sectors of the economy that the government has prioritized and the requirements for private sector investment.
The Greek experience
Finally, Mr. Vassilis Kotsis, CEO of Euro Construction Company SA and Vice President of the Greek -Nigerian Chamber of Commerce, presented his own positive experience in Nigeria, since his company has built and operated dozens of wastewater and waste management facilities since 2000. The company is going to implement 2.5 million euro projects in Nigeria in the near future.
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