ABUJA: Nigeria’s foremost industrialist, Aliko Dangote was recently quoted as saying that “Nigeria is the best kept secret in the world. Anybody who does not invest in Nigeria only has himself to blame, going forward. I do not really know of any place where you can make as much money as you make in Nigeria.” Dangote’s assertion may explain the recent proliferation of foreign firms in Nigeria in every sector of the economy more than ever before.
In a slow but steady manner, foreign firms have entrenched themselves into key facets of the Nigerian economy; from Aviation to Banking, to Construction, to Entertainment, and even Telecoms. Foreign companies are making a big onslaught in Nigeria’s lucrative market. This is not a call to discrimination against foreign firms in Nigeria. At the moment, Nigeria seems to have been lulled into a widespread and deepening surrender. This is a “call to arms.” We must neither ban foreign firms nor impede them.
But we must match them with the best. We must also recognize that, wherever possible and necessary, Nigerian firms must be given priority over foreigners. Non indigenous firms should not receive in Nigeria the concessions that Nigerians cannot receive elsewhere in the business world. Let us take a compass through the Nigeria telecommunications industry. By the estimate of the International Telecommunication Union’s (ITU) Nigeria telecommunications industry remains the fastest growing in the world for more than five years. Little wonder it is still the investors’ preferred destination.
