As Nigeria continues to strive to attract investment from friendly nations, various incentives have been put in place to encourage investors who are willing to invest in the country. Existing and potential investors have therefore been urged to take advantage of these incentives, the projected high yield on investments and the huge potential within the economy.
President, Lagos Chamber of Commerce and Industry (LCCI), Alhaji Remi Bello, made the call when the chamber received a trade delegation from Portugal in Lagos recently.
Bello, who spoke through the Vice President, LCCI, Chief Nike Akande, said: “There is tremendous trade and commercial opportunities in Nigeria economy and the various reforms within the economy in the past few years, which are aimed at ensuring conducive business environment, there is no better place to invest in Africa.”
According to her, Nigeria and Portugal have maintained a long standing and cordial trade and political relationship since the pre-independence of Nigeria, which she said was evident in the establishment of the Nigeria Portugal Friendship and Business Association in Nigeria since the past 165 years.
She said sectors such as power, health care and agriculture offer huge investment potential to Portugal, adding that the huge benefits that investors in telecommunications, construction and tourism sectors have reaped in the past few years, is a clear evidence of the Nigerian market as one of the highest return on investment in Africa.
Chief Executive Officer, Nigeria Portugal Friendship and Business Association, Pedro Hipolito said he had been exposed to Nigeria for five years now, disclosing that Portuguese companies have a lot of potential to do business in Nigeria and investors will have good returns for their investments in this country.
“There are several potential in Nigeria we will want to tap from, some of which includes pharmaceuticals, construction, information technology, and fast moving consumer goods, such as food, drinks soap, amongst others,” he added.
He, however, expressed worry over the decline in exchange rate, saying he expected to see imports substitution for local production.
He therefore advised companies to embrace local production, saying there is no reason goods are not produced here.
Hipolito noted that Nigeria has quality human resources, huge internal markets. “Just during our existence, we have had big pharmaceutical projects moving, we are bringing one of the biggest exporter of drugs, one of the largest manufacturer of drugs from Italy and they are registered by NAFDAC, sales have started and I hope we will hit 100million euros for the next five years,” he said.