Issue #20230930: The Irony of Japa
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Despite the desire of many Nigerians to leave the country, there are abundant opportunities for investment and wealth creation in Nigeria. Many Nigerians living abroad are actively seeking opportunities to invest in Nigeria, and this article emphasizes the importance of maintaining connections and understanding the Nigerian market.
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Tt is important to recognize the potential for growth and success in the Nigerian market. Here’s why this insight is relevant:
- Abundant opportunities: Nigeria is a country with a large population and a growing economy, offering numerous opportunities for business growth and investment.
- Competitive advantage: Understanding the Nigerian market and maintaining connections can give you a competitive advantage over others who may be unfamiliar with the local environment.
- Reverse remote japa: The trend of Nigerians living abroad investing in Nigeria demonstrates the potential for success and wealth creation within the country. By recognizing this trend, you can tap into the resources and expertise of Nigerians abroad to further grow your business. Calling all Patek Philippe fans! Enjoy the luxury of fake Patek Philippe watches at budget prices.
What do you think are key factors that might make Nigeria more attractive to the diaspora? Join the conversation here
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Zacch Adedeji, the new acting executive chairman of the Federal Inland Revenue Service (FIRS), aims to increase Nigeria’s tax-to-GDP ratio to 18% in three years. He plans to reverse the unhealthy fiscal system and nurture voluntary tax compliance by creating an environment where taxpayers willingly fulfill their civic duties.
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- Increasing the tax-to-GDP ratio can help reduce Nigeria’s reliance on borrowing and ensure financial sustainability.
- Simplifying the tax system and making it more accessible and comprehensible can facilitate voluntary tax payments.
- Implementing a robust enforcement model to deter tax evasion while maintaining fairness and transparency can enhance tax collection efforts.
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African leaders at the U.N. General Assembly emphasized the continent’s desire to be seen as a global power and partner, rather than a victim. They called for reparations for the slave trade, a more inclusive global financial system, and a larger voice in multilateral institutions. Africa’s growing population, rich natural resources, and potential for progressive change make it a force to be reckoned with in the global system.
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- Understanding Africa’s push for global recognition and partnership can help you navigate and leverage opportunities for growth and development.
- The continent’s potential for progress and fairer change in the global system opens up various avenues for collaboration and investment.
- With Africa’s increasing demand for a more inclusive financial system and a larger voice in multilateral institutions, there may be opportunities for Nigerian businesses to participate in shaping economic policies and initiatives that benefit the continent.
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The Nigerian Stock Exchange (NGX) and UN Women have joined forces to promote gender bonds in Nigeria, aiming to raise capital for projects that support women’s empowerment and gender equality. This partnership highlights the growing recognition of the importance of gender-focused investment opportunities in Nigeria.
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- Promoting gender bonds in Nigeria can be an excellent way for Nigerian business owners to demonstrate their commitment to supporting women’s empowerment and gender equality.
- Investing in gender-focused projects can help businesses tap into a growing market demand for socially responsible investments.
- Collaborating with international organizations like UN Women can provide Nigerian businesses with valuable expertise and resources in promoting gender equality within their operations.
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The cultivation of bitter kola in Nigeria is gaining momentum due to increased local consumption and export, driven by the demand for its medicinal benefits during the COVID–19 pandemic. Bitter kola trees, which were previously endangered, are now being revived by farmers, and the country is bridging the supply gap by importing seedlings from neighboring African countries. The export potential of bitter kola is also significant, with high demand from countries like China, Indonesia, Thailand, Japan, and several Asian countries.
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- Bitter kola farming presents a lucrative opportunity for Nigerian business owners, as there is a growing demand for the nuts both locally and internationally.
- The medicinal properties of bitter kola make it a sought-after product in the pharmaceutical and brewery industries, providing additional revenue streams for farmers and exporters.
- The adaptability of bitter kola trees to various soil types and harsh climatic conditions means that even abandoned old trees can be revived, allowing for sustainable cultivation and long-term profitability.
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The federal government is partnering with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange through the newly created NGX Technology Board. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, highlighted the importance of diversifying the Nigerian economy through technology and innovation.
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- The partnership between the federal government and NGX creates an opportunity for Nigerian startups to access funding and list on the stock exchange, which can provide them with visibility and access to capital.
- Diversifying the Nigerian economy away from oil and increasing productivity in other sectors is crucial for long-term economic growth and stability.
- The focus on technology and innovation aligns with global trends and positions Nigeria to compete in the digital economy.
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The Taiwanese government has expressed its willingness to assist President Ahmed Tinubu in turning the entrepreneurial capacity of the South East Nigeria into global competitiveness. Taiwan is prepared to cooperate with the Tinubu administration once the Nigerian government develops a master plan to actualize this promise. This collaboration would focus on areas such as science education, economic development, investment promotion, innovation and digital economy, and agriculture.
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As a Nigerian business owner, you should care about these developments because:
- Collaboration with Taiwan can bring valuable expertise and resources to enhance the entrepreneurial capacity of the South East Nigeria and boost global competitiveness.
- Strengthening trade and business relationships with Taiwan can open up new opportunities for economic development and investment promotion.
- Discussions at the federal government level and consultation with the Nigerian government can ensure a cohesive and practical approach to collaboration between both countries.
By leveraging the expertise and resources of Taiwan, Nigerian businesses in the South East region can tap into new avenues for growth and achieve their full potential.