NBFL cordially invites you to a Roundtable conference featuring a delegation of the National Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA), Port Harcourt, Rivers State of Nigeria Chapter (PHCCIMA). Scheduled to mark NBLF official inauguration, the Roundtable conference would mark the first of NBLF series of Roundtable Conferences and Expositions planned for 2014 business year part. The aim of NBLF Roundtable and Business Exposition is to facilitate interactions leading to the development of strong business relations between industrialists and strategic business players operating in Nigeria on the one hand, and others in Luxembourg, the Greater Region (and the rest of the world in General) on the other hand.
The Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA) was established in 1957 as an interest group with the objective of articulating business interests in the Niger Delta region and its environ in their transitional period to a post-colonial Nigeria, and thereafter. She is the second largest and active chamber of commerce in Nigeria. Today, PHCCIMA has grown to a huge influential organization, widely recognized as the voice of Port Harcourt Business. It remains a non profit business support and networking organization
The Engineer Engr. Emeka Unachukwu led current executive council was elected at the 52nd PHCCIMA Annual General meeting held on November 18, 2009.
Why Nigeria ?
With a population of 162 million people, Nigeria is currently one of the world’s major investment destinations and one of the fastest growing economies in the world. The country is Africa’s foremost business destination second only to South Africa. The Nigerian economy is predicted to overtake South Africa’s economy as the continent’s largest, and main destination of FDI in 2020.The country received US$8.9 billion of foreign direct investment money in 2011 – 16% of Africa’s total and the highest in Africa.
A burgeoning middle class has created huge opportunities for businesses in consumer markets like financial services, food, energy and telecommunications. Nigeria holds its rightful position as a sought after business destination and a major target for foreign direct investment. According to the International Monetary Fund (IMF) 2011 report on Nigeria “The Nigerian economy has grown robustly even during the 2008–09 global crisis, partly due to the effective implementation of countercyclical policies”. Nigeria's resilience over the course of the global financial crisis illustrated the merits of its immense population and economic self-reliance. Nigeria offers the interested investor Africa's largest domestic market as well as the additional attractions of a low-cost labour pool and abundant natural resources.
The country operates a market economy dominated by crude oil exports with the revenue earnings from the sector accounting for 90% of Forex earnings and 65% of budgetary revenues. Other exports are cocoa, palm oil, groundnuts, cotton, timber and rubber. Nigeria’s imports are in the region of $14.54billion USD. Import commodities include machinery, chemicals, transport, equipment, manufactured goods and live animals. Nigeria’s Non-oil GDP growth has remained stable despite a considerable decline in oil prices and a domestic banking crisis.
The two major cities in Nigeria, Abuja and Lagos have revealed a boom in housing developments and office complexes which has resulted in the emerging real estate industry in Nigeria. The demand for properties continues to rise despite experiencing the emergence of multiple players.
In recent times, focus is being directed at non oil exports and agriculture, which presently accounts for 30% of the GDP, to diversify the economic base. Opportunities exist for the exploitation and export of natural gas, bitumen, limestone, coal, tin, columbite, gold, silver, lead-zinc, gypsum, glass sands, clays, asbestos, graphite, and iron ore, among others.
The Government has been pursuing economic reforms marked by the privatization and deregulation which seek to transfer state ownership of institutions to the private sector and so engender efficiency n the productive sectors of the economy. The reforms have led to an explosive growth in the telecoms sector after years of stagnation.
A well planned network of primary and secondary roads transverse Nigeria and it is served by five major international airports, 20 principal domestic airports, 23 aerodromes and two military airports. The country has six international seaports and 286 jetties (out of which 267 belong to private jetty operators). It also boasts 120 Television stations and 25 National newspapers. Its internet country code is .ng
Nigeria offers :
- A large and competitive domestic market with high unmet demand for basic goods and services
- A growing and increasingly sophisticated middleclass
- Untapped abundant natural resources
- A large and flexible workforce
- A population that is innovative and entrepreneurial
- Abundant Resources: Nigeria has enormous resources, most of which are yet to be fully exploited. They include mineral, agricultural and human resources. The key crops, Cassava and Sugarcane are to be commercially grown and processed to produce Ethanol. The vast amount of reserves oil and natural gas is said to be amongst the largest in the world
- Political Stability: Nigeria offers stable political environment
- Free Market Economy: The Government has created a favourable climate for business and industrial ventures. Administrative and bureaucratic procedures have been greatly streamlined. The Government has put in place policies and programmes that guarantee a free market economy
- Robust Private Sector: The country has a dynamic private sector, which has assured greater responsibilities under the new economic environment
- Free Flow of Investment: Exchange control regulations have been liberalized to ensure free flow of international finance. There is now unrestricted movement of investment capital
- Attractive Incentives: A comprehensive package of incentives has been put in place to attract investment
- Fast Growing Financial Sector: There is well-developed banking and financial sector. The investor has easy access to working capital and other credit facilities
- Skilled and Low Cost Labour: There is an abundance of skilled labour at an economic cost, resulting in production costs, which are among the lowest in Africa
- Infrastructure: Rapid development of physical and industrial infrastructure, in terms of transportation, communications, electricity and water supply