Nigeria’s Billionaires Plough Investments in Economy Despite Country’s Economic Woes

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TDR 2019 - UNCTAD/PRESS/PR/2019/28

At a time that foreign investors are pulling their funds out of Nigeria’s economy, local investors and billionaires have intensified their commitment to keep investing in the country’s economy despite the country’s economic woes.

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Nigerian economy slipped into its second recession in five years as its Gross Domestic Product contracted for the second consecutive quarter.

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Chairman, HeirsHoldings, Tony Elumelu

The National Bureau of Statistics announced recently that the nation’s GDP recordeda negative growth of 3.62 per cent in the third quarter of 2020. The country had earlier recorded a 6.10 per cent contraction in the second quarter.

In all the economic challenges, Financial Times has reported that Chairman, HeirsHoldings, Tony Elumelu is set to close a $1bn oil block deal soon, while Chairman, BUA Group, Abdulsamad Rabiu is building a multi-billion-dollar 200,000 barrel a day oil refinery in oil rich Akwa Ibom state.

When completed, the project will compete against a $12bn 650,000 barrels a day mega-refinery being built by Africa’s richest man Aliko Dangote on the outskirts of Lagos.

Food Concepts, the company that owns Chicken Republic, – the country’s biggest fast-food chain, FT reported that the company will  another 30 restaurants by the end of theyear.

At the on-going country’s National Economic Summit Group, Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed has said the country will exit the current recession by the first quarter of 2021.

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Chairman, BUA Group, Abdulsamad Rabiu

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Ahmed said that the induced recession followed the pattern across the world where many countries also entered an economic recession.

“Nigeria is not alone in this, but I will say that Nigeria has outperformed all of these economies in terms of the record of a negative growth,” Ahmed said.

 

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