Nigeria to face more competitions in the years ahead – Research

Nigeria would need to evolve the right structures to retain her position among African countries from now on, a business research carried out by Perchstone and Graeys organisation has revealed.

Perchstone and Graeys’s Head of Chambers and Practice Development, Mrs Ifedayo Iroche, told the News Agency of Nigeria (NAN) in Lagos on Monday that Nigeria should not continue to depend on oil.

Iroche said that the research tagged `INSIGHT 2019’ was embarked upon by the organisation to access the various business opportunities, challenges and regulations in Nigeria and other African countries.

“From our research findings, we have seen that Nigeria, in the African space, is going to face even more competitions in the years ahead.

“No doubt that Nigeria has been known as the giant of Africa for a long time, but in the last two years, that position has started to stagger because other African countries are beginning to rise.

“Let me say that Nigeria cannot continue to look at oil as its primary source of revenue.

“What Nigeria should know is that countries like Angola are going to be discovering oil soon, and this will bring another African country into competition with Nigeria in the area of oil,’’ she said.

Iroche, who oversees the organisation’s cross-border business development, said that it was aptly important for Nigeria to urgently begin to review her structures and systems, and become innovative in her policies and regulatory laws.

She also said that for Nigeria to continue to retain her position as the giant of Africa, the government should evolve measures for creating an investment-friendly environment in the country.

Iroche enjoined Nigerian businesses and investors to also begin to look at ways of exploring the opportunities being offered by other African government’s Public Private Partnerships (PPPs).

“Nigerian private businesses and investors should also begin to look at how to penetrate other Africa countries, before even the foreigners do.

“We can begin to look at how best to take advantage of the Public Private Partnerships (PPPs) being offered by some African governments,’’ she said. (NAN)