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Economists, Analysts See New Opportunities For Nigeria Despite The Current Economy

In the wake of the ongoing economic reset, and the volatility of the naira, many analysts and economists predict foreseeable new opportunities for rebuilding a new economy if handled properly. Experts have identified five areas they described as low-hanging opportunities that could significantly redefine the economic direction of the country and boost its FX position.

They are oil and gas, technology, social media influencing, security services, and agriculture. In the oil and gas sector, for instance, many see new opportunities after years of decline and low investments. This is because with the International Oil Companies (IOCs) quitting the Niger Delta, resulting in dwindling financing of oil and gas projects, the belief is that the time to ramp up crude oil production and refining is now.

The IOCs are therefore giving new opportunities to Nigerian professionals. Another area of opportunity is technology. Given Nigeria’s new tech revolution, many see opportunities in data centres, data aggregation, cloud computing, IT outsourcing, software development, networking, e.t.c, for Nigeria’s growing tech talents, who will stay in the country to provide tech services to global players around the world and earn dollars. So, instead of leaving the country, they have naira costs but earn revenue in dollars. Social media influencing is yet another opportunity that is being leveraged heavily. A lot of young Nigerians have become influencers and are thriving in the e-commerce space on social media.

These influencers are earning dollars and the more they drive markets, the more they earn. The fourth opening is in the security services. With insecurity all over the country, new security companies driven by tech are springing up. These include bodyguard services, tech services, CCTV services, and so on. With the right husbanding, security will be big business, partly driven by Israeli experts, who are advising Nigerians. Agriculture is equally playing big. Nigeria’s food has become very cheap and people in neighbouring countries are coming into the country to buy food. Tackling the current hunger in the land requires massive food production to not only feed its large population but also feed the West African sub-region and beyond.

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