Despite the challenges of the global meltdown and effects on the economy, the Nigerian market has been described as still a viable ground for investment.
Executive Director, Oceanic Bank International PLC, Mr. Francis Okumagba, said a lot of opportunities in the country pointed to the fact that the Nigerian market was still an investors‘ delight. Francis Okumagba, who was speaking last Tuesday, ahead of the upcoming Chartered Institute of Bankers of Nigeria (Lagos Branch) Bankers‘ Nite, said that a lot of foreign investors were still interested in taking advantage of the opportunities in the Nigerian market.
According to him, “We have raw materials in Nigeria and if you look at what is happening today, there will be a move to the areas of raw materials and that is where Nigeria and Africa will benefit. The problems we have in the country are all fixable. We do not have adequate infrastructure yet or power supply, but if we fix those problems, it will improve our productivity by over 30 per cent … We also do not have environmental hazards, toxic assets, and religious extremism like it some of the international communities … Our companies are still doing very well; they are not declaring bankruptcy and all that. The problem we have is the way the environment is reported, people need to understand how margin loans and other bank businesses work.”
With regards to Oceanic Bank, it was recently reported on this site that the bank has gained approval to open a China Office.
Source(s):
ProShare News
