Recently, the economic situation in the country has not been going so well. We’ve had better days. In fact things have gotten so bad that even investors do not want to invest in Nigeria. One can not blame them though, with the government waking up daily with policies that threaten start-ups and even already existing ventures. One of the many investment inhibitors, however, is darkness, the stone taking down Africa’s giant.
Nigeria is famed for being the giant of Africa. This title is well accepted in every aspect, except perhaps in the ones that actually matter, such as economic development and electricity access (which boosts economic growth).
Lack of electricity is a very valid reason for investors to look elsewhere when searching for countries to invest in. Adequate electricity runs businesses by reducing performance/productivity costs and maximizing results. However, the Nigerian electricity sector has been struggling for years and honestly can’t promise to reduce the costs of business in the country.
Most recently is the news that a Twitter opened an office in Ghana, despite having more than thrice the number of users it has in Ghana, in Nigeria. Among other things, such as non-supportive government policies, the country’s lack of adequate power supply is a strong reason it missed that opportunity and will continue to miss more.
Generators aren’t cheap to operate, more so for businesses. Plus they pollute the environment and their noise which is the soundtrack of the Nigerian economy is generally unappealing. In this case, darkness really is the stone taking down Africa’s giant.
Non supportive government policies for investors is mentioned among others.
What are those policies? Please