In a recent Presidential Roundtable and Conference at the Nigeria at G20 (India 2023), Dr. Owen Omogiafo, President and GCEO of Transnational Corporation Plc (Transcorp), delivered a compelling speech that underscored the immense potential for collaboration between Nigeria and India. Dr. Omogiafo’s words resonate with a call to action for both Indian and global investors to explore opportunities in Nigeria, a nation striving for economic growth and development.
Transcorp, Nigeria’s largest listed diversified conglomerate, has investments spanning power, hospitality, and energy, with a vision to improve lives and transform Africa. This vision is aligned with India’s own transformation journey, notably represented by companies like TATA, renowned for catalysing economic development and sustainable growth.
Dr. Omogiafo emphasised the importance of mutual investment between countries. As she aptly pointed out, the willingness of a nation’s own people to invest in their country is a strong indicator of its investment potential. Nigeria boasts an increasingly active investor base, especially in critical sectors such as power.
Power, Dr. Omogiafo argued, is the lifeblood of any economy. India’s advanced infrastructure in gas-fired and renewable energy serves as a model for Nigeria to follow. The promise of Nigeria’s energy sector holds tremendous potential for Indian investors. The country offers fertile land for agriculture, ample opportunities for industrial ventures, and conducive conditions for settlement.
Furthermore, Nigeria has made considerable progress in its policies and government signaling for investors. A high-level delegation, including the President, key ministers, and officials from various ministries, demonstrates the country’s readiness for business. Concerns regarding foreign exchange policies and subsidies are being addressed, and Dr. Omogiafo urged investors to seize the moment.
Drawing parallels between India and Nigeria, she highlighted the cultural affinities and shared love for spicy food. This cultural connection strengthens the historical relationship between the two nations. India’s long-standing presence in Nigeria is a testament to the mutually beneficial ties that can be established.
Investing in Nigeria not only promises significant returns but also offers access to a burgeoning market of over 200 million people. Nigeria’s commitment to developing a unified database for consumer financing and behavioural patterns further enhances the attractiveness of the market. The youth-driven demographic of Nigeria ensures a dynamic and progressive environment.
Dr. Omogiafo’s speech serves as a clarion call for Indian and global investors to explore the vast opportunities that Nigeria offers. As the leader of Transcorp, she embodies the spirit of transformation and economic growth that Nigeria is eager to embrace. Nigeria can realize its vision of becoming an economic powerhouse, and investors can participate in this remarkable journey of change through the collaboration between the public and private sectors. It is time to invest in Nigeria, the land of promise and potential.