JUST IN: Nigeria’s Economy Alluring to Investors, Remarkably Profitable, Says IMPI Report

Nigeria’s Economy Alluring to Investors, Remarkably Profitable, Says IMPI Report

's Economy Alluring to Investors, Remarkably Profitable, Says IMPI Report


The Independent Media and Policy Initiative (IMPI) asserted, supported by credible data, that Nigeria's economy remains robust and appealing to investors.

In a statement released by its Chairman, Niyi Akinsiju, the group highlighted a comparative study between Nigeria, the , and India, concluding that Nigeria holds its ground well despite global challenges.

The IMPI slammed advocacy groups for ignoring the achievements of the 's administration so far. Credit: The Presidency Nigeria

IMPI criticised advocacy groups for focusing solely on negative aspects, overlooking the numerous positive indicators within the economy.

The group argued that numerous optimistic narratives about the Nigerian economy indicate the nation's progress.

They advised the opposition against spreading negative perceptions about the country.

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They highlighted that while 767 companies reportedly closed in Nigeria in 2023, according to the Manufacturers Association of Nigeria, a Small advocacy group in the United Kingdom revealed that 345,000 businesses shut down in the during the same period.

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According to the statement made available to Henzodaily.ng, the group said:

“This, by our consideration, is an objective rendition of data. It is obvious that the 767 companies shut down in Nigeria do not in any way come close to the 345,000 closures recorded in the United Kingdom in that same period.

“Neither can the number be compared to the 460,000 companies that shut down every quarter, that is every three months, in China or the 10,655 Micro, Small and Medium Enterprises, MSMEs shut down in 2022-2023 in India.

“As routinely rendered, we are further informed by the Indian data that there were over 11,000 new firms started for every one of the 175 shutdowns in 2022.”

The article highlighted a significant profit gap, which persisted despite ongoing economic challenges.

The group emphasised that this signified Nigeria's ability to provide investors with lucrative opportunities despite the obstacles in its economic landscape.

Source: Henzodaily.ng

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