International business group, Informa, said Nigeria is a destination for international investors and more investments is coming into the country from next year.
Director, Informa Life Sciences Exhibitions,a subsidiary of Informa, Mr Jamel Hill, who spoke on the sidelines of Small and Medium Enterprises(SMEs) and Franchising Nigeria Exhibition and Congress in Lagos, said multinational companies around the world see Nigeria as potential destination to establish international operations.
He said the search for new markets among multinational businesses is gathering pace with much of the effort focused towards Nigeria and other safe locations.
According to him, Nigeria remains the most attractive growth market for companies with a global mindset, with the pure size of the market and the government’s focused economic policy having created favourable conditions for growth.
According to him, international trade is vital to long-term economic success, but challenges, such as political instability, cultural factors and inadequate infrastructure, still cause concern and often outweigh the raw growth potential of overseas markets.
He said Informa is working along with government bodies, such as Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the National Office for Technology Acquisition and Promotion (NOTAP) and the Nigerian International Franchise Association (NIFA) to focus on developing effective Small Medium Enterprise (SMEs) and franchising industry.
He said the organisation was pleased to launch the SMEs and Franchising Nigeria Exhibition to provide numerous opportunities for SME and franchises to further expand their presence and grow.
The Director-General, SMEDAN, Alhaji Bature Masari, who gave the keynote address in the opening ceremony, shared the growing entrepreneurship force while citing challenges such as SME financing.
Speaking through the Director, Strategic Planning and Liasion,Dr Friday Opara, Masari reiterated the readiness of the agency to promote franchising as a tool to accelerate business growth.
According to him, SMEDAN is seeking greater access to financing from banks for SMEs to allow them to expand. He stressed the need for the country’s banks to provide greater access to financing to SMEs to allow them to expand and take advantage of opportunities. He said providing a special loan rate for SMEs, particularly those going into franchising, would be a big help. To take advantage of opportunities, SMEs would have to improve their competitiveness which would require greater access to capital.