Nigeria has the fastest-growing economy in Africa and has in recent years made some progress in her socio-economic and political life.
• According to the World Bank Nigeria has the World’s 26th-largest Economy
•Nigeria is the 14th largest producer of Oil according to the US Energy Information Administration.
•Lagos, Nigeria’s largest city, is a thriving ‘world city’, with a strong financial and economic base.
• Nigeria has the second-largest film industry in the world.
Talking about the economic development of a country and its image, one of its best practices is, of course, Nation Branding. A new lead in Nigeria that has embarked on a nation branding process is Jonah Ubanmhen.
Jonah is a gifted brand builder. He has a compelling story, understands the power of brands, and appreciates the importance of symbolic visibility
Nigeria needs a leader like Jonah because its brand is troubled.
People are quick to group Nigeria with other emerging markets. It is, after all, one of the MINTs. Like Turkey, Nigeria is an enormous country and presents a remarkable opportunity for growth. There are areas of Nigeria where the potential seems to be coming to fruition. Today its IT sector continues to thrive.
The problem is that Nigeria also has negative associations with investors, especially manufacturers. The political system is complicated, securing permits to express entrepreneurial skills is difficult, power is unreliable, and the transportation network is poor.
The result is that Nigeria is not a big player in terms of global manufacturing. Where labor is expensive, companies do not invest as much as they could. According to the Macrotrends data, Nigeria makes up about 14% of National Manufacturing, and Turkey, by contrast, accounts for over 21%.
This is a problem for Nigeria. The population is growing quickly and the country needs direct foreign Investment to spark manufacturing investment and provide jobs.
Some of this is reality and some are perception. The percentage matters most. Companies can overcome logistical challenges but they would not if they think it is a hopeless task. As long as business leaders believe Nigeria is a difficult place to invest, they would not take action to invest in Nigeria.
This is where Jonah can have an impact. One of his key messages is that he believes in Change and Investment. He recently launched a new campaign known as “MAKE IT IN NIGERIA”
He is committed to simplifying the Regulatory Process. It is a compelling story.
Improving business conditions in Nigeria would not be easy. It will take government policies and motivated companies to change from marketing to manufacturing. Jonah’s leadership is a critical first step.
