Bomb blasts, gun attacks, airline crashes, kidnappings, industrial-scale oil theft, armed robberies and fraud costing billions of dollars.
Such things might give pause to anyone thinking of opening a business. In Nigeria, they happen with alarming frequency, and yet investors just keep coming.
The reasons are many: alluring returns in this high-risk frontier market; a huge and growing population with latent potential for a consumer boom; light crude oil ideal for making motor fuel; and sophisticated financial markets.
“We know it’s not risk free,” says Charles Robertson, global Chief Economist at Renaissance Capital. “But look around the world and find another economy with 160 million people growing at 7 percent with such potential. It’s a struggle to find them.”