Both existing and new investors have different perspectives on Nigeria’s current economic situation. Some don’t see much for long-term change, which means continued fuel crisis, naira depreciation, and a need for an exit strategy. Some became inspired due to measures and strategies put in place by Nigeria’s government to curb current economic turmoil. Some specifically have hope in development due the impending population boom for the country and in comparing Nigeria’s business trends with the growth in population, for them, the future looks bright.
One of the world’s most popular financial institutions, MoneyGram Inc. has had a very promising business year thus far. As the second largest money transfer provider in Nigeria and after putting the low oil price and limited US dollar in Nigeria into consideration MoneyGram seeks to expand its base in country.
A report from MoneyGram stated that since the declination in Nigeria’s economy started, Nigerian citizens abroad have been sending money to assist relatives back home in coping with the situation.
More than the government’s policies, local investors are really playing a better portion in stabilizing money in circulation.
In a statement by the Chief Executive Officer of MoneyGram in Nigeria, Alex Holmes: “Nigeria as one of the largest oil exporters is most affected by the low oil price accompanied with the low dollar in circulation but it made a better impact in our business since 2015 compared to previous years and even other nations in Africa. Though we may suffer a set back if the problems continue, we still have the best market from Nigeria as her population grows.”
Nigeria needs this positive thinking from other investors, to drive the nation’s GDP forward. Without increase in foreign investment and in Nigeria’s federal reserves, lack of business will become a long-term issue the country will have to overcome.