Nigeria, with a population of over 200 million people, is one of Africa’s largest and most rapidly growing economies. Despite its numerous challenges, Nigeria presents many opportunities for entrepreneurs and businesses looking to tap into the African market.
At the recently finished webinar’ Economic Outlook for Nigeria in 2023′ hosted by Nairametrics, one of the panelists, Cheta Nwanze, discussed how Nigerians could take advantage of the opportunities in different states across Nigeria.
He also discussed how people could improve their skills to increase their earnings in response to emerging technologies such as AI and cloud computing. Such as AI and cloud computing.
Highlighted below are a few key points worth mentioning.
Nwanze, Lead Partner at SBM Intelligence, recently discussed leveraging the advantages of different states to gain a competitive edge. He highlighted how utilizing resources from each state can yield great results for businesses.
-Individuals who live in places like Akute, which are close to Lagos, often commute to the state for work. The wages they earn from employment there can be used to stimulate growth and development in Ogun State.
– Additionally, a lot of manufacturing industries are being set up there, and there are opportunities for more
Since 1999, Akwa Ibom State has seen excellent governance and the establishment of a thriving tech community. Additionally, many other advancements have been made in the area.
Nassarawa is a neighboring state of Abuja and can also benefit from the entrepreneurial activities taking place in Abuja.
Cheta pointed out that Nigeria should capitalize on its close vicinity to Europe, which is only six hours away, and start exporting products like Bangladesh is already doing.
He declared that japa is a sophisticated job-making scheme and cannot be labeled unequivocally positive or negative.
-Nigeria has a long history of exporting its citizens to countries worldwide. This phenomenon has been occurring for some time and continues to this day.
– The Nigerian economy has never been able to provide sufficient employment opportunities for its citizens.s for its citizens.s for its citizens.
– It is evident that individuals holding mid-level to higher positions are not exempt from relocating.
– In the immediate to intermediate future, it may not appear beneficial, but in the long run, it can be used to bolster the economy through money transfers.
On new AI technology like ChatGPT: He believes that ChatGPT will make it easier for people in media and finance to begin their businesses. Because of this, many people will need to acquire new knowledge and skill sets to stay competitive.
– Rather than Agriculture, Content creation is the nation’s biggest foreign exporter.
– Even though there is a lot of competition in the content market, space for additional players still exists., space for additional players still exists.
– Agri tech presents a chance for the nation to find solutions to spread food among its population.
In conclusion, Cheta Nwanze has highlighted the numerous ways to use opportunities in Nigeria by utilizing various avenues such as ‘japa’ and Open AI. While the traditional method of taking advantage of opportunities live setting still exists, Nwanze has urged people to consider digital tools such as Artificial intelligence to explore more possibilities. As he said, people need to take hold of issues that will eventually lead them to prosperity.