Nigeria is the second country in Africa with a big economy. Globally it is the 22nd country by the number of finances. With this flow of the growing economy, Nigeria can be in the top 10 countries in 2050. To achieve this kind of stability, this country needs to diversify its economy from its dependence on oil.
Nigeria is a country that can really make a big difference in the world by using all the opportunities it has in different fields, so it goes without saying that Nigeria’s potential really lies beyond the oil. Based on recent trends, this country is starting to make a big difference in the trading field. To rely only on oil will be destructive for the country because the world is going far with new technologies and soon there will be renewable energy which can affect Nigeria’s economy pretty harshly. That is why Nigeria should target different approaches for making the economy larger with various efforts.
However, to overcome this dependence and behave a non-oil economy won’t be an easy task to complete. Foreign companies across Nigeria are having four kinds of problems which are: corruption, inadequate infrastructure, low-skilled people, and uncertainty of the future.
This is showing that Nigeria is in need to make some reforms in order to have a regulatory environment and a comfortable and promising atmosphere for businesses. It can contain simple ways to embrace what they already have and new challenges that should be accomplished in order to answer the fair points of what investors are asking for.
The last surveys in this country are showing the highlights of the future industries as trading. Since trading is becoming more and more popular in Nigeria, people are already well aware of the FX market. Everyone is trying to educate themselves as much as they can to be always up to date with news and the world’s demands in this sphere. More young entrepreneurs are starting to consider trading as their main source of income. They are researching for the best forex brokers for beginner traders in order to ensure that their funds will be protected and well organized. As for now, it is one of the top challenges to have a proper regulating system which will allow investors and traders to invest and exchange their money while being ensured that they would not come across scammers. Considering the outlook for the oil prices (which are significantly lower than it was before), if there will not be any measures to help the Nigerian finances, they will become poor sooner or later. So, what is the first thing that Nigeria should do? Well, they should pay more attention to the lack of transparency, liquidity, and prices in the foreign exchange market. The argument can go beyond the need to re-liberalize the flows.
Vital reforms in the foreign labor markets are making business environments in a comfortable place to start new things. If Nigeria will do the same, it will help the country and the people in it. A skilled workforce will be a huge development for Nigeria’s effective future. Trading will be the key factor that will drive Nigeria’s economy moving forward in the modern world. An all-inclusive approach is needed. The quality of education will be a big step into solid economic growth.
Nigeria needs new ways to be ensured that they have sustainable fiscal management that is resilient to global oil prices. They also need to improve their tax system because it is hard to understand and more and more investors are finding themselves being lost in these administration papers.
Nigeria has already focused on easing requirements for investors and business institutions. As for now, they can register their business with improved entry. The government is already thinking about being more transparent and is making sure that every private sector is well informed about every new detail that they are planning to do in order to develop their economy.
However, it still fares poorly on key measures such as trading across borders. There is a huge amount of work that needs to be done in this field.
The government is already taking some notes from the countries which already have online registrations and correct filing of taxes. Work is being done in order to improve the situation but there are still things that should be improved.
