(2 Minutes Read)
The increasing digitalisation of services, including ports, is improving efficiency and productivity, offering a competitive edge.
Despite a young population and a strong pool of innovation, Nigeria saw its foreign direct investment (FDI) plummet to USD 29.83 million in Q2 2025, a 65% year-on-year drop. However, hope is emerging from the tech sector.
Companies like Itana, the first to receive a digital special economic zone license, are helping foreign businesses set up remotely with simplified procedures: remote registration, access to local markets and labour, and streamlined taxation. According to co-founder Luqman Edu, these tools are key to scaling business activities across the continent from a distance.
Experts also highlight Nigeria’s strategic value as a gateway to the African market. The increasing digitisation of services, including ports, is improving efficiency and productivity, offering a competitive edge. Nigeria boasts of presence of several Unicorns, which are worth over USD 1 billion without a public listing. These include Interswitch, Flutterwave, and OPay.
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The recent reform measures had ignited widespread dissent among the common man, mainly due to higher prices since the subsidies were withdrawn abruptly. Now, the Nigerians are getting reconciled to the new normal. Financial analysts say that it might take a couple more years for the West African country to come out of the woods.
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