Via HowWeMadeItInAfrica - This year Nigeria officially became the largest economy in Africa, adding to its allure as a foreign investment destination. One of the country’s biggest assets is its 170m-strong population, which continues to spark the interest of consumer facing companies.

For many, a good place to enter the market is Lagos, the country’s commercial hub. Obinnia Abajue, executive director of personal and business banking at Stanbic IBTC, said it makes sense for foreign companies to operate in Lagos with its sizeable population of close to 20m and more developed infrastructure for business. However, the market is more competitive than other cities in the country.

“It’s the most competitive part of the country for business because you have got many people making the same decisions to locate in Lagos,” he told How we made it in Africa.

He highlighted that there are a number of other cities which investors should place on their radar, especially in terms of targeting rising consumer demand.

1. Abuja

Abuja is the capital city of Nigeria. While it has a much smaller population than Lagos, Abajue noted that it is a good place to enter the Nigerian market because it holds the highest per capita income in the country.

“It’s a small town [in terms of] population but with very wealthy people.”

2. Kano

Kano, the capital of Kano State in northern Nigeria, is the second largest city in terms of population, after Lagos.

According to Abajue, there is potential for cash and carry wholesale businesses.

This year, South African retailer Shoprite opened its first outlet in Kano, and Massmart is expected to do the same in the coming weeks. Despite the potential security risk posed by Islamic militants in the region, Mark Turner, Massmart’s Africa director, said at the Reuters Africa Summit in April: “I always want to be bold enough to say, you can’t be in Nigeria without being in Kano.”

Furthermore, a new African Development Bank (AfDB) report, titled Tracking Africa’s Progress in Figures, reveals Kano to be one of Africa’s fastest growing cities.

3. Port Harcourt

Abajue said that Port Harcourt, the capital of Rivers State, is the “centre of attention in the south of the country” due to the presence of oil companies and foreign investment in the area. He added that the city is also seeing a rise in per capita income.

Port Harcourt has access to two of the country’s busier ports and is home to the Port Harcourt Airport.

4. Aba

Aba is situated in the southeast and is also surrounded by oil wells. Abajue noted that the city acts as the trading centre of Nigeria.

“And again, there you will see strong purchasing power because a lot of trade is coming out of that place. [Aba] is the connecting spot for the hub of trade activities for the southeastern part of the country.”

5. Ibadan

“The last [city] that I would like to add is Ibadan in the southwest axis,” continued Abajue.

He noted that it is densely populated and has significant infrastructure. The capital of Oyo State has the third largest population in Nigeria, and, according to the AfDB report, is in the top 10 fastest growing cities in Africa.

This is a welcome development.

Okay

What of Onitsha and Nnewi?


Op are you a learner?

betterABIAstate:
Via HowWeMadeItInAfrica - This year Nigeria officially became the largest economy in Africa, adding to its allure as a foreign investment destination. One of the country’s biggest assets is its 170m-strong population, which continues to spark the interest of consumer facing companies.

For many, a good place to enter the market is Lagos, the country’s commercial hub. Obinnia Abajue, executive director of personal and business banking at Stanbic IBTC, said it makes sense for foreign companies to operate in Lagos with its sizeable population of close to 20m and more developed infrastructure for business. However, the market is more competitive than other cities in the country.

“It’s the most competitive part of the country for business because you have got many people making the same decisions to locate in Lagos,” he told How we made it in Africa.

He highlighted that there are a number of other cities which investors should place on their radar, especially in terms of targeting rising consumer demand.

1. Abuja

Abuja is the capital city of Nigeria. While it has a much smaller population than Lagos, Abajue noted that it is a good place to enter the Nigerian market because it holds the highest per capita income in the country.

“It’s a small town [in terms of] population but with very wealthy people.”

2. Kano

Kano, the capital of Kano State in northern Nigeria, is the second largest city in terms of population, after Lagos.

According to Abajue, there is potential for cash and carry wholesale businesses.

This year, South African retailer Shoprite opened its first outlet in Kano, and Massmart is expected to do the same in the coming weeks. Despite the potential security risk posed by Islamic militants in the region, Mark Turner, Massmart’s Africa director, said at the Reuters Africa Summit in April: “I always want to be bold enough to say, you can’t be in Nigeria without being in Kano.”

Furthermore, a new African Development Bank (AfDB) report, titled Tracking Africa’s Progress in Figures, reveals Kano to be one of Africa’s fastest growing cities.

3. Port Harcourt

Abajue said that Port Harcourt, the capital of Rivers State, is the “centre of attention in the south of the country” due to the presence of oil companies and foreign investment in the area. He added that the city is also seeing a rise in per capita income.

Port Harcourt has access to two of the country’s busier ports and is home to the Port Harcourt Airport.

4. Aba

Aba is situated in the southeast and is also surrounded by oil wells. Abajue noted that the city acts as the trading centre of Nigeria.

“And again, there you will see strong purchasing power because a lot of trade is coming out of that place. [Aba] is the connecting spot for the hub of trade activities for the southeastern part of the country.”

5. Ibadan

“The last [city] that I would like to add is Ibadan in the southwest axis,” continued Abajue.

He noted that it is densely populated and has significant infrastructure. The capital of Oyo State has the third largest population in Nigeria, and, according to the AfDB report, is in the top 10 fastest growing cities in Africa.

Adamawa should also be included

Honestly OP betterABIAstate, me I think this your list is very balanced. But nwanne try to include your source so that some people will not come and start derailing it for selfish interest purposes.

This year Nigeria becomes the largest economy in Africa??

Op which year abeg?? 2016

You no well...
Post link or...

Watch anambra people come to this thread and ask why onitsha isn't on your list.

Schematics, food is ready.

Chidiebere(customized13), congrats..

lolzzzz:
Watch anambra people come to this thread and ask why onitsha isn't on your list.

Schematics, food is ready.

Schematics:
Chidiebere(customized13), congrats..

congrats on what? I have not changed my car

I wonder when they shall ban all your monikers- inlandtapan, nwabekeyi, lolzzzz, menabadoo, obafemawolowo etc. Congrats once again..

lolzzzz:
congrats on what? I have not changed my car

Schematics:
I wonder when they shall ban all your monikers- inlandtapan, nwabekeyi, lolzzzz, menabadoo, obafemawolowo etc. Congrats once again..

anything that rocks your dirty anambra skull is welcomed, you can even call me seunosewa.

Chidiebere, now that Okezie has won, I hope that the filthy Aba with it's numerous bad roads will start seeing life..?

lolzzzz:
anything that rocks your dirty anambra skull is welcomed, you can even call me seunosewa.

Schematics:
Chidiebere, now that Okezie has won, I hope the filthy Aba with it's numerous bad roads will start seeing life..

lol, mumu, I'm not even from abia.

See your life?

Chidiebere, you think I have time for your silly back and forth. Any moniker you open today, we shall know immediately, so stop deceiving yourself. I want Okezie to start doing something in your Abia State so that it will have life for once..

lolzzzz:
funny clown, technology ko. Please stop making me laugh and tell me why onitsha didn't make the list.

Schematics:
Chidiebere, you think I have time for your silly back and forth. Any moniker you open today, we shall get know, so stop deceiving yourself. I want Okezie to start doing something in your Abia State so that it will have life for once..

OK agreed, I'm chidiebere if that will make you tell me why onitsha didn't make the list

I know you are jesting but lemme break it down for you. Aba is the filthiest town in the Southern Nigeria; Aba is equally the town with the worst roads in the Southern Nigeria, so you see the reason I don't regard you Abia people and the same reason I don't want my state mentioned on the same paper with your state..

lolzzzz:
onitsha should be mentioned with orlu, okigwe and ohafia

Schematics:
Chidiebere, please come over to my office and have something cold to cool your hot mind..

you are not only person that goes to office, stop jumping around and tell me why onitsha isn't on the list

Is it not drug that you hawk around the town? Oya show us where you are right now if it is not one motor garage?

lolzzzz:
you are not only person that goes to office, stop jumping around and tell me why onitsha isn't on the list

Schematics:
Is it not drug that you hawk around the town? Oya show us where you are right now if it is not one motor garage?

yes, in fact i am in main park aba now, i am selling herbs. Mumu

You better tell me why onitsha isn't on the list.

Chidiebere, come and have late morning chow, you have suffered enough..

This is how we roll. Chidiebere the suffer-head wandering around town..go and push barrow if you have failed as a drug hawker.

lolzzzz:
yes, in fact i am in main park aba now, i am selling herbs. Mumu

You better tell me why onitsha isn't on the list.

Schematics:
Chidiebere, come and have late morning chow, you have suffered enough..

you can't just stop using that your 10,000 oga mini-fridge (if you price wll, you will get it for 7k) with 100naira can malts to shy away from this discussing.

Why is onitsha not on the list?

Chidiebere, you are suffering too much, I saw that coat you wore while going out to hawk drugs, you look terrible. You are yet to show us where you are. Your phone does not have camera??

Has your father stopped riding okada? Your parents and entire family are really suffering.

lolzzzz:
you can't just stop using that your 10,000 oga mini-fridge (if you price wll, you will get it for 7k) with 100naira can malts to shy away from this discussing.

Why is onitsha not on the list?

Schematics:
Chidiebere, come and have late morning chow, you have suffered enough..

This is how we roll. Chidiebere the suffer-head wandering around town..go and push barrow if you have failed as a drug hawker.

me that I'm enjoying at home, you are here showing me picture of your hustling in office. My father can provide everything for me dude.

This same picture again? What a crappy sitting room. This looks like sitting-room of 1980s..LOL

Poverty is writting in everything about you..I pity you buddy, you guys are really suffering. You see why you are still living in poverty because you followed the foot-step of your poor okada rider father..LOL

lolzzzz:
me that I'm enjoying at home, you are here showing me picture of your hustling in office. My father can provide everything for me dude.

Schematics:
This same picture again? What a crappy sitting room. This looks like sitting-room of 1980s..LOL

Poverty is writting in everything about you..I pity you buddy, you guys are really suffering. You see why you are still living in poverty because you followed the foot-step of your poor okada rider father..LOL

lol, if this is poverty then I better remain here ooo, my father keep feeding me and I keep giving schematics headache.

Why is Onitsha not there?