The latest news that we find about Nigeria points to an increase in inflation in the country. This may lead us to ask: is now a good time to establish business or invest in the country? The answer is yes: now is a good time to invest in this country.
Currently Nigeria, the economic giant in the region, has only 34,000 cases of COVID-19, a figure that does not stop inflation. For the tenth consecutive month it has increased, thus reaching 12.56%, increasing the prices of all goods and services offered by the country.
It may seem, at first glance, that Nigeria is not a good country to invest in at the moment, but it is quite the opposite. Considering that inflation does not exceed real wages, this can help labor markets balance out more quickly and effectively.
This country is rich in imports of mechanical and electrical machinery and vehicles, markets that have not been seriously affected in the world, together with the import of oil.
It should also be noted that Nigeria’s central bank decided to meet in order to review the country’s key rate, managing to lower it by almost 1% in May, the lowest level since 2015.
So, in these times of global pandemic, Nigeria is a good country for a positive investment bet. Bearing in mind that there are chances that inflation will soon reduce and the markets will balance more effectively.