Peter Walker during this year's Opportunity Nigeria conference.

Name: Peter Walker
Organisation: Opportunity Nigeria
Position: Chairman

1) Why is Nigeria an important market for foreign companies?

In the words of President Umaru Yar'Adua to a business breakfast in London earlier this year: "If it is good for Nigeria it will be good for business." When this level of commitment to inward investment is coupled with a restructured and regulated banking and financial services sector, an independent judiciary and an educated population, it is difficult to identify other emerging market economies of similar importance. A Goldman Sachs forecast that Nigeria will be one of the world's top twenty economies by 2020 has to have some influence on foreign companies looking at their 3 year forward development plans.

2) Which would you say are the main investment opportunities in Nigeria for British firms?

Infrastructure and electricity generation and distribution are the headline sectors but it is difficult to ignore the potential for farming, agricultural development, food products and logistics. Education and training will also continue to be important opportunities in a country where capacity building and human capital development are recognised as being key to sustainable growth in the economy.

3) Name some of the concerns typically cited by investors eyeing the Nigerian market.

Corruption, fraud and the crisis in the Niger Delta seem to be the main concerns but then corruption and fraud can be identified as concerns for investment in a number of ‘emerging economies’, including those we regard as ‘European’. The Delta and the criminal element that has disrupted oil and gas production are the only peculiarly Nigerian issues. When he was in London, President Yar’Adua indicated that in conjunction with the UK government, Nigeria was going to take the issue of stolen and pirated oil from the Delta to the United Nations and ask that it should be treated as ‘blood oil’ and subject to the same international penalties as the trade in blood diamonds.

4) What advice would you give to investors looking to invest in Nigeria?

Do your homework. Talk to the Nigerian banks based in London, avoid smooth talking intermediaries, make full use of the UKTI office in Nigeria and make contact with the Nigerian-British Chamber of Commerce in Lagos if you are a UK firm. It is also important to find a reliable partner and to use a decent local law firm. Remember that in the UK there is a well-run and accessible Commercial and Economic Sector at the Nigerian High Commission in London.

5) The Nigerian-British Chamber of Commerce organised the Opportunity Nigeria conference in July this year. What are the main things you’ve learned from this year’s event?

There is a significant amount of business being done with Nigeria outside the oil and gas sector. Perhaps for the first time the potential for looking at investment and business opportunities on a state by state basis started to make sense as a strategy rather than looking at Nigeria as a single entity. It was also difficult to avoid the enthusiasm and energy of Nigerians from the Diaspora and from the country itself for the successful development of a democratic Nigeria.

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