South Africa-Nigeria Chamber of Commerce honorary chief executive officer Dianna Games says the private sector will have a significant role to play in infrastructure investment in Nigeria.

Games says much of the development in the country will be dependent on electricity supply and other infrastructure, which, owing to the challenges in Nigeria, is unlikely to develop quickly.

According to Games, there are 'pockets of excellence' in some of the 36 states in Nigeria, which can eventually uplift the entire economy, but with the participation of the private sector.

Lack of adequate infrastructure and power supply are big constraints for investors in Nigeria. For instance, the congestion at Lagos port forces companies to transport goods through neighbouring Benin. The are also few other fully operational ports.

Meanwhile, minister at the Nigeria High Commission in South Africa OC Cocodia says the Nigerian economy holds much potential and reward for foreign investors, following the progress made in corporate governance and reforms in the banking sector.

Cocodia says Nigeria will see increased private investment in sectors including telecommunications, mining and tourism. ‘The high cost of production and investment is expected to decline in the years to come,’ adds the minister.

Nigeria is the third-largest African economy, with a projected GDP growth of 8.3% this year.
The West African country has vast natural resources, most prominently oil and gas reserves, a strong manufacturing sector and its telecommunications industry is one of the fastest growing in the continent.