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Nigeria aside fintech . Article by Victor Obioma [II]



Nigeria Aside Fintech

Continued from here

2. Entertainment and Media Industry:

The Nigeria film industry known as NollyWood, is one of the largest film producers in the world, second only to India’s Bollywood.

Also another good example of untapped opportunities in Nigeria. Nigeria’s Entertainment and Media Industry are investor ready sectors which have not witnessed sufficient investments but hold promising Returns on Investment- ROI for Investors.

The Nigerian Film Industry- Nollywood is globally recognized as the third largest film producer in the world.

The Industry is a significant part of the Arts, Entertainment and Recreation Sector which contributed 3.3% (N290 billion Naira) to Nigeria’s Gross Domestic Product (GDP) in 2020. It is one of the priority sectors alongside Tourism identified in the Economic Recovery and Growth plan of the Federal Government of Nigeria with a planned $2 billion USD in export revenue by 2021.

At a time when Nigeria is experiencing a deep recession due to the falling price of oil, the country´s main export; the success of the film industry is viewed by the Government as good news. Nollywood produces more than 2500 movies annually and is only behind Hollywood as the biggest producer of movies in the world.


Jim Iyke – Nollywood actor and producer 

Nigeria with a 12.1% CAGR (albeit strongly influenced by surging spending on mobile Internet access), will be the world’s fastest-growing E&M market over the coming five years.

PwC Report – The importance of the cinema in Nigeria, the most populous country in Africa, could already be seen coming three years ago after The Wedding Party, a romantic comedy directed by Kemi Adetiba, earned $1.5 million USD, a record for a Nigerian film.

The success of this comedy lead to the filming of a sequel, The Wedding Party II. The financial returns of this far surpassed those of the first part and called the attention of Netflix, which acquired the two films for broadcast from their platform.

French group Vivendi Canal Plus also decided to invest in 2019 by acquiring Iroko TV- the biggest internet and Entertainment Company in Nigeria, where it sbroadcasts television dramas to all the world.

Today the film industry employs at least one million workers and is an essential part of the entertainment sector, which according to data from the international consultant PwC, contributed 2.3% ($660 million USD) to the gross domestic product (GDP) of Nigeria.


PwC foresees an increase in the earnings of the industry to one billion dollars by 2021, all from exports.

3. Aviation:

Nigeria’s Aviation sector is currently on an upward trajectory with new Airlines emerging almost quarterly while others await their Air Operator Certificate- AOC approvals. In the words of Captain Musa Nuhu- Director-General, Nigerian Civil Aviation Authority (NCAA) “There is a huge market here.

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The Nigerian market is not mature enough. There is opportunity for the Nigerian market to grow. That is why new airlines are coming up in the country.

We have Green Africa Airways, NG Eagle and many other airlines resuming operations in Nigeria.

I am sure that Green Africa Airways, NG Eagle are the next to fly. It is economics. Sadly, because of the condition of the roads, a lot of people prefer flying by air and the demand is growing. I can tell that out of 9 million travelers within Nigeria, only probably one million people fly regularly.

Meaning one or two million people travel by air in Nigeria, out of a population of 200 million.

The Aviation Industry is a virgin market. If we uphold our policies and strategies, we will make a friendly environment of the industry and it will grow”.

United Nigeria Airlines took to the sky last month, Green Africa Airways in the second week of April 2021 while NG Eagle and Binani Air are queued for their Air Operator Certificates- AOC.

Nigeria finds itself in this current position as a result of its almost non-existent Road and Rail infrastructure (a common problem on the African continent) the existing road networks are “unsafe” due to security threats. New airlines are emerging in Nigeria to take care of the low capacity in the air transport industry.

Captain Ado Sanusi former CEO of Aero Contractors – noted that in Nigeria there will be growth in the industry because the sector is currently underserved that it therefore needs more airlines and more aircrafts to meet the surging demand of air passenger traffic at more than 17million as at 2018.


The air transport industry including airlines and their supply chain, are estimated to contribute $600 million USD to Nigeria’s GDP.

Spending by foreign tourists will contribute additional $1.1 billion USD to the country’s GDP, totaling $1.7 billion USD.

Inauguration of new Cargo and International Airports like Anambra International Airport by Governor Willie Obiano on May 01 2021 is an indicator to huge business and Investment opportunities in Aviation aside FINTECH in Nigeria.

4. Tourism:

Nigeria is HOME to interesting tourist locations that present good investment opportunities and promising FOREX Returns on Investment in Millions of USD for both local and foreign Investors if given attention.

The World Travel & Tourism Council (WTTC) has a report titled travel and tourism economic impact to hit N2, 691 billion Naira in 2022; showing that the Nigerian travel and tourism industry is fast opening up.

The revenue profile of state tourism boards provide sustainable jobs. There are many tourist scenes scattered across Nigeria; and tourism is sure a good bet on Investment.


Each of these tourist attractions present unique scenes to take amazing photos to preserve lovely memories during vacation, leisure, while catching glimpse of nature, having fun, relaxing and sightseeing.

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Some of these tourist sites include: Gurara Falls in Niger State, Zuma Rock in FCT Abuja, Azumini Blue River in Abia State, Oniru Beach in Lagos, Usman Dam in Bwari, FCT Abuja, Yankari Game Reserve in Bauchi State, Olumo Rock in Ogun State.

There is Azumini River in Ndoki, Abia State which is unique- originally blue in color, but turns green whenever it rains.

The River has become a resort for tourists because of the pleasantness it offers.


One can also see the very bright colorful stones on its river bed from the surface. The stones are so clear and clean that the Aba Glass Industry in Abia State use them as raw materials for Glass production tourism is a very lucrative sector in Nigeria aside FINTECH to invest in Nigeria due to its high yield potential.

         “If you give me USD $5 billion today, I will invest everything here in Nigeria. Let us put our heads together and work”.

– Alhaji Aliko Dangote- Africa’s Richest Man and founder of Dangote Group

President of Dangote Group, Aliko Dangote

President of Dangote Group, Aliko Dangote

5. Abundant Plant Species for Medicine (Roots & Herbs):

According to the World Resource Institute, Nigeria has 4,715 different plant species, and over 550 species of breeding birds and mammals, making her one of the most ecologically vibrant places on the planet.

With plant species scattered across the East, West, South and Middle Belt zones; Nigeria has the potential to be the drug production and distribution hub to supply drugs to Africa and the Global drug market if the right production framework, modern drug production equipment’s are installed within South East and South West Nigeria where these plant species are in abundance plus the already available skilled manpower in Medical Research and Development.

Plants like Moringa plant (Moringa Oleifera), Bitter Leaf (Vernonia Amygdalina), Aloe Vera Basil, Scent Leaf (Ocimum gratissimum), Bitter Kola, Tiger Nut, Black Stone etc. have medicinal uses and are abundantly available in Nigeria.

Others plants like Morinda lucida (Oruwo), Enantia chlorantha (Awopa), Alstonia boonei (Ahun), Azadirachta indica (Dongoyaro) and Khaya grandifoliola (Oganwo) were found to be useful for malaria therapy and are currently used at Okeigbo, Southwest, Nigeria.

The parts of plants used could either be the barks, roots, leaves or whole plants. The recipes could also be a combination of various species of plants or plant parts.

Study highlighted potential sources for the development of new antimalarial drugs from indigenous medicinal plants were found in Okeigbo in Ondo State, Nigeria.

These plant species, roots and herbs point to Nigeria as an over $100 billion USD Investment revenue destination for research and drug productions.

6. Raw Materials and Food Processing:


The Manufacturing Industry in Nigeria is not fully developed in spite abundant raw materials and cash crops like steel, oil, corn, cocoa, grain, lumber, forest resources, natural gas, coal, and minerals in sufficient quantity there. Nigeria is 4th Largest Cocoa producer in the world, while Ondo State is the largest cocoa producer in Nigeria. In 2012 Nigeria’s processed food industry was valued at $20 billion USD annually and is expected to grow by several tens of billions of dollars by 2050 (USDA 2013).

So far, less than 5% of grains and cereals grown in Nigeria end up as post-harvest losses, while more than 40% of fruits and vegetables also end up as post-harvest losses.

These indicate that raw materials and food processing has a massive market and huge opportunity for Investors at scale.

For instance converting cocoa to chocolate, cashew nut to cashew nut butter, ginger to ginger extract, palm kernel to palm oil and palm kernel oil etc.

The last Decade has witnessed interesting local companies kick off raw materials and food processing operations and Joint Venture Partnerships that led to foreign companies set up plants in Nigeria. For Example:

Beloxxi Group crackers biscuit production line in Lagos produces 40million cartons a year, IDAN Premium Chocolates produced from Cocoa beans sourced at ODA Cocoa Farm Estate by Sunshine Chocolate factory at Alade-Idanre, Ondo State.,

Rongtai $50m USD MDF Factory in Benin City, Edo State with output of 300k cubic meters covering an area more than 100k SQMs;

Highland Tea & Highland Green tea plantation in Kakara, Taraba State resuscitated to produce 1.6 million Kilograms of tea annually;

Soya beans processing plant recently launched in Kano State built by Alhaji Isa Gerawa (a 1,200 tons per day solvent extraction plant) worth $50million USD;

Biggest SHEA Butter processing factory facilitated by NEXIM Bank at Kudu, Mokwa LGA in Niger State;


GB FOODS Spain builds biggest SS-Africa BAMA Mayonnaise $14m USD factory in Sango, Ogun State, Nigeria to distribute to the rest of Africa.,

KELLOGGS TOLARAM JV in 2015 that facilitated set up of N6 billion Naira factory in Lekki Free Trade Zone of Lagos State to develop snacks and breakfast foods for the West African region

Anheuser-Busch InBev investment of $400 million USD at its brewery in Port Harcourt, Rivers State, Nigeria to expand its market within the country.

To be continued…

About the Author:

Nigeria digital economy

Victor Uche Obioma

Victor Obioma is Chairman, VICFAUS INTEGRATED SOLUTIONS LIMITED (Division of VIEWS GROUP Co.), He is International Partner for Nigeria; World Business Angels Investment Forum-WBAF and Member; Global Start Ups Committee. He is Member, Global Chamber of Business Leaders-GCBL; Global Entrepreneurs Network (GEN) Startup Founders Mentor at Tony Elumelu Foundation (TEF), TAKWEEN Accelerator & Advisor at Prosper Advisors Network, Kenya.

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