Ade Onitolo, Director, Political Risk at IHS Exclusive Analysis: Violence in Nigeria Hasn't Put Investors Off (Video)

Ade Onitolo, Director, Political Risk at IHS Exclusive Analysis: Violence in Nigeria Hasn’t Put Investors Off
According to Ade Onitolo, the Director of Political Risk at IHS Exclusive Analysis, violence by the terrorist group, Boko Haram, has not dissuaded investors in Nigeria who take a long-term view.

Map of Nigeria Showing Chibok Borno State

Nigeria has 36 states plus Abuja, the Federal Capital Territory. Although Boko Haram has attacked Abuja a few times, the majority of Boko Haram’s attacks have been localized to the North-Eastern states, in general, and Borno state, in particular.

Abuja, which is Nigeria’s political capital, is about 800 kilometers (approximately 500 miles) from Chibok, Borno state, the site of the recent kidnapping of school girls by Boko Haram. Nigeria’s commercial capital, Lagos, is about 1,600 kilometers (approximately 1,000 miles) from Chibok – This distance is greater than the distance between New York and Chicago; and is about the same as the distance between London and Warsaw. The bulk of Nigeria’s populace and economic activity has not been affected by Boko Haram.

Nigeria is diversifying away from an economy that was heavily-dependent on crude oil revenues. According to the recent GDP report from Nigeria’s National Bureau of Statistics, the top 5 sub-sectors, by 2013 economic activity, are as follows: Crop Production (20%); Crude Petroleum and Natural Gas (14%); Telecommunications and Information Services (9%); Food, Beverage, and Tobacco (5%); and Financial Institutions (3%).

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