Nigeria’s Investment Migration Market: Big Challenges and Potential Rewards
Players in Nigeria’s investment migration industry believe that the market is very difficult, yet it can also be extremely rewarding for the perseverant.
Doing business in Nigeria may be challenging. This applies to many industries - telecom, air travel, fintech… The country has stringent capital controls in place: Nigerian nationals can only transfer $10,000 per month across the border. Investment migration partners thus have difficulties receiving funds from the applicants.
At that, research shows that Nigeria has around 29,500 millionaires, and the number is growing at a confident pace of 16.3% per year. If the trend stands, Nigeria will double its HNWI population by 2023. Apparently, the demand for migration products should also increase dramatically in this period.
Nigerians choose to relocate due to a number of reasons, the main being abysmal crime rates, terrorism, failing economy and poor education.
Seizing on the opportunity, investment advisors might be urged to open up local representation, yet it’s not the case in Nigeria. In fact, many Nigerians find it more comfortable to deal with partners overseas given the high rates of fraud inside the country. Many meetings take place in Dubai - a popular shopping destination for Nigerians.
Another trend has to do with the growing number of potential female applicants. Women are now playing a key role in many applications, both joined or sole. The profile of an average Nigerian HNWI is also seeing dramatic changes. Aside from bank executives and wealth managers, the country now has a burgeoning group of entrepreneurs from different industries.
One of the drawbacks of the Nigerian investment migration market is the predominant use of cash. Most deals include dollar banknotes posing substantial challenges to migration service providers - in terms of compliance and taxation. That said, given the number of affluent individuals in the country, those who will overcome the numerous barriers will get hold of a very desirable piece of cake.
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