Investing overseas from Nigeria part 1 – that will be the topic of today’s article.
Nothing written here should be considered as financial advice, nor a solicitation to invest.
For any questions, or if you are looking to invest as an expat, you can contact me using this form, or via advice@adamfayed.com
It is usually better to “kill two birds with one stone” and invest as an expat, rather than send money home to buy shares or a house.
Introduction
Nigeria, located in West Africa, stands out as an economic center well connected to the West African region. Its southern coast lies on the shores of the Gulf of Guinea, which flows into the Atlantic Ocean, and most of the emigrants moving to Nigeria settle here, especially in Lagos or in the central capital of Abuja.
Nigeria is a multicultural nation with over 500 languages and 250 ethnic groups and a diverse environment, so it’s best to understand what to expect before you move.
In truth, media reports about safety and security did not paint the most beautiful picture of the country. Nigeria has a dubious reputation due to persistent reports of crime, corruption, kidnappings, and endlessly inventive 419 prepaid scams.
While this is not something to be overlooked, especially for families with children, and expats should follow the guidance of their embassies and authorities, security considerations should not completely overwhelm the perception of Nigeria.
Expatriates who move to Nigeria for work often benefit from a generous employment contract. Nicknamed the giant of Africa for its large population and growing economy, large multinational corporations, especially in the mining and oil industries, have opened their stores here and usually hire foreigners.
Recognizing the potential hardships and high cost of living, these companies offer excellent financial attractiveness, and sometimes a complete relocation package, including comprehensive medical care and health insurance, accommodation, training, and transportation.
Large companies hiring expats often pre-book accommodation in secure gated complexes with 24/7 security and security. These lodgings usually have amenities such as swimming pools to cool off in warm tropical weather.
These complexes are home to a sociable expat community, and newcomers speak positively of this camaraderie. Living in a big city like Lagos or Abuja offers plenty of sports facilities and groups, as well as upscale restaurants and trendy cocktail bars for everyone to enjoy.
However, the typical expat lifestyle in Nigeria is that many foreigners live in several isolated enclaves far removed from the reality of Nigerian life. Those who are not stuck in this “expat bubble” may find their move to Nigeria a rich cultural experience.
Nigerians are renowned for their hospitality and friendliness, and getting to know them can help overcome culture shock. New arrivals will soon pick up local slang or take an interest in local fashion and colorful clothes. The diversity of cultures makes constantly interesting discoveries that beg to be stumbled upon by more inquisitive emigrants.
Expats may be surprised by Nigeria’s hidden gems, from sheltered beaches to nature reserves and national parks with gorgeous rainforest habitats and
waterfalls. The famous film industry Nollywood also calls Nigeria home, and popular music Afrobeats music style has Nigerian and West African roots.
While there are adventures, there are also disappointments. Transport and driving are the main causes of frustration.
Despite some development of transport infrastructure, the city’s roads are chaotic and traffic is a nightmare, whether it’s commuting to work or taking the kids to school, most expats hire a driver to relieve any stress.
Like any other destination, Nigeria has both pros and cons. We encourage expats to prepare for the realities of life there, but also to keep an open mind to enjoy the many positives.
Safety in Nigeria
Nigeria is notorious for the lack of security within its borders, and it’s no surprise that even seasoned expats with years of travel under their belts will worry about their personal safety in Nigeria.
Many Western governments, including the US and the UK, have warned their citizens to avoid all but essential travel to certain parts of Nigeria, especially in the northern states due to sectarian violence, as well as in the oil-producing southern states, for safety reasons. states due to the activities of insurgent groups.
Nigeria, or parts of it, is undoubtedly dangerous, but foreigners who move to this West African country hardly live in constant fear for their safety. The majority of expats living and working in various parts of Nigeria report that while they acknowledge the risks, they generally feel safe in Nigeria.
Education in Nigeria
Nigeria’s education system was introduced during the colonial era by the British and is still heavily influenced by the British system. Six years of primary education is compulsory in Nigeria. From the age of six, students are taught mathematics, English, religious studies, natural sciences and one of the three main languages of the country. High school, another six years, is offered by various federal, state, and private institutions. Higher education is available from many universities and polytechnic colleges in Nigeria.
The reality of education in Nigeria is not on the highest level. Due to insufficient funding and insufficiently motivated staff, the condition of many schools and the overall quality of education leaves much to be desired. According to the World Bank’s 2014 World Development Indicators, about 76% of children in Nigeria complete primary education, but only two-thirds of Nigerians aged 15 to 24 (66%) can read and write. These figures are as much as 20% lower than in other countries of a similar level of development. A lot of wealthy Nigerian parents work hard to send their children to international schools in Nigeria or other schools located abroad.
Expats with children may want to enroll their children in one of the country’s international schools, which are fairly common in popular expat areas.
Healthcare in Nigeria
The weak healthcare system in Nigeria makes it difficult for people to get the best healthcare possible, and it’s no secret that Nigerians prefer to travel abroad for treatment rather than fixing a diseased system. Access to public hospitals means long, winding lines and prepayment before receiving treatment. Anyways, you can find out a huge number of private hospitals that are completely equipped with facilities. Proper health insurance is a must in Nigeria to receive decent health care.
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