Nigeria is one of the fastest growing economies in the world. This growth is supported by the rising middle class and growth of the growing businesses in the informal sector and SMEs, which are transitioning into the formal sectors. Nigeria's growing population means that its pool of labour is expanding, making it a country with enormous investment opportunities. Demography, globalization, new technologies and changes in the environment for business are combining to create opportunities for development that were absent before the economic recovery.
The economies of the African continent are projected to experience rapid economic growth in the next decades, thus increasingly influencing investment decisions around the globe. Nigeria has the largest population and economy in Africa with robust investment opportunities. Economic indices that foster investment and higher returns, such as safety and rule of law, cost and ease of doing business, are improving. Economic projections have estimated that, given the current growth trajectory, incomes will double over the next 22 years.
However, the best measure of progress lies in the living standards of the people and Sub-Saharan Africa has not performed well in this regard, as shown in its development indices. To sustain growth that improves the lives of all Africans, the continent needs an economic transformation that taps into Africa's other riches, its fertile land, its fisheries and forests, and the energy of its people. Inclusive growth in agriculture together with economic diversification, the spread of manufacturing and new technologies as well as the development of a skilled work force, holds the key to changing the African development story.
We at FRAGG are determined to develop a strong SME sector in Sub-Saharan Africa through investments that generate profitable returns and have a social impact. Our deep knowledge and understanding of the Sub-Saharan African market environment, and its intricacies; our team of technical experts in fund management.
With a population of 182 million people, Nigeria is a huge investment market. Nigeria is currently one of the world's major investment destinations and one of the fastest growing economies in the world. A growing middle class has created huge opportunities for businesses in consumer markets like financial services, food, agriculture and telecommunications. Given this enormous investment opportunity in Nigeria, FRAGG Investment Management Limited will continue to consolidate its investment activities in Nigeria and gradually extend its operation to other countries in the Sub Saharan Africa region.