A Filipino billionaire, Enrique Razon, has revealed that Nigeria is the best place to invest in 2014. He said this recently during closing activities at the World Economic Forum in Davos, Switzerland, where he rubbed shoulders with other investors.
Razon, who controls a $4.7 billion fortune, according to the Bloomberg Billionaires Index, is one of the 80 billionaires who attended the forum.
Last year, Razon’s International Container Terminal Services Inc. (ICT) signed a deal to develop and operate a port in Lagos, Nigeria, by 2016, investing $225 million in the venture. He said the country was the best place to invest in 2014.
“They produce over 2 million barrels of oil a day, huge population, GDP close to $300 billion,” he said in an interview with Bloomberg TV. “They need power, they need ports, they need many things. The government is much more serious than in the past of trying to build up infrastructure and build the economy. They are a very powerful consumer economy.”
Razon, 53, said he flew to Switzerland from his home in the Philippines to meet with a delegation of politicians from Nigeria.
Razon found himself in the minority in his global outlook too. International investors are the most upbeat about the global economy than at any time in almost five years, according to a Bloomberg Global Poll released on the eve of the WEF. A handful of billionaires attending the event said they expect to be richer by the time they return next year.
“The reality is business has been run by monetary policy since 2009. Period,” he said. “Liquidity has sort of inflated the bubble. We’re sort of in that party mode.
In a related development, Nissan Motor Co. Has announced it is planning to produce its first cars in Nigeria in April. The company’s chief executive officer, Carlos Ghosn told President Goodluck Jonathan recently in Davos he sees demand of as much as 3 million cars a year in the country.