The analysts at Data Hub reported a 19% increase in the number of operating companies and branches under foreign ownership in Kazakhstan by the end of 2023, with Nigeria making it to the top 20 partner countries by this criterion, QazMonitor reports.
Nigerian businesses now account for 306 active entities in the country, with 88 new businesses opening last year alone. This increase was one of the top 10 growths among all countries.
However, the share of Nigerian capital in the total number of foreign business entities in Kazakhstan (about 43,421 entities) remains relatively small and stands at 0.7%. The top three countries, Russia, Turkiye, and Uzbekistan, account for 61% of companies under foreign ownership combined.
In addition, the analysts note that 7 out of 10 Nigerian enterprises in Kazakhstan operate in the education sector; three-quarters of the total number are located in Almaty.
