How do you assess the efforts of the public and private sectors to reduce the housing deficit? MUWOWO: The availability and cost of housing require a specific and measurable redress policy. The federal government is taking the initiative by embracing public-private partnerships (PPPs). This model recognises that a key component of affordable housing is the cost of land, which may range from 30%…
How would you assess the quality of local firms that are working on key infrastructure projects? USMAN: The quality of local technical consulting has improved tremendously, enabling Nigerian offshoots of international firms to become fully indigenous. This has led to reduced reliance on foreign expertise to execute key phases of large infrastructure projects, as demonstrated by our work on the…
What steps must be taken to implement Nigeria’s National Digital Economy Policy and Strategy? INUWA: The National Digital Economy Policy and Strategy (NDEPS) outlines eight pillars to facilitate the digitisation of the economy. This comports with former President Muhammadu Buhari’s vision to diversify Nige-ria’s economy away from its dependence on oil and gas. To fulfil the NDEPS’ goals,…
In your view, how feasible is the central bank’s financial inclusion target for 2024? AKANMU: In 2020 the financial inclusion rate was 64%, which the Central Bank of Nigeria (CBN) can feasibly grow to 80-90% by leveraging the expanding range of financial technology services. However, roughly 50% of the population holds a formal bank account, whereas informal financial services largely service…
What are the biggest challenges for modern retail chains to reach meaningful scale in Nigeria? ENUNWA: The biggest challenge to reaching scale is a lack of quality retail space due to limited investment by property developers. We have had to build our own retail spaces to address the lack of supply, rendering it difficult to scale since it entails operating beyond one’s core competency. Manpower…
How can public-private partnerships (PPPs) mobilize capital to narrow the agricultural funding gap? KONE: Access to affordable financing remains a key challenge in the agricultural sector, especially for small-holder farmers who account for more than 80% of the production base in sub-Saharan Africa. This funding gap is driven mainly by the notion that agri-lending is too risky. PPPs are well-positioned…
What are the challenges to successful capital allocation for the production, trading and processing of agro-commodities in Nigeria? BALOGUN: Agriculture remains pivotal to the development of Nigeria’s economy, contributing an average of 23% to the country’s GDP per year over the last decade. The agriculture sector grew by 1.34% year-on-year in real terms in the third quarter of 2022, an increase…
To what extent can the Lagos Commodities and Futures Exchange (LCFE) help drive investment? OWOLABI: Under Basel III banking regulations gold, similar to cash, is deemed a zero-risk-weighted asset, enabling financial institutions to hold part of their investment in gold. Facilitating this requires a structured and regulated platform on which gold and other investment precious metals (IPMs) can…
What key features underpin the attractiveness of the Nigerian consumer market? ADEGUNWA: The population size and the litany of embryonic segments within the market are enticing to investors. While the market is still in its infancy in terms of infrastructure, logistics and service delivery, the growth potential is exponential, with a customer base of over 200m people. For a fast-moving consumer…
INTERVIEW: Olumide Adeosun In what ways can the downstream sector benefit from the Petroleum Industry Act (PIA)? OLUMIDE ADEOSUN: Political will and private sector engagement are necessary to benefit from liberalisation under the PIA. Separating the Nigerian National Petroleum Corporation’s roles as regulator, operator, competitor and price determiner should stabilise fuel prices and availability,…
