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Incentivising investment: Transport systems are set to be overhauled as a result of increased funding and regulatory reforms
OBG
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As anyone who has spent time in a Lagos go-slow will attest, transportation can be a complicated issue in Nigeria. Underinvestment has led to a shortage of capacity for a country of nearly 170m people, and as GDP growth continues to surpass 7%, the resulting increase in both consumption and production means there is sizeable scope for investment in the country’s roads, ports, bridges, airports…

Overview

Powering up: With internet uptake rising, local players are increasingly optimistic
OBG
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Over the past decade Nigeria’s ICT industry has grown to become one of the largest and most dynamic in Africa. According to the Nigerian Communications Commission (NCC), which regulates the telecoms sector, at the end of the second quarter of 2012 total mobile internet subscribers topped 30.9m, accounting for the majority of the country’s 48.4m internet users. With the sector expanding at an…

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Rising reputation: The property market is considered a prime investment destination
OBG
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Rapid population growth, steadily increasing urbanisation and rising incomes – particularly among the middle class – have fuelled steady expansion in Nigeria’s real estate sector over the past decade, and are expected to continue to drive growth in the industry for the foreseeable future. While most segments have seen rising levels of investment in recent years, the country remains undersupplied…

Overview

Talk time: Rapid growth in the mobile segment is driving the sector forward
OBG
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Over the past decade Nigeria has become the largest and one of the most vibrant telecoms markets in Africa, due primarily to rapid growth in the mobile segment. As of July 2013 there were more than 114m telecoms subscriptions in the country, equal to a penetration rate of 82%, according to the Nigerian Communications Commission (NCC), the government regulator. This is up greatly from 2003, when…

Overview

Duty calls: A look at the taxation system and rules for foreign investors
OBG
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CORPORATE ENTITIES: Nigeria has rules and regulations governing the operation of corporate entities. A foreign entity intending to do business in Nigeria is required by the Companies and Allied Matters Act (CAMA) to incorporate a Nigerian company for that purpose. Branch operations/offices of foreign firms are not allowed in Nigeria except in rare circumstances involving government projects, where…

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Switched on: New technology has created novel challenges and opportunities
OBG
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Over the past few decades Nigeria’s media and entertainment industry has developed into one of the largest and liveliest in Africa. The most popular formats, which include radio, television and print media, are an important part of daily life for most of the country’s 168.8m residents. The Nigerian film industry – nicknamed “Nollywood” – is one of the largest in the world by number…

Overview

Step by step: Prioritising health care development at all levels
OBG
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With a new federal health bill in the works and steadily increasing private sector participation in many areas, Nigeria’s health care sector is potentially on the brink of a period of sustained expansion. In the six decades since independence, the national health care network has improved on a piecemeal basis, driven primarily by a handful of international organisations and, more recently, government…

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Opening doors to investment: The state is set to serve new investors as it streamlines procedures and improves infrastructure
OBG
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Known as the “pace setter state”, Oyo is in south-west Nigeria and borders the states of Ogun, Osun and Kwara, as well as Benin. With an extensive interstate road network and the ability to capitalise on high volumes of cross-border activity, the state benefits from a strategic location, enabling companies to receive shipments from the ports of Lagos, reach markets in the country’s northern…

Overview

Rising demand: Boosting private sector participation at all levels
OBG
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Over the past five decades development of Nigeria’s education sector has proceeded unevenly. While the government has enacted several initiatives to improve the public school and university systems, ensuring that all citizens have access to high quality, affordable schooling remains a major challenge. With this in mind, in May 2012 the Federal Ministry of Education (FME) launched the country’s…

Overview

Time to act: A rundown of pertinent legislation relating to investment
OBG
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Essentially a free enterprise country, Nigeria allows foreigners to own and operate businesses with minimal restriction. Except where eligible for exemption, all foreign investors are required to be incorporated as a separate entity in Nigeria and, until incorporation, shall not have a place for business in Nigeria other than for the receipt of notices and documents preliminary to incorporation…