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Overview

Strategies for development: New policies focus on economic diversification and raising standards of living
OBG
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With a rich endowment of natural resources and an entrepreneurial mindset, Anambra State is becoming an economic model for the rest of the country. In a region known for dominant oil operations and related security challenges, Anambra State has kept on a steady course towards economic diversification over the course of the last few years. Hitherto, the absence of production oil in the state…

Overview

Hard sell: Traditional markets are slowly giving way to modern shops
OBG
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The foreigners are here, and they appear willing to stay. With the Nigerian press reporting in August 2012 that a record $1.3bn in foreign investment had come into the retail sector over the preceding two years, outsiders are playing an ever greater part in an industry that – according to international consultancy Accenture – accounts for 19% of Nigeria’s GDP. Foreign investment in this area…

Overview

Managing development: Access to formal housing is being increased
OBG
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Overall strong economic growth in Nigeria has driven expansion of the real estate sector, which is expected to continue on its upward trend in coming years in line with the country’s rising GDP. The residential and retail segments in particular are set to grow due to rising consumer demand from Nigeria’s increasing population. However, whilst its growth prospects are positive, the sector faces…

Overview

Improving access: The federal government focuses on extending broadband
OBG
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Transforming Nigeria into a knowledge-based economy is the centre of the government’s policy on information and communications technology (ICT). There is much optimism about the sector’s ability to drive socioeconomic change in the country and growth across economic sectors, but how to achieve this and where to direct the state’s efforts and revenues has been the focus of much debate over…

Overview

Striking a balance: The sector has the potential to be a strong GDP contributor
OBG
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It may not rank high among the world’s recommended travel destinations, but tourism in Nigeria is among the few sectors with significant potential to support efforts to diversify away from oil in a sustainable and inclusive manner. Though largely guided by business travellers, the sector could also benefit from the nation’s rich cultural heritage and diverse landscapes. BY THE NUMBERS:…

Overview

Recognising potential: The government promotes manufacturing while the private sector invests in some key projects
OBG
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With its large population, its GDP still showing growth in the high-single digits in a recession-haunted world and its vast if underexploited natural resources, Nigeria is an attractive but challenging market for industrial firms. The sector is still quite small overall, accounting for less than 1% of GDP. Some fields are expanding rapidly, while others are starting to show signs of growth. There…

Overview

Moving up: Additional investments in infrastructure are needed to take the sector to the next level
OBG
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With a large population that avidly seeks out the latest technologies and a mobile market that now has close to 100m active subscribers, the telecoms sector has had little difficulty attracting foreign interest and investment. The mobile segment, which remains the sector’s main driver for growth, has four GSM operators, the majority of which are internationally owned. In the major cities of Lagos…

Overview

Strengthening foundations: The government’s focus on improving infrastructure is set to create opportunities for the private sector
OBG
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Buoyed by demographic and economic growth, Nigeria’s construction sector has the potential to become the largest and most competitive on the continent. In all areas of the sector, from basic infrastructure to privately developed real estate, pressure from demand is rising. This has already attracted several players to the market, and the number of contracts on offer is set to dramatically increase…

Overview

Full of activity: Online media is gaining ground while Nollywood films spur growing interest worldwide
OBG
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With a population of some 160m, Nigeria has one of the most active media sectors of any emerging market. Excluding satellite networks, 147 television stations and 100 radio stations fill the country’s airwaves, according to the National Broadcasting Commission (NBC), the industry regulator. There is also a sizeable print media, as more than 100 publications circulate the country. According to…

Overview

Doing the sums: A look at the regulations governing taxation, reporting, economic zones and the stock exchange
OBG
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CORPORATE ENTITY REGULATIONS: Nigeria, like other nations, has rules and regulations governing the operation of corporate entities in the country. 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 companies are not allowed in Nigeria except in rare…