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Analysis

Renewable energy key to Kaduna’s electrification objectives
OBG
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National reforms leading to the unbundling and privatisation of Nigeria’s Power Holding Company in 2013 resulted in the creation of the privately owned distribution firm Kaduna Electric, which is licensed to supply power in the state. At the same time the Kaduna Power Supply Company (KAPSCO), fully owned by the Kaduna government, was created to undertake energy initiatives in areas where significant…

Analysis

Kaduna’s investment-friendly climate supports sustainable growth
OBG
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State authorities have worked to develop Kaduna’s infrastructure and business climate in recent years, identifying them essential to sustainable growth. The Kaduna State Infrastructure Master Plan (KADIMP) 2018-50 is the state’s long-term strategy for coordinated infrastructure development. The plan lays out interventions in the key sectors of transportation, housing, education, health, water and…

Analysis

Nigeria targets loan recovery to finance key sectors of the economy
OBG
plus

The authorities have been working for years to ease the burden of non-performing loans (NPLs) on the financial system. In 2009, in part due to the global financial crisis, the Central Bank of Nigeria (CBN) bailed out eight distressed lenders by injecting $4bn into the market. The Asset Management Corporation of Nigeria (AMCON) was formed the following year to recapitalise distressed banks and provide…

Analysis

How will Nigerian start-ups promote financial inclusion?
OBG
plus

Financial technology (fintech) has been gaining momentum in Nigeria as start-ups look to create innovative solutions to fill socio-economic gaps such as exclusion from the formal banking system. An estimated 56% of Nigerian adults are unbanked and 36.8% do not have access to financial services. The country’s more than 200 fintech firms – which account for over half of all start-ups – aim to close…

Overview

Nigeria looks ahead to its next chapter
OBG
plus

With a population of over 200m and abundant natural resources, Nigeria is Africa’s largest economy. The country has developed an investment-friendly business climate over two decades of civilian rule and in the nearly 60 years since independence, boosted by oil and gas wealth, and the entrepreneurial spirit of its young population. However, around 40% of Nigerians live below the poverty line, and…

Overview

Nigeria looks ahead to its next chapter
OBG
plus

With a population of over 200m and abundant natural resources, Nigeria is Africa’s largest economy. The country has developed an investment-friendly business climate over two decades of civilian rule and in the nearly 60 years since independence, boosted by oil and gas wealth, and the entrepreneurial spirit of its young population. However, around 40% of Nigerians live below the poverty line, and…

Overview

How relative stability is supporting Nigeria’s post-pandemic rebound
OBG
plus

In February 2019 Nigerians went to the polls to elect a president, National Assembly and other leaders across the state and federal levels. Incumbent head of state Muhammadu Buhari won re-election with around 56% of the votes. It was the sixth general election since the return of civilian rule in 1999. The next round of elections are expected to be held in February 2023. Constitutional Government Nigeria…

Overview

How Nigeria positioned itself for a post-pandemic recovery
OBG
plus

Nigeria is home to Africa’s largest economy and population, and is an engine for growth in the continent. While the government is largely reliant on oil and gas revenue, the economy itself is more diversified. Indeed, the non-oil sector accounted for 90.8% of real GDP in the first quarter of 2021. Services were the largest contributor to output over that period, comprising 53.9% of GDP, followed…

Overview

Nigeria taps diversity in financial services to boost inclusion
OBG
plus

Nigeria’s banking sector is highly diverse, with large players that follow a universal banking model and smaller actors that cater to certain niches. A regulatory push to consolidate the sector has helped to deepen banks’ ability to lend and fuel economic expansion – an important role for the sector to continue to play as the country recovers from the Covid-19 pandemic. Meanwhile, an ongoing…

Overview

New products and boards to deepen Nigeria’s capital markets
OBG
plus

Nigeria’s capital markets ecosystem has made significant developmental progress in the last 10 years by growing the type of tradeable instruments and number of platforms available to carry out activity, which has brought more investors to the market. The years since 2017 have seen a particular push to diversify and strengthen the markets, and while participation remains low relative to the country’s…