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Market Profile Video

Nigeria harnesses the services sector for economic diversification and infrastructure development

Oxford Business Group has launched The Report: Nigeria 2024, its 10th edition of the annual business intelligence report. The report focuses on the role of Nigeria’s services sector in driving non-oil growth as the country intensifies efforts to diversify its economy. It provides a comprehensive analysis of various economic segments, including financial services, transport and logistics, te
Economic News

New cities set to alter investment landscape in Africa
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En Français – The urban population of Africa is set to reach 722m by 2026, up from 286m in 2000 – Mega-cities face overtaxed infrastructure and urban planning constraints – Ambitious charter city plans to help reshape the continent’s investment landscape – Secondary cities poised to absorb population growth alongside talent and investment With Africa’s population…
Economic News

The effectiveness of water-management strategies in emerging markets
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– Water scarcity to affect an increasing proportion of the world’s population – Several emerging markets have launched national water-management strategies – Upgrades to infrastructure and smart metering help to reduce water loss – Innovative funding mechanisms key to financing water security projects With extreme weather events such as drought or flooding becoming more…

Analysis

Nigeria looks to infrastructure funds to finance major projects
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One of the main benefits of a successful capital market is its ability to provide financing for important projects. Nigeria’s capital markets are no exception and are now regarded by a government keen to press ahead with a major programme of infrastructure development. According to Zainab Ahmed, the former minister of finance, the country needs around $2.3trn over the next 21 years to become a fully…
Interview

Tapas Das, Managing Director and CEO, NG Clearing: Interview
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Interview: Tapas Das What is your assessment of capital markets amid the launch of exchange-traded derivatives (ETDs) on the Nigerian Exchange? TAPAS DAS: Nigeria’s capital markets were primarily client identification-based, whereby trades were executed on the client level. In contrast, the omnibus model used by Western counterparts permits managed trades of more than one person by a broker and…

Overview

How Nigeria aims to widen its capital markets
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While recent years have seen many more established capital markets in the red, Nigeria’s capital markets have shown positive growth. At the close of 2022 the Nigerian Exchange (NGX) had a 19.9% return on investment, earning it the fourth best-performing index in the world, according to the MSCI-All Country World Index which tracks the performance of some 3000 stocks in 48 developed and emerging market…

Analysis

Governments in Africa look to new levies on digital transactions
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A number of sub-Saharan African countries have sought to introduce taxes on electronic transactions in response to the sustained uptick prompted by the Covid-19 pandemic. While such moves have been met with criticism, they represent an opportunity to boost tax revenue. Public finances in the region have been affected over the last two years by the global economic crisis, which has eroded revenue from…

Analysis

How Nigeria’s new digital currency aims to attract new users
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At a ceremony in Lagos on October 25, 2022, Central Bank of Nigeria (CBN) officials, government representatives and business leaders gathered to mark the one-year anniversary of the eNaira, Nigeria’s official digital currency and the first of its kind in Africa. At the ceremony, the central bank announced that the eNaira had been used in some 700,000 transactions worth around $18.3m since its introduction…

Analysis

Financial technology to play a growing role in Nigeria’s banking sector
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Banking has seen a major uptake in financial technology (fintech). The Covid-19 pandemic led to further development in the sector, with Nigeria experiencing the same global shift from physical workspaces to online ones. The pandemic also increased the need for Nigerian businesses and traders to find capital abroad, as foreign investors moved towards safer investments. Fintech has proven to be invaluable…

Overview

Digital currency and financial tech to help formalise Nigeria’s banking sector
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The Nigerian banking sector has seen robust growth in recent years despite the impact of the Covid-19 pandemic, Russia’s invasion of Ukraine, rising inflation and exchange rate volatility. Driving this has been a combination of high-tech innovations from the financial technology (fintech) industry and a low-tech, traditional policy that has kept banks well capitalized and buffered against external…