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Analysis

How is bilateral trade with Africa offsetting a drop in Chinese investment?
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Despite global supply chain challenges, the value of trade between China and Africa rose to record levels in 2022. The increase partially reflected a shift in China’s policy away from government-backed investment and towards enhanced trade and cooperation. According to China’s Customs agency, the value of the country’s trade with Africa rose by 11% to $282bn that year, driven by an increase in…
Interview

Uche Orji, Former Managing Director and CEO, Nigeria Sovereign Investment Authority (NSIA): Interview
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Interview: Uche Orji What is your assessment of the measures required to diversify Nigeria’s revenue base? UCHE ORJI: Improving government revenue and diversifying sources of foreign exchange requires a three-pronged approach. First, diversification must be predicated on mass industrialisation to foster quality manufacturing standards. This entails providing financial support, an enabling fiscal…

Analysis

Nigeria aims to diversify government revenue
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Attracting and diversifying government revenue has been a consistent objective for Nigeria. As the country is unable to rely on a larger pool of financial revenue streams, it has witnessed its budgetary and fiscal resources expand and contract in accordance with global energy prices in recent years. Furthermore, the budget is increasingly financed through debt, as public resources alone are insufficient…
Interview

Kalim Shah, Senior Country Manager, Nigeria, Liberia and Sierra Leone, International Finance Corporation (IFC): Interview
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Interview: Kalim Shah Why are public-private partnerships (PPP) key to delivering accessible and quality public services? KALIM SHAH: Infrastructure gaps cost Nigeria about 4% of GDP growth annually, according to a 2021 report from the World Bank. Rapid growth of the population projected to reach nearly 400m people by 2050, coupled with urbanisation has created strong demand for infra[1]structure…
Interview

Aisha Rimi, Executive Secretary and CEO, Nigerian Investment Promotion Commission: Interview
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Interview: Aisha Rimi How attractive is the current economic situation in Nigeria for foreign investors? AISHA RIMI: Several competitive advantages underpin Nigeria’s attractiveness as a destination for foreign direct investment (FDI). First, according to the World Bank, Nigeria is the largest economy in Africa, with a GDP of $441bn in 2021 and a population projected to be the third largest in…

Overview

Non-oil sectors poised to drive economic growth in Nigeria
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Driven both by the size of its population as well as by its vast energy reserves, Nigeria is one of Africa’s most dynamic economies. Oil production still accounts for a significant part of government revenue, but the country has seen increased contribution to growth from the non-oil sector in recent years. The services sector in particular has become an increasingly important engine of economic activity,…
Interview

Antonio Pedro, Acting Executive Secretary, UN Economic Commission for Africa (UNECA): Interview
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Interview: Antonio Pedro What policies can be implemented to accelerate the pace of industrialisation across West Africa? ANTONIO PEDRO: Industrial policy must be at the centre of development to accelerate industrialisation. This requires political support, institutional cohesiveness, coordination between public and private actors, reduced business costs, and increased investment in infrastructure…

Analysis

How regional cooperation and digitalisation will fuel growth in Africa
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As both the largest economy and the most populous nation on the African continent, Nigeria has significant geopolitical relevance. Over the course of its post-independence history, it has been a key regional power and an instrumental player in both the African Union – known as the Organisation of African Unity from 1963 to 2002 – and the Non-Aligned Movement. Nigeria also helped create ECOWAS,…
Interview

Ngozi Okonjo-Iweala, Director-General, World Trade Organisation: Interview
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Interview: Ngozi Okonjo-Iweala How would you assess Nigeria’s progress in trade development and capacity in recent years? NGOZI OKONJO-IWEALA: Nigeria has forged closer trade ties with other countries since 2000, particularly with China and India. After the Covid-19 pandemic, trade levels rose substantially. However, Nigeria is still dependent on the export of raw materials and should diversify…
Interview

Omar Alieu Touray, President, ECOWAS Commission: Interview
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Interview: Omar Alieu Touray How would you evaluate the transition towards a digital economy across ECOWAS member states? OMAN ALIEU TOURAY: The Fourth Industrial Revolution has provided an opportunity for ECOWAS member states to leverage technology to augment employment, productivity, competitiveness and development. Our member states have adopted policies to promote digital entrepreneurship and…