Now in its fourth year, the TAMS Summit is a social impact initiative designed to push the agenda for the workplace and national productivity. Convener of the summit, Afolabi Abiodun, who was featured in the Stanford Seed series profiles of Purpose, leads a team of young Nigerians who are committed to promoting accountability of time and resources in the workplace across all sectors of the economy.…
To bridge gaps in transport and utilities, Nigeria is set to invest up to $20bn in nationwide infrastructure plans over the next decade, paving the way for broad-based economic expansion. On March 27 Okechukwu Enelamah, the minister for trade and investment, announced the government plans to accelerate infrastructure investment as a fundamental part of efforts to increase revenue generation. “Our…
On the future of foreign reserves and investment in Nigeria’s economy How do you expect Nigeria’s foreign reserves to evolve in the short to medium term? GODWIN EMEFIELE: There are several factors that we believe will shape developments regarding the outlook for our reserves over the short to medium-term. Though apprehension around the forthcoming elections in 2019 may trigger capital outflows,…
WHY 2019 WILL BE A CRUCIAL YEAR FOR INVESTMENT IN NIGERIA 2018 saw Nigeria announced as the largest economy in Africa and 24th-largest in the world. The continued economic growth of the country is down to the diversification from oil production and sustained population growth, which in turn creates new business opportunities and services that then need to look at protecting their assets. With…
On using free zones as cornerstones of economic growth How has the free zone scheme developed since its inception in 1992? EMMANUEL JIME: Nigeria has adopted a model of development that uses free zones to diversify its economy. For a long time, the economy has been reliant on oil exports, and because oil has its own challenges, we have been exposed to all the ups and downs of this dependency. In…
The 3rd West African International Petroleum Exhibition and Conference (WAIPEC 2019)– now the largest petroleum event of its kind in West Africa– will return to Lagos, Nigeria January 23-24, 2019. WAIPEC was established in 2017 by the Petroleum Technology Association of Nigeria to promote the West African oil and gas industry, seek out best practices, explore new technologies, and develop…
Nigeria’s petroleum industry is the largest in Africa, with proven oil and gas reserves of 37 billion barrels and 192 trillion cubic feet, respectively. The sector contributes about 10% to the country’s GDP and accounts for 95% of all exports. Given that Nigeria’s gas reserves have remained largely untapped to date, the country is expected to make a shift towards becoming a major producer and…
Africa has undergone significant changes since the turn of the century thanks to structural and policy reforms, promises to unlock the continent’s economic fortunes and higher levels of foreign investment. As a result of that, Africa has witnessed significant economic expansion, rising foreign direct investment (FDI) levels, and major improvements in a number of social indicators from schooling to…
Nigeria has continued its economic recovery in 2018 on the back of an increase in oil revenue; however, fluctuating energy prices, increasing debt and an election in early 2019 could pose challenges moving forward. The IMF has forecast the GDP to grow 1.9% in 2018, with the Central Bank of Nigeria (CBN) predicting a slightly lower rate of expansion of 1.75%. Although up on 2017’s growth of 0.8%,…
Amid the tentative recovery from recession, the cement market grew rapidly in the first half of 2018, as sales by volume increased by 9.8% over the first half of 2017, from 10.2m tonnes to 11.2m tonnes. The Nigerian manufacturer Dangote Industries led the way in that growth, as sales of locally produced materials grew by roughly 11% between those same periods, from 6.6m tonnes to 7.3m tonnes, and grew…
