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Analysis

Off-line grids and smaller systems targeted to boost reliability in the Nigerian power sector
OBG
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Although Nigeria’s 2013 move to privatise the majority of its power sector assets has by many standards failed to create the level of returns hoped for, market participants still see the country’s electrification as an investment opportunity. However, there has been a shift in focus from the national system to smaller, local projects. The 2017 Power Sector Recovery Programme (PSRP) is unique in…

Analysis

Nigerian domestic market supports producers of fast-moving consumer goods
OBG
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Growth of the population, set to reach 300m by 2030 and 400m by 2050, coupled with an expanding middle class, suggests there is strong growth potential for the fast-moving consumer goods (FMCG) segment, and underscores the fundamental attractiveness of the Nigerian market. In addition to these long-term drivers, manufacturers are set to benefit from improved economic performance in 2018. According…

Analysis

Nigerian goverment boosts refining capacity by increasing involvement of private sector actors
OBG
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When President Muhammadu Buhari took office in 2015, he pledged to increase the country’s crude oil refining capacity, fix state facilities and put an end to expensive fuel imports. The effort to address refining is ongoing; however, as more businesses enter the market, progress on these issues could make private sector involvement a crucial factor, with a number of collaborative plans seeing progress…

Analysis

Stakeholders in Nigeria look to use revenues to fuel motor vehicle growth
OBG
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Automobile manufacturing is poised for accelerating growth over the medium term, as major carmakers like Nissan, PSA Group and Volkswagen move to revive, expand or build new manufacturing and assembly bases in-country. These firms and their domestic partners should reap the potential dividends of Nigeria’s large and growing automotive market, as well as recent protectionist initiatives that have…

Analysis

Nigerian officials aim to reduce public reliance on energy subsidies
OBG
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As the only member of the Organisation of the Petroleum Exporting Countries reliant on imported fuels, Nigeria has long dealt with an expensive trade situation, which has soaked up finite foreign currency reserves and put pressure on the naira. Sector stakeholders have called for the full deregulation of petrol prices, arguing that removing subsidies would trigger investment and discourage wasteful…

Analysis

New initiatives seek to increase the rate of health insurance coverage in Nigeria
OBG
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Health coverage is one of the areas most primed for growth in Nigeria’s insurance sector in the near future. Nigeria is working towards a goal of universal health care, and the responsibilities for realising this goal are distributed throughout multiple levels of government. New initiatives are expected to boost coverage and understanding of how health insurance can help mitigate risks, and private…

Analysis

Nigeria's new bond issuances reflect increased market diversification
OBG
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Nigeria’s latest bond issuances reflect the market’s shift away from government debt towards alternative funding instruments, such as infrastructure and green bonds, some of which may come with sovereign guarantees that partially cover default risks. For example, Abuja plans to use eurobonds more frequently for its funding needs, which is likely to lower its cost of finance as well as leave the…

Analysis

Performance update on Nigeria's consumer goods and cement
OBG
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After delivering a solid return of 42% in 2017 and gaining a further 16% in January 2018, Nigerian equities have exited their positive run and moved into negative territory. On August 16, 2018 the All-Share Index (ASI) declined by 8.3% year-to-date, compared to a gain of 35.6% in the same period of 2017. The index was still up 8.5%, until the end of the first quarter of 2018. However, the following…

Analysis

Outlook on Nigerian government bonds
OBG
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Naira-denominated bonds dominate the public debt profile of the Federal Government of Nigeria (FGN). Data from the Debt Management Office (DMO) show a stock of N8.9trn ($28.8bn) at the end of June 2018, equivalent to 11% of GDP in 2017. They also represent 73% of FGN naira debt and 47% of total FGN debt. The bonds are sold monthly at DMO auctions and traded in an active secondary market. Their maturities…

Analysis

Telecoms firms to help reach Nigerian 2020 financial inclusion goals
OBG
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Financial inclusion remains one of the biggest challenges for Nigeria’s banking sector, with companies, public bodies and international specialists all investigating ways to bring more people into the formal sector. The target for the Central Bank of Nigeria (CBN) is an 80% inclusion rate by 2020, up from 41.6% in 2016. Most of the debate so far has been focused on mobile money platforms. These have…