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Analysis

Telecoms firms to help reach Nigerian 2020 financial inclusion goals
OBG
plus

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…

Analysis

Nigerian portfolio investment drives growth in foreign capital inflows
OBG
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Foreign portfolio investment (FPI) has risen to become the main growth driver of capital inflows to Nigeria. Supported by strong expansion in money market instruments and bonds, FPI inflows recorded double-digit growth in both 2017 and the first half of 2018. While this suggests there is positive investor sentiment and confidence in Nigeria’s ongoing macroeconomic recovery, FPI outflows have also…

Analysis

Nigerian government to increase tax revenue
OBG
plus

With a tax collection rate of roughly 6% of GDP, Nigeria’s tax revenues are lower than its regional peers. The government is working on several fronts to boost its take. The stated goal is to more than double that ratio by 2020, which will involve long-term policy reforms as well as targeting foreign direct investment. Additionally, it is not yet clear to what extent the authorities will solicit…

Analysis

Efforts towards diversification must be expanded in Nigeria
OBG
plus

Although the Nigerian economy has continued to achieve positive growth as it recovers from the oil price shock and the 2016 recession, more remains to be done to achieve economic diversification. According to the National Bureau of Statistics, the economy grew by 0.8% in 2017, compared to a contraction of 1.6% in 2016, driven primarily by a recovery in international oil prices and increased domestic…

Analysis

Negotiating multiple rates of exchange remains a challenge for Nigeria
OBG
plus

With Nigeria’s economy growing again in 2018, policymakers are now in a position to move from avoiding problems to making structural changes. One potential change could be the unification of the various exchange rates for the country’s currency, the naira. The multiple rates now available are a legacy of the past years of crisis, which delivered a long-desired, market-based price discovery option…

Analysis

Key reforms create a competitive environment for Nigerian tech start-ups and businesses
OBG
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One of the reforms that will have the most impact on the economic climate of Nigeria when it eventually comes into operation are the proposed changes to the corporate landscape through the long overdue amendment of the Companies and Allied Matters Act (CAMA) with the new CAMA Bill, 2018. The act is the principal law governing corporate law in Nigeria. The last time any major substantive re-touch…

Analysis

Nigerian government to increase revenue by improving tax collection
OBG
plus

The drive to increase government revenue through tax collection will not likely abate in the years to come as revenue from oil, which the government had been heavily depended on in the past is constantly declining. The government has further confirmed this position in recent times through its tax amnesty programmes and other policies. The Voluntary Assets and Income Declaration Scheme (VAIDS)…

Analysis

Guiding principles drive consumer protection in Nigeria's e-commerse sector
OBG
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Nigeria’s e-commerce sector holds considerable potential for future growth, with sales set to double between 2016 and 2020. In recent years major African e-retailers have established operations in the country, with Zinox Technologies’ recent acquisition of Konga highlighting the sector’s growth potential and attractiveness to foreign investors. However, these companies face considerable…

Analysis

Steady progress made to expand broadband in Nigeria
OBG
plus

Nigeria’s IT sector holds considerable potential to support both macroeconomic and non-oil growth, supported by a large population of almost 200m citizens, high levels of mobile penetration, and rapid uptake of mobile internet services. Long-term development strategies have highlighted high-speed broadband internet access as an important economic growth driver, and the government has moved…

Analysis

Efforts to support the Nigerian start-up scene
OBG
plus

In an effort to boost non-oil growth and job creation, the government of Nigeria rolled out a new three-year ICT development agenda emphasising domestic industry and local content. The new policy is expected to reduce high levels of ICT imports, with rapid currency depreciation offering the country a new opportunity to foster domestic ICT industries and reduce IT imports. Local talent development…