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Nigeria expands utilities access with international support and regulatory measures
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Access to power remains one of Nigeria’s chief economic and social issues: according to Babatunde Fashola, minister of power, works and housing, about 90m citizens lack access to electricity, while World Bank data estimates per capita usage is lower in just eight other countries. As the biggest domestic market in Africa, the country has great potential for manufacturing, but most investment in the…

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Global economies prepare for the next industrial revolution
OBG
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The global economy is entering the Fourth Industrial Revolution (4IR), or Industry 4.0, based on the application of new digital and automated technologies in production processes and service delivery. These changes are presenting emerging markets with opportunities such as improved productivity, as well as risks, namely reshoring and the displacement of human labour by automation. Wealthier emerging…

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Industry sector poised for a near-term revival as investors act to capitalise on favourable trends in Nigeria
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Founded on its diverse agricultural base, abundant mineral and petroleum reserves, and a young and growing population of workers and consumers, Nigeria presents considerable potential to return high yields on investment in manufacturing segments. While the discovery of hydrocarbons and rising crude prices created a dependence on export receipts and tax revenues and marginalised industry’s development,…

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Private sector to help Nigeria achieve its natural energy potential
OBG
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With an abundant supply of natural resources, Nigeria’s oil and gas sector plays a key role in global energy. Its oil deposits have been a major source of crude for decades, while its less developed natural gas fields offer resources that have yet to be fully tapped. In addition to being a traditional heavyweight in terms of output, the energy sector is also notable for its early success in building…

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Nigeria's insurance sector to expand as new regulations come into effect
OBG
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With a saturation rate of just 0.5% and a population of almost 200m, Nigeria’s insurance sector is attractive chiefly for its potential. The number of uninsured prospective customers is among the world’s largest within a single market. However, realising that potential has been difficult, with the sector fragmented and in need of consolidation. “Consolidation is often said to be on the horizon,…

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Nigeria establishes regulations to strengthen capital markets
OBG
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Despite multiple trading platforms, a variety of debt instruments and a range of institutional investors, both domestic and foreign, Nigeria’s capital markets are relatively underdeveloped. According to a PwC article published in January 2018 titled “External Debt Issuance: Towards Capital Market Development”, Nigeria’s capital markets accounted for only 11% of GDP in 2017, compared to a global…

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Expansion of financial inclusion to reach more unbanked customers in Nigeria
OBG
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Nigeria’s banking sector is a diversified one, in which the largest banks follow the universal banking model and a range of specialised actors tap specific niches within Africa’s largest economy. New trends include merchant banks, sector-specific lending vehicles, and from policymakers, increased focus on financial inclusion. These include microfinance, mobile tools, and the establishment of a…

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Fintech solutions drive the global evolution of the banking industry
OBG
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Once reserved for ambitious start-ups and industry-leading tech operators, financial technology (fintech) has more recently caught the attention of major private sector firms and government planners alike, becoming a regular feature in budget speeches and strategic development plans. As fintech progressively plays a larger part in the lives of consumers, investors have quickly come to recognise its…

Overview

Business Barometer: Nigeria CEO Survey
OBG
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Although the local economy has continued to recover from the negative impacts of the oil price shock of 2014 and the 2016 recession, more remains to be done to achieve economic diversification. The results of our second Business Barometer: Nigeria CEO Survey show increased confidence among C-suite executives, with 85% expressing positive or very positive expectations of local business conditions in…

Overview

Non-oil revenue and infrastructure upgrades stimulate sustainability and long-term development in Nigeria
OBG
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Nigeria is Africa’s biggest oil exporter and, with a population of 193m, the region’s biggest economy and largest consumer base. While the government is reliant on oil and gas for its revenue, the economy itself is more diversified, with manufacturing, banking and insurance, retail, and agriculture all major contributors. However, each of these sectors could grow faster and create more opportunities…