Etiquette Relationships are very important within the business community. Meetings typically open with a handshake, followed by a casual conversation about family, health and travel. In the Muslim north, wait for a woman to extend her hand before offering yours. The business discussion begins at the host’s indication. Dress Business formal is the required dress code for foreigners in any…
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Interview:Brigitte Zypries How important is energy security for Germany? BRIGITTE ZYPRIES: Security of supply plays a major role in our energy policy. Therefore, we aim to diversify our sources of energy imports. This is also what the Ukraine-Russia conflict teaches us. As a country with very large oil and gas deposits, Nigeria is an important trading partner for Germany in the energy…
Interview:Yewande Sadiku What challenges do foreign investors face? YEWANDE SADIKU: Historically, foreign exchange liquidity and ease of doing business have been the biggest challenges for foreign investors. Investors complain about the inconsistency of government policies and argue for greater involvement in policy formulation. Greater engagement with investors in the policy formulation…
Interview:Laoye Jaiyeola What reforms has the government instituted, and what more can it do to promote economic growth? LAOYE JAIYEOLA: In 2015-17 we have seen the enactment of several reforms in the energy sector, which have led to increased efficiency and output. Stakeholders engaged themselves in the Niger Delta, which has stabilised the region; the cabinet has recently approved the…
Interview:Akinwunmi Ambode How is the government working with the private sector to help finance infrastructure projects? AKINWUNMI AMBODE: The infrastructure deficit in Lagos State has been estimated to be at least $50bn. Due to its limited resources and wide-ranging priorities, the Lagos State Government (LASG) cannot resolve this deficit alone. Thus, we created the Office of Overseas Affairs…
Interview:Godwin Nwabunka What is the single biggest challenge facing microfinanciers in Nigeria? GODWIN NWABUNKA: The biggest challenge is the inadequate recognition of microfinance as a vibrant and important sector with very high potential. Rather, it is seen as a small sub-sector within the financial space. Therefore, it is not sufficiently provided for in terms of its growth and developmental…
Interview:Godwin Emefiele What can be done to boost the provision of credit to the private sector in Nigeria? GODWIN EMEFIELE: The adoption of the Secured Transactions in Movable Assets Act by all players in the Nigerian financial system should be enforced, as it is aimed at tackling the issue of inadequate collateral – one of the major obstacles faced by small and medium-sized enterprises…
Interview:Mounir Gwarzo Which steps are being taken to increase the volume of foreign portfolio investment (FPI) in Nigeria? MOUNIR GWARZO: The goal of the Nigerian SEC is to develop the country’s capital markets by working with regional stakeholders, country-wide regulatory bodies and foreign partners. We are pursuing this in accordance with the country’s Capital Market Master Plan, which…
Interview: Kayode Akinkugbe How would future US Federal Reserve interest rate rises impact trading activity in Nigeria? KAYODE AKINKUGBE: Monetary tightening in the US increases the cost of borrowing in dollars. It can make the US domestic markets and assets more attractive to investors on a risk adjusted basis, compared to emerging markets, such as Nigeria. Although rates in Nigeria are significantly…
