Interview:Eguarekhide Longe What are the main challenges the sector has faced since the Pension Reform Act of 2014 (PRA 2014)? EGUAREKHIDE LONGE: PRA 2014 replaced its predecessor, the Pension Reform Act of 2004, and essentially addressed the key issues of coverage, the contribution rates, and the impact of accumulated pension savings on the economy and society as a whole. On the issue of coverage,…
Interview : Mohammad Sanusi Barkindo To what extent has OPEC’s decision to adjust production achieved its intended target? MOHAMMAD SANUSI BARKINDO: Thus far, the results are encouraging. From January 1, 2017 OPEC and a group of 11 leading non-OPEC oil producers began the implementation of production adjustments totalling 1.8m barrels per day (bpd). We have seen a steady rise in conformity. In…
Interview : Guido d’Aloisio What impact has the drop in oil prices had on Nigeria’s upstream sector? GUIDO D’ALOISIO: The upstream sector of the oil and gas industry has been hit by relative inactivity as a result of the drop in oil prices. This is normal, as it has made investment relatively unattractive. However, there has been a positive effect in the sense that it has led engineering, procurement…
Interview: Femi Otedola What can be done to improve Nigeria’s competitiveness in the downstream sector? FEMI OTEDOLA: A great deal needs to be done to make Nigeria’s downstream sector more competitive. There is no doubt that the sector is in dire need of massive investment, something that has been difficult to encourage previously due, in large part, to the current pricing regime for premium…
Interview:Emmanuel Ibe Kachikwu How do you expect the Organisation of the Petroleum Exporting Countries (OPEC) agreement from 2016 to impact oil revenues? EMMANUEL IBE KACHIKWU: The OPEC agreement has been instrumental in guaranteeing price stability. In fact, we came from an average of $38-40 per barrel in 2016 to an average of $55 per barrel and growing in 2017. The resurgence in…
Interview :Babatunde Fashola How successful has the privatisation of the power generation and distribution segments been? BABATUNDE FASHOLA: What we are concerned with are long-term investments. The privatisation process is only the first step. Like every policy, it is not perfect and certainly has its weaknesses, but the idea behind it is one that we agree with. Private capacity, entrepreneurial…
Interview: Femi Adeyemo What are the biggest constraints to investment in Nigeria’s power generation sector? FEMI ADEYEMO: I see the lack of a cost-reflective tariff, policy back and forth, and over-regulation as the biggest obstacles to the take-off of Nigeria’s generation sector. Even its privatisation has not enabled the industry to overcome these issues. The sector needs to be less regulated,…
Interview: KAYODE FAYEMI What is Nigeria doing to improve the investment attractiveness of its mining sector? KAYODE FAYEMI: We are enhancing activities as outlined in the road map in terms of regulatory certainty, incentives for investment, infrastructural development and geological data generation, while reorganising and formalising small-scale mining. We are also solving legacy litigation around…
Interview: Okechukwu E Enelamah What obstacles do manufacturers face in Nigeria? OKECHUKWU E ENELAMAH: The biggest challenge is definitely infrastructure, in one form or another. In addition, manufacturers need more access to sustainable, affordable and reliable power – that’s our first priority as a government and as a ministry. Most manufacturers determine what they buy in Nigeria and what…
Interview: Bukar Tijani What are some of the biggest challenges facing smallholder farmers in Nigeria? BUKAR TIJANI: Smallholders make up the majority of farmers in Nigeria. This type of farmer cultivates 2-3 ha of fragmented family farm holdings and operates at a subsistence level. They face many challenges, including low productivity, limited access to finance, lack of improved farm inputs and…
