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Analysis

How Nigeria aims to be self-sufficient in food production
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Nigeria’s farming ecosystem has traditionally been localised, with smallholders living close to their land. Surplus produce is generally transported to local markets, but farmers face several challenges when greater distances are involved. These are often a result of the state of roads or rail connections, security issues or bad weather, with the latter becoming increasingly prevalent due to climate…

Analysis

Mining reforms to bring more power to state authorities in Nigeria
OBG
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In 2019 the government made the decision to revise the Nigeria Minerals and Mining Act (NMMA), the law that has governed the sector since it came into force in 2007. However, as a result of the disruption caused by the Covid-19 pandemic, as well as other international and domestic challenges, the passage of the revised law was delayed. In November 2021 the government announced plans to move forward…

Analysis

Electric vehicle battery manufacturing in emerging markets raises questions for global metals mining
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Emerging markets are taking steps to strategically position themselves in the global value chain for electric vehicles (EVs), with several recent projects focused on the decentralised production of batteries for EVs. At the same time, however, these industrial developments highlight the carbon-intensive nature of mining the raw materials needed to produce EVs, though hopes remain that the process…

Analysis

Backwards integration could help Nigeria weather supply chain disruptions
OBG
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Recent international events have prompted Nigeria to alter its production strategies to insulate itself from ongoing global supply chain shocks. Prior the Covid-19 pandemic, 19% of Nigeria’s manufacturing components were imported from China. However, the latter’s extended lockdowns and restrictions on movement resulted in disruption and delays. Exports from China to Nigeria fell by 5% year-on-year…

Analysis

Nigeria to expand natural gas production to increase exports and meet local demand
OBG
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Alongside its vast oil reserves, Nigeria has significant natural gas resources. According to the Nigerian National Petroleum Corporation (NNPC), the government- owned energy company, in 2021 the country’s natural gas reserves amounted to 206.5trn cu feet. While oil exploration and production have driven energy policymaking in recent decades, attention is beginning to shift to natural gas. To help…

Analysis

The impact of the EU ban on seaborne imports of Russian oil
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Emerging markets are exploring opportunities to help meet the EU’s energy demand following the bloc’s announcement to ban seaborne imports of oil from Russia. The move, announced in May 2022 and implemented at the end of the year, formed part of the sanctions crafted in response to Russia’s invasion of Ukraine in February 2022. Previously, roughly 90% of the EU’s oil imports from Russia arrived…

Analysis

Nigeria’s insurers look to digital solutions to boost penetration
OBG
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Despite Nigeria’s economic and demographic potential, insurance penetration remains low. Both established players and smaller newcomers are considering digitalisation, which is likely to accelerate client acquisition. The digitalisation trend is nascent, with tech insurers accounting for a small portion of global premium, but is expanding across the continent. It is expected to be further facilitated…

Overview

Tips and information for travellers to Nigeria
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Language Nigeria’s official language is English, which is widely used in the business community. This is especially the case in commercial areas such as Lagos, Port Harcourt and Abuja. The most common indigenous languages in Nigeria are Yoruba, Hausa and Igbo. Pidgin English is widely used, particularly in Lagos, and it is recommended that visitors learn a few basic expressions. Etiquette Relationships…

Overview

Hotel options in Nigeria
OBG
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LAGOS THE GEORGE HOTEL 30 Lugard Avenue, Ikoyi T: (+234) 1 466 3664 reservations@thegeorgelagos.com www.thegeorgelagos.com Rooms: 61 designer suites. Business & Conference Facilities: A business lounge with secretarial services, a conference room that can seat up to 80 delegates and four meeting rooms. Audiovisual equipment and support staff are available. Health & Leisure…

Overview

How Nigeria’s tax regulatory framework aims to deepen penetration
OBG
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The Nigerian tax system rests on constitutional pro-visions, which provide the basis for the allocation of taxation powers among the tiers of government and also serve as the bedrock on which the tax obligation of each citizen rests. The philosophy of the tax system is encapsulated in the National Tax Policy, with laws enacted at the federal, state and local government levels to highlight specific…