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Analysis

Nigeria's expanded budget brings increased infrastructure spending
OBG
plus

After a series of delays, Nigeria’s expansionary 2016 budget, which President Muhammadu Buhari submitted to the National Assembly in December 2015, was approved in March 2016. The proposed N6.08trn ($19.2bn) budget represented a 22% increase over the previous year. Revenues Revenue in 2016 will take a major hit from continued low oil prices, reducing projected oil revenue by 50% from N1.64trn…

Analysis

Free float regime replaces the fixed exchange rate in Nigeria
OBG
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The history of the naira as it has alternated between fixed and floating exchange rate regimes has always been closely tied to the price of oil. In June 2016 the Central Bank of Nigeria (CBN) introduced a flexible interbank exchange rate market, effectively floating the naira in a departure from recent policy. The currency’s value has since dropped by more than 35%, trading at around N400:$1 in mid-August,…

Analysis

Creating jobs a high priority for Nigeria
OBG
plus

With a population of 184m, three-quarters of whom are under the age of 30, job creation is critical for Nigeria to sustain its headline growth. Unemployment is increasing rapidly. The official rate climbed from 8.2% in the first quarter of 2015 to 9.9% in third quarter and 10.4% by the year’s end. The ranks of the underemployed – those working less than full time or in jobs not commensurate with…

Analysis

Nigeria focuses on encouraging banks to diversify lending
OBG
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Both the government and the Central Bank of Nigeria (CBN) have identified increased private sector lending as a priority, which has been made all the more urgent by a pressing need to stimulate the economy. As a result, the CBN has employed its monetary and regulatory tools to increase liquidity in the system and shore up banks’ balance sheets in the hope that lenders will increase lending in the…

Analysis

Comprehensive strategy set to overhaul Nigerian captial markets sector
OBG
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The Nigerian Securities and Exchange Commission (SEC) launched the Capital Market Master Plan in November 2015, which charts a course to greater sophistication, liquidity and innovation in the country’s capital markets. The plan, which spans the period from 2015 to 2025, is divided into three key areas: capital market development, non-interest finance (which is how Islamic finance is referred to…

Analysis

Uptake in mobile and internet banking boosts penetration in Nigeria
OBG
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In January 2012 the Central Bank of Nigeria (CBN) launched the first phase of its “cashless” policy, which aims to reduce the volume of cash transactions and in turn cut the cost of banking services. Since then, the move towards electronic payments has spurred the growth of numerous electronic payment and commerce initiatives. The cashless strategy is part of the state’s Vision 20:2020, which…

Analysis

Government and private sector players invest in new facilities and projects in Nigeria
OBG
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Crude oil refining emerged early on as an area of focus for the government of Muhammadu Buhari, who within weeks of assuming office as president had begun rolled out plans to overhaul the existing facilities. The government has also initiated a fresh attempt to build new plants, with a focus on attracting private investment, such as the Dangote Group’s 650,000 barrels per day (bpd) complex in the…

Analysis

Key improvements to national pipeline network rolled out in Nigeria
OBG
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With most gas found offshore in the eastern section of the country’s territorial waters, the need for pipelines to move gas elsewhere is paramount, given the large population centres in both the west and the north. Long-awaited upgrades to Nigeria’s pipeline network are expected in the next several years, aimed at addressing this key bottleneck. This will come through public-sector projects as…

Analysis

Nigerian firms playing greater role in the energy sector
OBG
plus

There is a quiet revolution under way in Nigeria’s energy sector. As part of a broader push to boost local participation in the energy industry, a range of indigenous companies, such as Shoreline Energy, Frontier Oil and Transcorp, have emerged over the past decade, increasingly gaining access to a modest share of the upstream segment and expanding and diversifying in the downstream segment. The…

Analysis

Unique opportunity for independent power producers in Nigeria
OBG
plus

Having now sold off most of its electricity assets, the Nigerian government is not expected to be the primary builder of power plants in the future, and may not even build any at all. The country instead views its role as creating a facilitative environment for independent power producers (IPPs). While Nigeria has existing IPPs, the 459-MW, nearly $900m Azura-Edo IPP is considered the first of its…