In mid-June the Central Bank of Nigeria (CBN) introduced a flexible interbank exchange rate market, effectively floating the naira in a major departure from historical policy. In the months since, the currency’s value has dropped by more than 35%, trading at approximately N400:$1 in mid-August, but the recent policy shift is expected to restore investor confidence in the country. “The liberalisation…
A push by Nigeria to boost the production of staple crops, with a particular focus on cassava, should help improve rural development and food security in the 170m-person country. In early July Audu Ogbeh, minister of agriculture and rural development, announced the World Bank would inject $200m worth of funds for the Fadama III project to support sustainable development in the country’s agriculture…
In May the Nigerian Sovereign Investment Authority (NSIA), in partnership with the federal Ministry of Health (MoH), signed a series of agreements to modernise and expand health care services through private sector participation. The agreements look to develop the capacity of specialist hospitals and diagnostic centres to ensure they are able to provide advanced medical care services. As of late May,…
Recent investments demonstrate sustained investor interest in e-commerce platforms in Nigeria, which boasts the continent’s largest population and economy. Ombola Johnson, the former minister of communications technology, predicted Nigeria’s e-commerce industry will reach a valuation of $10bn in the years ahead, with some 300,000 online orders expected each day. This growth would be in line with…
A new mobile operator, ntel, commenced 4G LTE services in Lagos and Abuja in early April, increasing competition in the 170m-person telecoms market. Operating on the 900-MHz and 1800-MHz bands, ntel is looking to challenge the four major telecoms operators in Nigeria – South Africa’s MTN, India’s Bharti Airtel, UAE’s Etisalat and local Globacom – with the promise of internet speeds of up…
Mobile West Africa 2016 will take place April 20th & 21st atthe Wheatbaker hotel in Ikoyi. MWA delivers 2 days of interactive and progressive presentations, discussions, and networking and this year’s edition will also feature the region’s first mobile awards – the West Africa Mobile Awards (WAMAS). Speakers include experts from : Google Hotels.ng Diageo, Uber Huawei Eskimi Opera PZ…
Far-reaching and long-awaited plans aimed at reforming Nigeria’s oil industry are gathering pace, though they have met with resistance from some stakeholders. Nigeria’s flagship hydrocarbons industry – which produces an average of 1.95m barrels per day as of January, accounting for two-thirds of government revenue and 90% of export earnings – has been targeted for reform for several years,…
OBG's Managing Editor for Africa Rob Tashima moderated the 'Investment trends in African Infrastructure' panel at The Global African Investment Summit London - 2015. According to Deloitte African Construction Trends report, 2013 and 2014 exhibited a 46.2% growth in mega project construction value at more than US$50 million. Energy and power accounted for 37% of the number of mega projects undertaken…
A multi-billion-dollar overhaul of Nigeria’s transport network is gaining pace as the country looks to plug infrastructure gaps and stimulate economic growth. As with many hydrocarbons producers, lower energy receipts have put downward pressure on government spending, prompting Nigeria to look to private sector and foreign financing to help fund its rail and aviation projects. Boosting private…
As with many hydrocarbons producers elsewhere in the world, Nigeria endured a challenging 2015 as falling oil prices impacted the country’s exports and exchange earnings. This was compounded by a range of broader macroeconomic pressures, including uncertainty in the lead up to the 2015 presidential elections, a strengthening US dollar and insecurity in the north of the country. According…
