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Analysis

Enhanced integration in Nigeria aimed at boosting regional trade
OBG
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As the continent’s largest economy, Nigeria plays a central role in West Africa both diplomatically and economically, and nowhere is this more evident than in the influence it exerts within ECOWAS – West Africa’s economic and trade grouping. ECOWAS was founded in 1975 and its charter revised in 1993 with the mission of promoting economic integration through monetary and economic unity and creating…

Analysis

Measures to address security issues in Nigeria's north
OBG
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Nigeria’s rich ethnic and religious diversity, coupled with its resource wealth and poor governance, has at times contributed to localised incidences of violence, ranging from an insurgency in the oil-producing Delta region starting in the 1990s to tensions between villages in the country’s “middle belt”, where Muslim and Christian populations regularly mix. Rarely are identity issues the sole…

Analysis

Questions raised by Nigeria's recalibrated GDP figures
OBG
plus

The product of two years of work, recalibrated figures for Nigeria’s GDP, which shifted the base year from 1990 to 2010, were published in April 2014. As a result, the economy leapfrogged 10 places in global rankings, with 89% growth in GDP in one stroke. As in any rebasing exercise though, the new figures are a double-edged sword. The updated national accounts reveal previously underestimated dynamic…

Analysis

Nigeria reworks its debt profile in the years since 2006 relief
OBG
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Eight years after securing $18bn in debt relief from the Paris Club and multilateral creditors, Nigeria has firmly repositioned itself on international debt markets. Having staged its second eurobond auction in as many years in 2013, with plans to return regularly to the dollar-denominated offshore bond markets, Nigeria is rebalancing its debt profile by paying down part of its local-currency exposure.…

Analysis

Nigeria tries to transform its challenging demographics from a liability into an asset
OBG
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A central conundrum of Nigeria’s past decade of 7% average annual GDP growth has been the consistent rise in unemployment, poverty and inequality of distribution of wealth. Although the conclusions of the rebasing exercise, unveiled in April 2014, lifted per-capita income from $1555 to $2689, this new accounting will no doubt sound hollow to the more than 60% of Nigerians living in absolute poverty. The…

Analysis

As Nigeria's banks build their risk assets, new data on customers may help rejuvenate lending
OBG
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With regulatory reforms threatening to curb banks’ traditional sources of profit, lenders will need to create risk assets to maintain and expand their margins. Chief among these will be lending to retail customers and small and medium-sized enterprises (SMEs), which carry significantly higher interest rates than the limited and heavily banked blue-chip corporate market. While such higher-risk lending…

Analysis

The government launches new efforts to boost access to mortgages for the middle class
OBG
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Despite a housing gap estimated at 17m units, the provision of affordable long-term financing has remained virtually non-existent. By 2013 there were a mere 20,000 mortgages outstanding, according to the Ministry of Finance (MoF), at best-case interest rates of 19% over 10 years. In parallel to government efforts to promote the construction of more affordable housing, authorities are radically restructuring…

Analysis

New owners of privatised electricity assets seek to meet arrears and fund their expansion
OBG
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The final transfer of privatised electricity assets to successful bidders in November 2013 marked a key moment in demonstrating that Nigerian banks can provide significant long-term funding to a structurally important sector. The acquisitions were financed primarily through debt, while international investors and banks largely stayed on the sidelines. Indeed, of the more than $3.2bn that was spent…

Analysis

A policy shift brings new challenges to profitability in Nigeria's banking sector
OBG
plus

Nigerian banks have been undergoing a structural shift in their business models since 2013 – the first full year since the end of bad debt sales to the Asset Management Corporation of Nigeria (AMCON). The new rules issued that year have significantly affected traditional sources of profit for commercial banks, including net interest margins and fee revenues, and are prompting lenders to find new…

Analysis

IT solutions
OBG
plus

The Company Computer Warehouse Group (CWG) was incorporated as a private limited liability company in 2005 and fully commenced operation in 2011 following its 2010 acquisitions of 100% stakes in CWL Systems, DCC Networks and ExpertEdge Software. The company is currently a leading IT solutions provider specialising in the supply, installation, integration, maintenance and support of computer equipment,…