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Overview

How Nigeria aims to increase agriculture’s contribution to the economy
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Contributing nearly 25% to GDP and employing 70% of the workforce, agriculture is both a key area of the economy and a way of life for Nigerians. Indeed, the agriculture sector was the country’s main export earner until oil and gas production became Nigeria’s economic mainstay. Since then, however, the country has become a net food importer. Key segments include livestock, forestry and fisheries.…

Overview

Mining reforms in Nigeria to drive sector growth
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Nigeria’s mining sector is entering a new phase following the Covid-19 pandemic, with greater government support and a growing role as an important generator of export earnings amid post-pandemic economic recovery. Many of Nigeria’s mineral resources remain unexploited, with considerable potential in gold, precious and semi-precious stones, gemstones, iron ore, industrial minerals and – in a…

Overview

Strengthening local supply chains to help Nigeria reduce reliance on imports
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The industrial sector is a key contributor to Nigeria’s GDP, though the impact of the Covid-19 pandemic has weighed on growth in recent years. These effects have been particularly notable in the oil industry – one of the most important segments, given that crude oil exports are the largest contributor to the economy. Oil production was more heavily impacted than any other segment during the…

Overview

Energy infrastructure enhancements boost Nigeria’s capacity
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Nigeria remains a key global energy player, exporting significant amounts of crude oil and natural gas. In 2021 it had Africa’s second-largest proven crude oil reserves – at 36.9bn barrels – after Libya. Although the export of hydrocarbons has gradually become a key source of revenue, wider economic headwinds and governance challenges have continued to impede the full development of the energy…

Overview

Nigeria aims to boost insurance penetration and offerings
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Despite decades of activity, Nigeria’s insurance sector is still largely underexplored, with the industry’s penetration at less than 1% of GDP as of March 2022. The country’s demographic growth – the population is forecast to surpass 233m people by 2025 – combined with its growing economy makes the insurance sector ripe for a significant expansion in the years to come. To unlock its potential,…
Interview

Yomi Olugbenro, Partner and West Africa Tax Leader, Deloitte Nigeria: Interview
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Interview:Yomi Olugbenro How can businesses stay abreast of the numerous changes in the country’s tax laws? YOMI OLUGBENRO: The updates to tax legislation are necessary because they help to align the laws with current realities. To stay abreast of these revisions, finance officers should undertake continuous training through webinars, and participate in capacity-building programmes and…
Interview

Pieter Slabberts, Managing Director, Eurapharma Care Services: Interview
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Interview: Pieter Slabberts In what ways can increased investment in Nigeria’s health care sector benefit the country? PIETER SLABBERTS: Increased investment in Nigeria’s health care infrastructure has the potential to solve two of Nigeria’s immediate challenges: unemployment and insecurity. A high number of gainfully employed Nigerians will likely diminish the recruitment pool for crime and…
Interview

Muhammad Inuwa Yahaya, Governor, Gombe State: Interview
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Interview: Muhammad Inuwa Yahaya What is your evaluation of the current economic situation in Gombe State? MUHAMMAD INUWA YAHAYA: The economic landscape has improved in recent years across several key indicators. The state’s debt, for example, is at a sustainable level following the settlement of over 30% of legacy pension liabilities. Moreover, all local governments have maintained positive balances…
Interview

Ifeanyi Okowa, Former Governor, Delta State: Interview
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Interview: Ifeanyi Okowa What factors are improving the international investment outlook for Delta State? IFEANYI OKOWA: The level of security that Delta State has enjoyed since 2015 remains central to our development agenda. The Peace Building and Advisory Council as well as the Advocacy Committee Against Vandalism of Oil and Gas Facilities – convened in August 2015 and May 2016, respectively –…
Interview

Adetayo Bamiduro, CEO and Co-Founder, MAX: Interview
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Interview: Adetayo Bamiduro How has digitalisation transformed the transport and logistics landscape in Nigeria? ADETAYO BAMIDURO: Transport networks in Nigeria have traditionally been informal, which in turn has resulted in a paucity of organisation and transparency. This has made it difficult to keep track of financial flows, and has entrenched the activities of special interest groups. Technology…