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Interview

Kadré Désiré Ouédraogo, President, ECOWAS Commission: Interview
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Interview: Kadré Désiré Ouédraogo How will the ECOWAS-EU economic partnership agreement (EPA) benefit West African states? KADRE DESIRE OUÉDRAOGO: According to the Cotonou Agreement, EPAs are intended to foster the smooth and gradual integration of the African, Caribbean and Pacific Group of States (ACP) into the global economy, with regard for their political choices and development priorities.…
Interview

James Duddridge, Parliamentary Undersecretary of State, British Foreign & Commonwealth Office: Interview
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Interview: James Duddridge What is the most common misconception of Nigeria as a destination for investment? JAMES DUDDRIDGE: There is a general conception that the risks in Nigeria are often too high to do business. Yet Diageo, PwC, GlaxoSmithKline, Unilever and PZ Cussons are all examples of well-established UK blue-chip firms in Nigeria. We should therefore be clear on the opportunities…
Interview

Georg Wilfried Schmidt, Regional Director for Sub-Saharan Africa and the Sahel, German Federal Foreign Office: Interview
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Interview: Wilfried Schmidt What challenges do small and medium-sized enterprises (SMEs) face between West Africa and Europe? WILFRIED SCHMIDT: Although German SMEs produce for markets at the national, regional and international level, most firms generate the lion’s share of their income in national and regional markets – in particular, neighbouring EU member countries. Producing for export is…
Interview

Tony Elumelu, Chairman, Heirs Holdings: Interview
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Interview: Tony Elumelu What more do you think can be done to encourage entrepreneurship in Nigeria? TONY ELUMELU: Entrepreneurship is key for me, but, more importantly, it is key for this continent and Nigeria in particular. We have a large number of unemployed young people and are still too reliant on foreign aid and assistance as a driver of economic activity. I do not think that model has worked…
Interview

Yemi Kale, Statistician General, National Bureau of Statistics (NBS): Interview
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Interview: Yemi Kale Where did the most extensive changes in GDP contributors occur following the rebasing exercise? YEMI KALE: As a result of the rebased GDP there were major changes in terms of GDP contributors across the board. For example, the share of the agricultural sector declined from 34.7% to 21%, while the share of the services sector almost doubled from 29% to 53%. Just as important,…
Interview

Saratu Umar, Executive Secretary, Nigerian Investment Promotion Commission (NIPC): Interview
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Interview: Saratu Umar In what ways have inflows of foreign direct investment (FDI) changed over the past five years? SARATU UMAR: Nigeria has become a major investment destination on the African continent, averaging an annual inflow of about $7bn in the last six years. Although this may be far from the annual inflow target volume of $13bn per year, it indicates that our economy remains a competitive…
Interview

Aliko Dangote, President and Chief Executive, Dangote Industries: Interview
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Interview: Aliko Dangote What impact do you expect power privatisation to have on the broader gas-to-power value chain? ALIKO DANGOTE: The power sector is by far the largest consumer of natural gas in Nigeria and is expected to account for the bulk of domestic gas use in the future. Currently, gas use by power plants accounts for 70% of marketed gas production. Total gas production for use by power…
Interview

Ngozi Okonjo-Iweala, Coordinating Minister of the Economy and Minister of Finance: Interview
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Interview: Ngozi Okonjo-Iweala How can Nigeria maintain current levels of GDP growth, and what are the risks? NGOZI OKONJO-IWEALA: To maintain our current levels of GDP growth, we must overhaul infrastructure, starting with power. Nigeria’s economy has been growing at an average rate of around 7% annually over the last decade with limited power supply. If we can double existing capacity in terms…
Interview

Daniel Monehin, Division President, Sub-Saharan Africa, MasterCard: Interview
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Interview: Daniel Monehin What impact will national ID cards have on electronic funds transfers within Nigeria? DANIEL MONEHIN: Our partnership with the National Identity Management Commission has been in the works for years, and anything of this complexity will take time to fully develop. Our role is limited completely to the payment side of things, as this is where our competency lies. The fact…
Interview

Fola Daniel, Commissioner for Insurance, National Insurance Commission (NAICOM): Interview
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Interview:Fola Daniel What can be done to ensure that insurance profits derived from oil and gas are kept in Nigeria? FOLA DANIEL: We encourage local insurers to build capacity, as this will help halt the capital flight currently being experienced in the oil and gas segment. With limited local insurance capacity, larger risks have traditionally been ceded abroad. We are therefore making efforts…