Global institutions, other countries and private sector actors must see African development as a priority, not just for Africa, but for their interests as well. Due to long-standing internal and external factors, Nigeria and Africa’s economic structures have been skewed to impede development, industrial expansion, job creation and the equitable distribution of wealth. If Nigeria is to fulfil its…
GTR West Africa returns to Lagos, Nigeria on April 16-17, 2024, to once again bring together the leading minds in West African trade, supply chain, export and infrastructure financing for two days of unrivalled networking and lively debate. Long established as the leading annual gathering for the region’s trade community, 2024’s edition will once again offer clarity on the impact of a turbulent…
Click here to read our Nigeria Economic Report and Investment Analysis 2023 online …
Financial technology (fintech) firms are gaining market share that was formerly the preserve of established remittance service providers. Remittances have grown in importance in recent years and currently constitute the largest source of foreign income for many developing economies. They also tend to be countercyclical, increasing during economic downturns or natural disasters when other capital flows…
Despite global supply chain challenges, the value of trade between China and Africa rose to record levels in 2022. The increase partially reflected a shift in China’s policy away from government-backed investment and towards enhanced trade and cooperation. According to China’s Customs agency, the value of the country’s trade with Africa rose by 11% to $282bn that year, driven by an increase in…
Interview: Uche Orji What is your assessment of the measures required to diversify Nigeria’s revenue base? UCHE ORJI: Improving government revenue and diversifying sources of foreign exchange requires a three-pronged approach. First, diversification must be predicated on mass industrialisation to foster quality manufacturing standards. This entails providing financial support, an enabling fiscal…
Attracting and diversifying government revenue has been a consistent objective for Nigeria. As the country is unable to rely on a larger pool of financial revenue streams, it has witnessed its budgetary and fiscal resources expand and contract in accordance with global energy prices in recent years. Furthermore, the budget is increasingly financed through debt, as public resources alone are insufficient…
Interview: Kalim Shah Why are public-private partnerships (PPP) key to delivering accessible and quality public services? KALIM SHAH: Infrastructure gaps cost Nigeria about 4% of GDP growth annually, according to a 2021 report from the World Bank. Rapid growth of the population projected to reach nearly 400m people by 2050, coupled with urbanisation has created strong demand for infra[1]structure…
Interview: Aisha Rimi How attractive is the current economic situation in Nigeria for foreign investors? AISHA RIMI: Several competitive advantages underpin Nigeria’s attractiveness as a destination for foreign direct investment (FDI). First, according to the World Bank, Nigeria is the largest economy in Africa, with a GDP of $441bn in 2021 and a population projected to be the third largest in…
