En Français As Africa embraces the transformative power of the African Continental Free Trade Area (AfCFTA), Special Economic Zones (SEZs) emerge as pivotal catalysts for regional economic growth.The impact of AfCFTA on SEZs on the continent is a key part of Africa’s growth, through improved market access, reduced trade barriers, and participation in regional value chains, which all enhance…
In English Alors que l'Afrique se lance dans une nouvelle ère marquée par la Zone de Libre-Échange Continentale Africaine (ZLECAf), les Zones Économiques Spéciales (ZES) émergent en tant que catalyseurs favorisant la croissance économique régionale. L'impact de la nouvelle ZLECAf sur les ZES du continent est un vecteur clé pour la croissance de l'Afrique, avec une amélioration…
Nigeria’s GDP growth decelerated in 2022 amid global headwinds, including elevated commodity prices and soaring inflation resulting from Russia’s invasion of Ukraine. The IMF’s GDP growth projection of 3.2% for 2023 is in recognition of the measures Nigeria has undertaken to boost oil production. Nevertheless, the country’s medium-term economic plan, the National Development Plan (NDP) 202
In 2019 the government made the decision to revise the Nigeria Minerals and Mining Act (NMMA), the law that has governed the sector since it came into force in 2007. However, as a result of the disruption caused by the Covid-19 pandemic, as well as other international and domestic challenges, the passage of the revised law was delayed. In November 2021 the government announced plans to move forward…
Emerging markets are taking steps to strategically position themselves in the global value chain for electric vehicles (EVs), with several recent projects focused on the decentralised production of batteries for EVs. At the same time, however, these industrial developments highlight the carbon-intensive nature of mining the raw materials needed to produce EVs, though hopes remain that the process…
Recent international events have prompted Nigeria to alter its production strategies to insulate itself from ongoing global supply chain shocks. Prior the Covid-19 pandemic, 19% of Nigeria’s manufacturing components were imported from China. However, the latter’s extended lockdowns and restrictions on movement resulted in disruption and delays. Exports from China to Nigeria fell by 5% year-on-year…
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…
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…
To what extent can the Lagos Commodities and Futures Exchange (LCFE) help drive investment? OWOLABI: Under Basel III banking regulations gold, similar to cash, is deemed a zero-risk-weighted asset, enabling financial institutions to hold part of their investment in gold. Facilitating this requires a structured and regulated platform on which gold and other investment precious metals (IPMs) can…
What key features underpin the attractiveness of the Nigerian consumer market? ADEGUNWA: The population size and the litany of embryonic segments within the market are enticing to investors. While the market is still in its infancy in terms of infrastructure, logistics and service delivery, the growth potential is exponential, with a customer base of over 200m people. For a fast-moving consumer…
