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
Nigeria is the biggest economy in Africa, with GDP of $432.3bn in 2020, according to the World Bank, and home to one of the largest proven oil reserves on the continent. The country has developed an investment-friendly business climate over two decades of civilian rule and in the nearly 60 years since independence, boosted by its oil and gas wealth, and the entrepreneurial spirit of its young popu
Corporate law is one of the most highly regulated areas in Nigeria, which is not surprising given its effect on the country’s economy and polity. The Companies and Allied Matters Act (CAMA) is the principal law governing corporate law in Nigeria. Other laws regulating corporate practice in the country include the Nigerian Investment Promotion Commission (NIPC) Act, the Investments and Securities…
This chapter introduces the reader to the different aspects of the legal system in Nigeria, in partnership with Stillwaters Law Firm. This chapter also contains an interview with Afam Nwokedi, Principal Counsel and Group Head, Stillwaters Law Firm.…
Interview:Afam Nwokedi How will the Companies and Allied Matters Act of 2018 impact the business environment? AFAM NWOKEDI: If the amendment is finalised as has been proposed, it will be transformative and far-reaching, impacting the business environment significantly. The amendment sets out some key innovations, including the single shareholder platform. Under current legislation, you need…
One of the reforms that will have the most impact on the economic climate of Nigeria when it eventually comes into operation are the proposed changes to the corporate landscape through the long overdue amendment of the Companies and Allied Matters Act (CAMA) with the new CAMA Bill, 2018. The act is the principal law governing corporate law in Nigeria. The last time any major substantive re-touch…
Nigeria is continuing to gradually recover from the recession caused by the drop in international oil prices in 2014, with the economy returning to positive growth in 2017 and the IMF estimating that GDP will expand by 1.9% in 2018 and 2.3% in 2019. That said, more remains to be done to achieve economic diversification, and major reforms are expected to be enacted following the general election in
Nigeria is the biggest economy in Africa with a GDP of $487bn in 2015, according to the World Bank. The country assumed the mantle of the continent’s largest economy in 2013, following a rebasing exercise. However, its large population means that Nigeria remains a comparatively poor country in per-capita terms, with a lower GDP per capita than several of its sub-Saharan neighbours. Following a r
Corporate law is one of the highly regulated areas in Nigeria, which is not surprising given its effect on the country’s economy and polity. The Companies and Allied Matters Act (CAMA) is the principal law governing corporate law in Nigeria. Other laws regulating corporate practice in the country include the Nigerian Investment Promotion Commission (NIPC) Act, the Investments and Securities…
This chapter introduces the reader to the different aspects of the legal system in Nigeria, in partnership with Stillwaters Law Firm. It also contains a viewpoint with Afamefuna Nwokedi, Principal Counsel and Group Head, Stillwaters Law Firm.…
