With greater government support and a growing role as a generator of export earnings, Nigeria’s mining sector is poised to maximise its considerable potential in precious metals and gems. Total revenue from the sector is expected to rise by 25% to N3.6bn ($8.5m) in 2023, reflecting its resilience, as well as continued federal and state support. The implementation of new mining regulations is expected…
Transitioning from Africa’s largest economy to most industrialised one is contingent on its efforts to boost production, reduce its dependence on imports and drive the export trade. For those changes to materialise, manufacturers need reliable, affordable access to electricity and other vital infrastructure, while potential investors require attractive regulatory frameworks to inspire confidence…
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
The Nigerian landscape holds over 30 types of solid minerals in an identified 450 locations. Deposits span gemstones, metallic ores, energy minerals and construction materials, such as granite. While the mining sector was a mainstay of the economy up until the late 1960s, the focus on oil from that point on has seen the mining’s share of GDP fall to 0.5% in 2019. To diversify economic activity and…
Nigeria has a varied industrial sector, evidenced by the number of separate activities tracked as part of the government’s GDP valuations. Despite 2020 being a tough year for many sectors worldwide, two industrial segments that the country is known for posted positive growth. Major projects continue to push ahead, such as Nigeria’s first privately owned oil refinery and new cement plants, while…
Interview: Jean-Marc Ricca In what ways has the Covid-19 pandemic affected industry and consumers in Nigeria? JEAN-MARC RICCA: The economy was already under pressure before the Covid-19 pandemic due to subdued growth, low oil prices and currency issues; and the health crisis exacerbated these issues. However, due to the fact that industry was considered essential, production was not significantly…
Nigeria has a varied industrial sector, and although the pandemic disrupted international supply chains and local operations, the performance of some industrial segments in Nigeria bucked the trend. Major projects continue to push ahead, such as Nigeria’s first privately owned oil refinery and new cement plants, while government plans to add greater value to agricultural output kicked off with external…
En Français While West Africa is one of the largest producers of cotton, it has the ability to process less than 2% of the crop locally; around 90% is exported to markets in Asia, where value is added through spinning and weaving. The industrialisation of West Africa is therefore essential for the region to fully capitalise on its resources, boost growth and create employment along the value chain. The…
– Textile and fashion is the world’s second-largest industrial polluter, behind oil and gas – Concerted efforts are being made to create more sustainable business models – Two solar-powered, sustainable textile plants under construction in Togo and Benin – Increased cotton processing could mean value-added textile earnings stay in West Africa With textiles and fashion expected to…
– Covid-19 has accelerated the shift from hydrocarbons to renewable energy sources – While investment in oil and gas slumped, renewables remained resilient throughout 2020 – Cobalt, nickel and copper are central to the production of rechargeable batteries – With its vast reserves, sub-Saharan Africa stands to benefit from the surge in demand Covid-19 and the resulting fall in oil prices…
