Nigeria

Information and communication technology (ICT) is set to become an integral part of daily life in Nigeria, following the pilot launch in August of a new nationwide electronic identity card programme, which includes e-payment functionality.

In the latest push by Nigeria’s larger corporates to expand their continental footprint, Dangote Industries has announced plans for significant new capital commitments throughout sub-Saharan Africa alongside two of the world’s largest institutional investors at the first ever US-Africa Summit in Washington DC in August.

Debts markets in Nigeria have traditionally been dominated by sovereign issuances, but as demand for African bonds continues unabated, an increasing number of Nigerian banks are looking to tap into rising investor sentiment to expand their financing options.

The first made-in-Nigeria passenger cars for decades rolled off factory lots in Lagos State in June, marking what authorities hope is the beginning of a new era for automotive assembly in the country. The move also raises hopes among some of the world’s key automakers that Nigeria can become a bigger source of customers as well as a supplier for Africa.

Four years after Nigeria passed the Nigerian Content executive act (NCA) in April 2010, new government figures seem to indicate that it has helped stimulate a jump in activity by domestic firms in the country’s hydrocarbons sector.

Long the country’s Achilles heel, the electricity sector in Nigeria took another step forward in late May, when an increase in end-user tariffs was announced. Though the rise in prices prompted concern from consumers, the change will help to attract fresh capital from private investors who require at least cost-recovery levels for production and distribution.