From rails and roads to ports and airports, Nigeria’s transport sector is facing an extensive overhaul. The country has long suffered as a result of inadequate investment in infrastructure, constraining the movement of people and goods, and prompting the government to push for the rehabilitation and expansion of the entire transport network. Despite the government’s substantial project...
A shortage of electricity is among Nigeria’s greatest obstacles to growth. Chronic shortages affect all consumers, due to a legacy of underinvestment in maintenance and new facilities. The system typically functions at less than half of its installed capacity of around 12,000 MW. Successive administrations have made sector reform a priority, with partial privatisation of the national grid...
As Africa’s largest oil producer, Nigeria’s energy sector accounts for 90% of exports and at least 50% of government revenues. The country is second only to Libya on the continent in the size of its reserves, and onshore fields have been productive for decades. Offshore deposits are a frontier that has been massively underexplored, and in recent years international oil companies have started...
In 2015 Nigerian underwriters reported total gross written premiums of nearly N350bn ($1.1bn at the time of printing), according to data released by the Nigerian Insurers Association, an industry group. This figure was up around 19% on the previous year. In light of the pace of expansion, and in addition to Nigeria’s enormous population and low rate of insurance penetration, it is perhaps not...
Already home to the second-largest stock exchange in Africa by market capitalisation, the introduction of foreign-exchange futures trading in mid-2016 is a major step towards the market’s goal of offering increasingly sophisticated investment and risk-management products and services. Although there are a handful of potential initial public offerings in the pipeline, 2016 may not be an active...
As Africa’s most populous nation, and with the biggest oil and gas reserves in the region, Nigeria has long been one of the continent’s sought-after markets, but also one of its most complex and challenging. A GDP rebasing in 2014 modernised the country’s statistical measurements, expanding GDP to N94.14trn ($155.1bn at the time of printing) in 2015. As the current government approaches the...
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