Nigeria is Africa’s biggest oil exporter and, with a population of 193m, the region’s biggest economy and largest consumer base. While the government is reliant on oil and gas for its revenue, the economy itself is more diversified, with manufacturing, banking and insurance, retail, and agriculture all major contributors. However, each of...
On what metrics can the FIRS assess the performance of the Voluntary Assets and Income Declaration Scheme (VAIDS)?
Although the local economy has continued to recover from the negative impacts of the oil price shock of 2014 and the 2016 recession, more remains to be done to achieve economic diversification. The results of our second Business Barometer: Nigeria CEO Survey show increased confidence among C-suite executives, with 85% expressing positive or...
With Nigeria’s economy growing again in 2018, policymakers are now in a position to move from avoiding problems to making structural changes. One potential change could be the unification of the various exchange rates for the country’s currency, the naira. The multiple rates now available are a legacy of the past years of crisis, which...
Foreign portfolio investment (FPI) has risen to become the main growth driver of capital inflows to Nigeria. Supported by strong expansion in money market instruments and bonds, FPI inflows recorded double-digit growth in both 2017 and the first half of 2018. While this suggests there is positive investor sentiment and confidence in Nigeria’s...
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