In late September 2020 President Muhammadu Buhari submitted the Petroleum Industry Act (PIA) to the National Assembly, breathing new life into the stalled legislation. Both chambers of Parliament passed the then-bill on July 1, 2021, and it was signed into law the following month. The PIA aims to overhaul the oil industry, focusing on its...
Nigeria is home to Africa’s largest economy and population, and is an engine for growth in the continent. While the government is largely reliant on oil and gas revenue, the economy itself is more diversified. Indeed, the non-oil sector accounted for 90.8% of real GDP in the first quarter of 2021. Services were the largest contributor to...
The Covid-19 pandemic and the corresponding drop in global oil prices caused both a recession and lower inbound investment in the early months of the health crisis in Nigeria. However, GDP and investment figures improved as the economy reopened. Foreign investors shied away from many emerging markets in the early months of 2020 as the pandemic...
Nigeria’s banking sector is highly diverse, with large players that follow a universal banking model and smaller actors that cater to certain niches. A regulatory push to consolidate the sector has helped to deepen banks’ ability to lend and fuel economic expansion – an important role for the sector to continue to play as the country recovers...
In September 2020 Wamkele Mene, the secretary-general of the African Continental Free Trade Area (AfCFTA) Secretariat, told a conference in South Africa that AfCFTA negotiations on e-commerce and digital trade would be fast-tracked, with the Covid-19 pandemic heightening the need for an adequate legal and governance framework. These talks were...
In February 2019 Nigerians went to the polls to elect a president, National Assembly and other leaders across the state and federal levels. Incumbent head of state Muhammadu Buhari won re-election with around 56% of the votes. It was the sixth general election since the return of civilian rule in 1999. The next round of elections are expected...
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