Nigeria

Officials have been at work reforming Nigeria’s pension system for almost a decade, and are showing no signs of losing steam. While early attempts have failed to fix problems entrenched in the system, the government seems determined to tweak its features for as long as necessary to find the right mix and eliminate fraud from the system. An overhaul...

Although the 2004 wave of consolidation led to a near-doubling of bank branches, from 3535 in 2005 to 5565 in 2009, as per figures from the Central Bank of Nigeria (CBN), the number of financially included Nigerians was 23.6m by the end of 2008, according to Enhancing Financial Innovation & Access (EFInA), a financial development organisation....

With increasing support from the government, local exploration and production (E&P) firms are expanding their share of output and prospects. International oil companies (IOCs) have gradually been retrenching their positions onshore and in shallow waters, selling over $7bn in combined assets over the past three years to both local firms and...

Although credit to corporates and households rebounded strongly after the 2009 banking crisis, from N9.7trn ($61.11bn) in 2010 (28.2% of GDP) to N15.28trn ($96.26bn) in 2012 (35.1% of GDP), Nigerian individuals and enterprises remain relatively under-leveraged.

With a total premium value of $1.6bn in 2011, Nigeria’s insurance market is the biggest in West Africa, but in a wider context the market remains relatively undeveloped and coverage in the retail market is mostly limited to motor insurance. Reforms are ongoing at the federal level, with both successes and failures seen in recent years. A giant leap...

As one of the continent’s most culturally and ethnically diverse as well as resource-rich countries, Nigeria’s very existence is in many ways an impressive accomplishment, testament to the ability of both its citizens and institutions to find ways – often unconventional – to balance the need for local empowerment and diversity with broader...