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Nigeria’s banking sector is a diversified one, in which the largest banks follow the universal banking model and a range of specialised actors tap specific niches. New trends include merchant banks, sector-specific lending vehicles, and from policymakers, increased focus on financial inclusion. These include microfinance, mobile tools, and the establishment of a network of mobile money agents to service this developing financial infrastructure. For now, however, the banking sector features a slate of risks that leaves banks reluctant to lend to the private sector, and economic actors of most types suffer from inadequate access to finance. Despite this, overall performance is not expected to slide due to the counteracting improvements in the economy. This chapter contains interviews with Godwin Emefiele, Governor, Central Bank of Nigeria; Abubakar Jimoh, Managing Director and CEO, Coronation Merchant Bank; and Emeka Emuwa, CEO, Union Bank.

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 these sectors could grow faster and create more opportunities if structural problems were overcome, among them, the country’s electricity shortage, corruption and bureaucratic bottlenecks. The country’s main economic blueprint is the Economic Recovery and Growth Plan, launched in 2017, which includes up to 60 policy interventions that seek to remove major obstacles to growth. Following the general election in February 2019, the incoming administration will be expected once again to consider major policy questions, notably including the issues of subsidies, oil sector laws and how to boost tax receipts. This chapter contains interviews with Yewande Sadiku, Executive Secretary, Nigerian Investment Promotion Commission; Babatunde Fowler, Executive Chairman, Federal Inland Revenue Service; Babatunde Paul Ruwase, President, Lagos Chamber of Commerce and Industry; and Peter Ashade, CEO, United Capital.

Efforts to develop the Nigerian health care system have been hindered by several notable challenges, including limited public funding, a high communicable diseases burden, rising incidence of non-communicable diseases, and elevated rates of infant and maternal mortality. However, Nigeria’s large, young population, widening deficits in primary and specialty care, and the state’s encouragement of investment have created opportunities for growth across all levels of service provision. The government’s willingness to plan and partner with private providers should help to considerably improve the quality, access and outcomes of patient care in the years to come. Meanwhile, the education system presents itself as well with some challenges. Budget shortfalls have stretched the public system thin, while disparities in enrolment and outcomes across the K-12 spectrum continue to emerge along the lines of gender and geography. Moreover, primary and secondary enrolment has slipped in the midst of insecurity in the country’s north, even as the insurgency has ebbed. However, recent policy reforms should propel public investment in new facilities, classroom resources and teacher training, which should improve student outcomes and reduce the country’s large out-of-school population. This chapter contains an interview with Abubakar A Rasheed, Executive Secretary, National Universities Commission.

In conjunction with Grant Thornton, this chapter explores the taxation system and Nigeria’s efforts to build an investor-friendly environment. It also contains a viewpoint with Peter N Orizu, Executive Chairman; and Nkwachi Abuka, Partner and Head of Tax, Grant Thornton.

This chapter introduces the reader to the different aspects of the legal system in Nigeria, in partnership with Stillwaters Law Firm. This chapter also contains an interview with Afam Nwokedi, Principal Counsel and Group Head, Stillwaters Law Firm.