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With a raft of large-scale, government-led development projects on the docket, rising retail deposits and strong support from regulators and other authorities, Kuwait’s banking sector is widely considered to be poised for a period of long-term growth. This follows a difficult period linked to the broader economic volatility that has impacted the Gulf region in recent years. Nonetheless, as of the first quarter of 2016 the nation’s 11 domestic lenders had KD59.8bn ($197.8bn) in total assets, up considerably from KD56.7bn ($187.5bn) at the end of the same period in 2015. Relatively plentiful liquidity has contributed to rising levels of credit issuance in 2015 and 2016, with data showing industry-wide credit growth in excess of 8% over the course of 2015. This chapter contains an interview with Mohammad Y Al Hashel, Governor, Central Bank of Kuwait (CBK).

The story of Kuwait’s economy, like so many of its neighbours, has been dominated by oil. Once a regional port for pearling and fishing, the country was part of regional Gulf trade networks intimately tied to those of the Indian Ocean. Political independence in 1961, along with its huge hydrocarbons resources, helped Kuwait to become one of the top oil producers in the world. Still, the authorities are aware that crude is a finite resource, a fact brought into the spotlight during the recent period of low oil prices. As a result, the economic development blueprint Kuwait Vision 2035 draws on the country’s trading past in order to secure its future. The blueprint aims to re-kindle Kuwait’s history as a commercial centre, while also developing sectors such as finance and real estate to make them even more competitive internationally. This chapter contains an interview with Sheikh Meshaal Jaber Al Ahmad Al Sabah, Director- General, Kuwait Direct Investment Promotion Authority (KDIPA); and Abdulwahab Al Bader, Director-General, Kuwait Fund for Arab Economic Development.

Even amid the macroeconomic uncertainty of 2015 and the first half of 2016, the performance of Nigeria’s telecoms sector was marked by steady subscriber growth, a renewed regulatory mandate and continued infrastructure development. By July 2016 the country was home to 150.3m active telecoms subscribers, according to the federal telecoms regulator. This user base represents 81.7% of the total population of 184m in 2016, with the mobile segment accounting for more than 99% of subscriptions. Over the course of 2015 and 2016 the ICT industry has developed rapidly on the back of state-led growth initiatives and also, increasingly, as a result of rising levels of private sector activity. According to estimates compiled by the Federal Ministry of Communications, in 2015 ICT-related activities accounted for nearly 11% of GDP, up from 6% in 2012 and less than 1% as recently as 2001. The rapid uptake of mobile data subscriptions over the past few years, plus the steadily rising number of smartphone handsets in circulation indicate significant unmet demand for digital products and services. This chapter contains interviews with Adebayo Shittu, Minister of Communications; and Issam Darwish, Executive Vice-Chairman and Group CEO, IHS Towers.

The Nigerian media industry is in the midst of what many local players consider to be a sea change. The rising popularity of ICT across the nation over the past decade and a half has had a major impact on the way Nigerians access media on a daily basis. This has created a range of challenges for print and broadcast media entities. The print industry, for instance, faces high levels of competition and falling revenues, as a steadily rising percentage of its output shifts online, where sufficient marketing and advertising models have yet to be fully developed or implemented. Furthermore, while broadcasters in particular are increasingly looking to the internet to help them reach new customers and larger markets, many Nigerians lack access to basic ICT services. However, the shift to digital is ultimately expected to be a boon to the industry, in that it has the potential to drastically expand the reach of local media producers, both domestically and further afield, with huge implications for revenues.

During the 1970s Nigeria had a prosperous, export-orientated mining industry. Before the discovery of oil, the West African nation had developed strong production operations for coal, tin and columbite. The discovery of hydrocarbons eclipsed these activities and relegated mining to an economic footnote. However, with the recent decline in the global price of oil and reductions in production due to violence in the oil-producing Delta states, the government in Abuja is looking to revive the country’s mining sector. The government is becoming aware of the latent prospects of the industry and, as such, is putting in place a strong regulatory and taxation environment that should reassure investors about the security and potential of their capital in Nigeria. Nevertheless, given the paucity of mineral data and the high capital requirements of exploration in this nascent market, foreign entrance into the sector is likely to come from acquisitions and partnerships in the short to medium term. This chapter contains an interview with Kayode Fayemi, Minister of Mines and Steel Development.