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Operational since 1999, the Algerian stock exchange, Bourse d’Alger, is characterised by low levels of activity and liquidity, with just three equities and two corporate bonds currently listed and government bonds accounting for over 90% of trading. The total volume of transactions on the bourse was €36.8m in 2011, down from €47.8m in 2010. Trading of government bonds accounted for €33.7m of this. Authorities are working on a project that will significantly overhaul the framework of the exchange to boost activity. Implementation of the reforms is due to begin in 2013. Plans to establish an exchange for small and medium-sized enterprises (SMEs) are also close to being finalised. If planned reforms go ahead, the market could see a notable expansion in the mutual fund and SME fields in particular. This chapter contains an interview with Mustapha Ferfera, Director, Bourse d’Alger.

Algeria is ranked the fourth-largest producer of crude oil in Africa, with an estimated 12.2bn barrels of proven reserves as of January 2012. The country was also estimated to have 159trn cu feet (tcf) of proven natural gas reserves as of January 2012 and produced 2.83 tcf of natural gas in 2010. Given its substantial reserves, Algeria has maintained its position as a major global player in the hydrocarbons sector. Numerous contracts have been signed with international firms for new projects, which include plans to develop gas fields and unconventional sources. With new, long-awaited revisions to the hydrocarbons law, collaboration with international oil and gas firms is expected to intensify in the future. Algeria also has proven deposits of valuable minerals such as gold, zinc, copper, lead, uranium and phosphates. However, these have so far been largely unexplored. Therefore, as part of its economic development and diversification plans, Algeria is now setting up joint ventures with international mining companies to exploit these mineral reserves. The government offers incentives for investors in the mining sector, including tax exemptions and rebates. This chapter contains interviews with Youcef Yousfi, Minister of Energy and Mines; Abdelhamid Zerguine, CEO, Sonatrach; Jean-Marie Dauger, Executive Vice-President, Global Gas & LNG Business Line, GDF Suez; and Farid Benhadji, CEO, Manal.

Oil and gas production continues to dominate the Algerian economy, accounting for almost all of exports, close to half of government revenue and over a third of GDP. Hydrocarbons accounted for 34.7% of GDP in 2010, up on 2009 rates, but still lower than the figures of between 43% and 45% seen in the three preceding years. The decline is primarily attributed to a fall in oil prices. To diversify the economy away from a reliance on hydrocarbons revenues, one of the government’s aims is to boost industry’s share of GDP to 10% by 2014. The government also plans to spend €228.7bn on public works between 2010 and 2014 on both new and existing projects. However, limited administrative capacity means it is doubtful whether the government will be able to meet the investment commitments on schedule. This chapter contains interviews with Khedidja Belhadi, President and Founder, Association of Algerian Managers & Entrepreneurs (AME); Jim O’Neill, Chairman, Goldman Sachs Asset Management; and Réda Hamiani, President, Forum des Chefs d’Entreprises.

Overall indicators in Nigeria paint a picture of a country in need of developing its health sector, but prospects for growth and further modernisation are bright, as the industry has been improving gradually. Funding for health care in Nigeria tends to be low, at approximately $13 per capita annually. The 2012 federal budget allocated some $1.81bn for the sector, amounting to 5.9% of the total. Rural areas lag far behind urban centres in terms of the number of medical services and professionals available. The introduction of a number of new programmes will serve to help bridge this divide. In education, the rapid growth of the economy has meant an equally rapid increase in the need for a skilled and educated workforce. Federal and state governments are increasingly looking to the private sector and non-state actors’ participation through partnership and collaboration. A number of partnerships have recently been formed between universities and private sector companies to increase the number of research and development initiatives. Funding for the sector, however, remains low, making up just 8.4% of the budget, well below the 26% recommended by UNESCO for developing countries. This chapter contains an interview with Paul Orhii, Director-General, National Agency for Food and Drug Administration and Control (NAFDAC).