Western investors have not been the only ones to notice Nigeria’s resilient growth. While global demand has gradually rebalanced towards large emerging economies such as the BRICS, Nigeria’s trade patterns are shifting. The displacement of the US by India as Nigeria’s largest trading partner in the first quarter of 2012 (for the first time since...
The country is set to join the ranks of the leading oil producers in establishing a sovereign wealth fund (SWF) to manage the excess proceeds of its production in times of high pricing. Yet despite legislative progress in 2011, the initiative has been met with political uncertainty – not concerning its objectives as such, but rather the funding...
Unique to Africa, Nigeria’s federal system of government remains subject to frequent calls for modification. The colonial powers’ policy of “divide and rule” left an independent Nigeria as a country with disparate levels of economic, political, social and cultural development. As JP Mackintosh wrote in his book Nigerian Government and...
While Nigeria is the 14th-largest crude oil producer in the world and has the 10th-biggest proven reserves, the legacy of petrol subsidies has left a gaping hole in public finances. The partial lifting of these subsidies in January 2012 has given the government more room for manoeuvre, but dealing with the consequences of massive corruption in fuel...
As the two largest economies in West Africa, the relationship between Nigeria and Ghana is a crucial one for the region. Trade ties are particularly important, and Nigeria’s high levels of liquidity serve as an important source of capital for Ghana. However, a recent dispute between the two countries concerning the status of Nigerian traders in...
Although depressed growth in developed economies has added a level of uncertainty to Nigeria’s macroeconomic outlook, it has also contributed to its attractiveness. As one of the fastest-growing economies in the world, according to the Federal Ministry of Finance (FMF), the country is certainly appealing to foreign investors in large part due to its...
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