Although the local economy has continued to recover from the negative impacts of the oil price shock of 2014 and the 2016 recession, more remains to be done to achieve economic diversification. The results of our second Business Barometer: Nigeria CEO Survey show increased confidence among C-suite executives, with 85% expressing positive or...
Although the Nigerian economy has continued to achieve positive growth as it recovers from the oil price shock and the 2016 recession, more remains to be done to achieve economic diversification. According to the National Bureau of Statistics, the economy grew by 0.8% in 2017, compared to a contraction of 1.6% in 2016, driven primarily by a...
With a tax collection rate of roughly 6% of GDP, Nigeria’s tax revenues are lower than its regional peers. The government is working on several fronts to boost its take. The stated goal is to more than double that ratio by 2020, which will involve long-term policy reforms as well as targeting foreign direct investment. Additionally, it is not...
Despite volatility in international oil prices and delays in the implementation of economic diversification strategies, ratings agencies and the IMF agree the outlook for Kuwait is strong and stable, as it is home to substantial oil reserves and one of the world’s richest sovereign wealth funds (SWFs). Geologists calculate domestic oil fields...
With 6% of the world’s proven oil reserves and 1% of its natural gas, Kuwait had an estimated GDP per capita of $71,943 in power purchasing parity terms in 2017, according to the World Bank. This was the eighth-highest value for any country or autonomous region, putting it behind only Qatar, Macao, Luxembourg, Singapore, Brunei Darussalam,...
The number of sovereign wealth funds (SWFs) operating in the Gulf has grown in the decade to 2018. The value of these SWFs – created to invest and manage the huge sums of money flowing into the region from hydrocarbons sales – stood at $2.78trn in mid-2018, according to the SWF Institute (SWFI), representing 35.6% of the global total.
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