Financial technology (fintech) has been gaining momentum in Nigeria as start-ups look to create innovative solutions to fill socio-economic gaps such as exclusion from the formal banking system. An estimated 56% of Nigerian adults are unbanked and 36.8% do not have access to financial services. The country’s more than 200 fintech firms – which...
The authorities have been working for years to ease the burden of non-performing loans (NPLs) on the financial system. In 2009, in part due to the global financial crisis, the Central Bank of Nigeria (CBN) bailed out eight distressed lenders by injecting $4bn into the market. The Asset Management Corporation of Nigeria (AMCON) was formed the...
To what extent has progress in facilitating business procedures translated to investment inflows? Which sectors are being prioritised?
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State authorities have worked to develop Kaduna’s infrastructure and business climate in recent years, identifying them essential to sustainable growth. The Kaduna State Infrastructure Master Plan (KADIMP) 2018-50 is the state’s long-term strategy for coordinated infrastructure development. The plan lays out interventions in the key sectors of transportation, housing,...
LANGUAGE: Nigeria’s official language is English, which is widely used in the business community. This is especially the case in commercial hubs such as Lagos, Port Harcourt and Abuja. The most common indigenous languages in Nigeria are Yoruba, Hausa and Igbo. Pidgin English is widely used, particularly in Lagos, and it is recommended...
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