As one of the continent’s most culturally and ethnically diverse as well as resource-rich countries, Nigeria’s very existence is in many ways an impressive accomplishment, testament to the ability of both its citizens and institutions to find ways – often unconventional – to balance the need for local empowerment and diversity with broader...
With a total premium value of $1.6bn in 2011, Nigeria’s insurance market is the biggest in West Africa, but in a wider context the market remains relatively undeveloped and coverage in the retail market is mostly limited to motor insurance. Reforms are ongoing at the federal level, with both successes and failures seen in recent years. A giant leap...
Although it is Africa’s largest crude exporter, Nigeria remains dependent on imports for some 86% of its refined fuel needs of 35m litres daily, equivalent to 279,000 barrels per day (bpd). Successive rounds of turnaround maintenance (TAM) have failed to expand domestic refining capacity, while the subsidy structure of fuel sales incentivises the...
Electricity is regularly cited as Nigeria’s chief obstacle to economic growth, but 2013 may mark a turning point for what is often referred to as the country’s Achilles heel. Nigeria has a population of some 168.8m but produces less grid-connected electricity than a major British city. For more than a decade, the lack of reliable power has cut into...
While Nigeria’s oil and gas sector has historically attracted the majority of inward foreign direct investment (FDI), focus is broadening significantly to non-oil sectors. Slow progress in passing legislation to reform the hydrocarbons sector has delayed decisions on larger projects, while the broad domestic market is attracting investors seeking...
A 2010 law mandating local content for insuring risks in the energy sector domestically aims to create growth from the current small base in the insurance sector. Enforcement is a potential challenge, if recent history and the current legal environment are any indication. Further, market studies indicate that profiting from providing coverage to...
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