The foreigners are here, and they appear willing to stay. With the Nigerian press reporting in August 2012 that a record $1.3bn in foreign investment had come into the retail sector over the preceding two years, outsiders are playing an ever greater part in an industry that – according to international consultancy Accenture – accounts for 19% of...
With a rich endowment of natural resources and an entrepreneurial mindset, Anambra State is becoming an economic model for the rest of the country. In a region known for dominant oil operations and related security challenges, Anambra State has kept on a steady course towards economic diversification over the course of the last few years.
The future structure of information and communications technology (ICT) in Nigeria is taking shape. Following national elections in 2011, a new minister, Omobola Johnson was selected to lead the Ministry of Communications Technology (MCT), the main government body overseeing the sector. The emergence of a draft national policy on ICT in the wake of...
In the 1960s Nigeria was an agricultural powerhouse. Its warm tropical climate, fertile land and ample water resources provided by the Niger and Benue rivers made it an ideal location to grow a range of crops. By 1961 the country controlled 42% of the global trade in groundnut oil, 27% of the world’s palm oil industry and 18% of its cocoa trade,...
Private equity has rapidly developed as an alternate source of funding across Africa, and Nigeria, as a risky but often undervalued market, is no exception. Although development finance institutions have long dominated private equity projects on the continent, an increasing number of private funds, both foreign and domestic are active, attracted in...
It is not Africa’s biggest market, but it is promising. According to Russian investment bank Renaissance Capital, Nigerian beer consumption in 2011 totalled around 19.5m hectolitres. At around 12 litres per head, that is a lot lower than the global average of 27 litres, and far below South African levels of 63 litres. But growth has been brisk:...
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