A long slump in equities has spurred authorities and market participants to try to deepen and diversify types of market instruments in a more concerted fashion. A first milestone was reached in December 2011, when West Africa’s first exchange-traded fund (ETF) was listed on the Nigerian Stock Exchange (NSE). Succeeding in the exchange’s “five...
As domestic migration and population growth increase the pressure on urban waste management infrastructure, Nigeria’s federal and state-level policymakers are increasingly turning towards the private sector to attract investment and management expertise.
Separated from other life insurance by the 2004 Pension Reform Act, group life policies have been the most successful product class driving penetration in recent years and now represent the largest pool of investment assets domestically. With the regulator, the Pensions Commission (PenCom), driving consolidation in the insurance sector in 2012, new...
In the second half of July 2012 hopefuls submitted technical and financial bids for 17 of the 18 companies formed from the state-owned Power Holding Company of Nigeria (PHCN). With announcement of the preferred bidders for five out of six generation companies made in September 2012. An accumulated total of over $1bn had been offered for the power...
The year 2012 has been a time of significant change for Nigeria’s insurance sector, as a majority of banks divest from their insurance subsidiaries and underwriters prepare for the transition to new regulations, such as International Financial Reporting Standards (IFRS). The entry of a number of foreign players will likely spur higher growth in the...
In terms of electricity production, Nigeria’s power sector faces many challenges. According to June 2012 remarks by Bart Nnaji, the former minister of power, the Power Holding Company of Nigeria (PHCN), which is being unbundled, had debts of N400bn ($2.56bn). With its own plants gas-fired, PHCN had been paying just 50% of what it owed for that gas...
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