The fate of Nigeria’s economy has long been intertwined with the trajectory of its single-largest export: oil. As a result, the country is sensitive to the ups and downs of the global crude market, which can have significant repercussions on domestic growth and capital accumulation. Oil prices thus play a crucial role in underwriting both the short-...
A number of factors suggest Nigeria has all the makings for a vibrant bond market, one that has come a long way since its inception a decade ago. In the last few years a sustained downturn in equities has diverted investment towards money markets and fixed income instruments, while sovereign bond issuance has successfully established a yield curve...
Western investors have not been the only ones to notice Nigeria’s resilient growth. While global demand has gradually rebalanced towards large emerging economies such as the BRICS, Nigeria’s trade patterns are shifting. The displacement of the US by India as Nigeria’s largest trading partner in the first quarter of 2012 (for the first time since...
While the banking sector is certainly sizeable in Nigeria, access to finance at the small end of the scale has only started to be addressed in a more structured way over the past decade. Although the number of microfinancial institutions (MFIs) has grown in recent years, with commercial banks joining donors, non-governmental organisations (NGOs) and...
The country is set to join the ranks of the leading oil producers in establishing a sovereign wealth fund (SWF) to manage the excess proceeds of its production in times of high pricing. Yet despite legislative progress in 2011, the initiative has been met with political uncertainty – not concerning its objectives as such, but rather the funding...
Unique to Africa, Nigeria’s federal system of government remains subject to frequent calls for modification. The colonial powers’ policy of “divide and rule” left an independent Nigeria as a country with disparate levels of economic, political, social and cultural development. As JP Mackintosh wrote in his book Nigerian Government and...
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