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The Report: Nigeria 2017

  • ID: 4437442
  • Country Profile
  • Region: Nigeria
  • 236 Pages
  • Oxford Business Group
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The IMF Forecasts That GDP Contraction Growth Will Reach 0.8% in 2017 and 1.9% in 2018


  • Aiico Pension
  • Central Bank of Nigeria
  • FBN Merchant Bank
  • Iroko
  • Petroleum Resources
  • Saipem
  • MORE

Nigeria is the biggest economy in Africa with a GDP of $487bn in 2015, according to the World Bank.

The country assumed the mantle of the continent’s largest economy in 2013, following a rebasing exercise. However, its large population means that Nigeria remains a comparatively poor country in per-capita terms, with a lower GDP per capita than several of its sub-Saharan neighbours. Following a real GDP contraction of 1.5% in 2016, the IMF forecasts that growth will reach 0.8% in 2017 and 1.9% in 2018.

While growth began to pick up in the first half of 2017, Nigeria still has much work to do. However, there is the sentiment that the economy has turned a corner and has begun to see a silver lining. Devaluation of the naira, rising inflation, the drop in oil revenues, the slowdown in oil production, and the broader softening of growth, trade and investment have all created a greater sense of urgency for structural reforms.

Note: Product cover images may vary from those shown
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  • Aiico Pension
  • Central Bank of Nigeria
  • FBN Merchant Bank
  • Iroko
  • Petroleum Resources
  • Saipem
  • MORE

Strong prospects: Despite challenges, the nation has seen significant progress
Viewpoint: President Muhammadu Buhari
Vital reform: Focus on security, anti-corruption and measures to balance the economy
Interview: Brigitte Zypries, Minister for Economic Affairs and Energy of Germany
Valued partners: Strengthening ties with major world powers
A regional powerhouse: The country plays a key role in promoting African unity

Onwards and upwards: Growth has begun to pick up following the recession in 2016
Business Barometer: Nigeria CEO Survey
Viewpoint: Kemi Adeosun, Minister of Finance
Recovery position: The government has laid out plans and targets for an economic resurgence
Paper chase: Recent bond issuances have highlighted concerns over the debt burden
Interview: Akinwunmi Ambode, Governor of Lagos State
Naira here nor there: Bringing about convergence in exchange rates is a high priority
Interview: Laoye Jaiyeola, CEO, Nigerian Economic Summit Group
Interview: Yewande Sadiku, Executive Secretary, Nigerian Investment Promotion Commission

Road to recovery: Towards stability and growth
Interview: Godwin Emefiele, Governor, Central Bank of Nigeria
Capital limits: The private sector push for finance
Looking abroad: Easing of capital controls set to increase foreign exchange liquidity
Interview: Godwin Nwabunka, CEO, Grooming Centre
Cashing in: Increasing use of electronic banking
Positive disruption: Fintech to boost growth

Foundations for growth: Structural adjustments are creating a platform for expansion
Laws of attraction: Reforms to attract traders
Interview: Mounir Gwarzo, Director-General, Securities and Exchange Commission
Interview: Kayode Akinkugbe, Managing Director, FBN Merchant Bank
Market analysis & data provided by FBN
International investment: How market trends are affecting foreign investment inflows
External trade: More eurobonds on the way
Equity perspectives: The second half of 2017 is seeing the market improve

Rest assured: New plans and products aim to bring more of the population under cover
Interview: Eguarekhide Longe, CEO, Aiico Pension
Casting a wider net: Creating a pension plan for informal economy workers
An eye on risk: The industry is transitioning to risk-based supervision

Pipeline project: Initiatives to make 2017 pivotal
Interview: Emmanuel Ibe Kachikwu, Minister of State, Petroleum Resources
Interview: Femi Otedola, Chairman, Forte Oil
Sweeping reforms: A series of bills stand to transform the future of industry activity
Interview: Mohammad Sanusi Barkindo, Secretary-General, Organisation of the Petroleum Exporting Countries
Interview: Guido d’Aloisio, Central Africa Regional Manager, Saipem
An air of refinement: The government is promoting private sector investment
An exporter’s market: Despite steady demand, achieving short-term domestic stability is unlikely
Downstream challenges: Price distortions remain

Power through competition: Privatisation across the sector drives improvements in efficiency
Interview: Babatunde Fashola, Minister of Power, Works and Housing
Interview: Femi Adeyemo, CEO, Arnergy

Back on track: Government responses mean the sector is ready for investment and growth
Healthy prospects: Pharmaceuticals production looks to meet domestic demand
Interview: Okechukwu E Enelamah, Minister of Industry, Trade and Investment
The fabric of society: Textiles look to make a comeback thanks to rich supply of raw materials
Roundtable: Chidi Okoro, Managing Director, UAC Foods; Theo Williams, Country Manager, AJEAST; and George Polymenakos, Managing Director, Nigerian Bottling Company
Uncovering potential: A new roadmap aims to capitalise on substantial and diversified reserves
Interview: Kayode Fayemi, Minister of Solid Minerals Development

Fertile ground: In the face of lower global oil prices, agriculture is increasingly seen as a vehicle for economic growth and employment
Interview: Audu Innocent Ogbeh, Minister of Agriculture
Making it count: Constraints to lending are being removed, spurring growth in the sector
Interview: Rahul Savara, Group Managing Director, TGI Group
Interview: Bukar Tijani, Regional Representative for Africa, UN Food and Agriculture Organisation
At the forefront: Transforming cassava into a lucrative cash crop has proven quite difficult, but plans are under way to reshape the marketplace

Up and running: A new strategy and regulatory initiatives are set to address sector challenges
Fair play: Operators compete for spectrum to expand 4G offerings
Interview: Ayotunde Coker, CEO, Rack Centre
Good and ready: The government is set on tackling tough challenges for the rollout of infrastructure
Cutting edge: Investment and a robust regulatory framework can help realise market potential
Pay off: Demographics and increasing internet uptake favour e-commerce expansion

In for the long haul: Structural reforms are set to encourage private investment
Full steam ahead: Rail master plan to connect the country and boost efficiency
Moving together: Mass transport options aim to ease traffic congestion in Lagos
Interview: Hadi Sirika, Minister of Aviation
Interview: Hadiza Bala Usman, Managing Director, Nigerian Ports Authority

On the rebound: Local contractors see a return to growth and increase of domestic inputs
Up and up: Climbing costs weigh on progress
Interview: Igbuan Okaisabor, CEO, Construction Kaiser
Changing direction: Profits from high-end properties are slowing, and middle-income housing is getting a more serious look

Clear opportunities: Despite challenges, retail sales, and especially e-commerce, have potential for significant growth in the long term
Price conscious: The economic slowdown has affected the country’s middle class, a key driver of retail sales growth

Engaging a modern audience: The sector undergoes a period of rapid change
Interview: Jason Njoku, CEO, Iroko
Contemporary crossover: The government makes progress towards completing the switch from analogue to free digital TV
Rising star: The burgeoning domestic film industry continues to rake in revenue

Prioritising care: New important developments in health care signify progress towards universal coverage, although political intervention is still needed
Interview: Mark Wagstaff, Country Manager West Africa, Pfizer
Improving primary care: Local clinics are a promising solution to coverage in areas that are currently underserved
Learning curve: Efforts under way to educate in line with market demands
Extra credit: Vocational training is expected to be an important factor in meeting labour market needs

Stillwaters Law Firm
Clear guidelines: A review of the laws impacting foreign investment in Nigeria
Collective investments: Regulatory considerations for private equity
Viewpoint: Afamefuna Nwokedi, Principal Counsel and Group Head, Stillwaters Law Firm

Deloitte Nigeria
Widening the net: A detailed look at national tax policy and administration
A soft landing: Examining the recently introduced voluntary asset and income declaration scheme
Viewpoint: Yomi Olugbenro, Partner and Head of Tax, Deloitte Nigeria

Put your feet up: Hotel and resort listings for select establishments
Listings: Directory of government and business organisations
Facts for visitors: Useful tips for the business or leisure traveller

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  • Aiico Pension
  • Arnergy
  • Central Bank of Nigeria
  • Construction Kaiser
  • Deloitte Nigeria
  • FBN Merchant Bank
  • Forte Oil
  • Grooming Centre
  • Iroko
  • Nigerian Bottling Company
  • Nigerian Economic Summit Group
  • Nigerian Investment Promotion Commission
  • Nigerian Ports Authority
  • Organisation of the Petroleum Exporting Countries
  • Petroleum Resources
  • Pfizer
  • Rack Centre
  • Saipem
  • Securities and Exchange Commission
  • Stillwaters Law Firm
  • TGI Group
  • UAC Foods
  • UN Food and Agriculture Organisation
Note: Product cover images may vary from those shown
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