Tag Archives: Nigeria

African Development Bank Group Annual Meetings Energize Africa

The theme of this year’s African Development Bank (AfDB) meetings, which ran from May 23rd to the 27th, was timely and necessary: “Energy and Climate Change.” In the first day of the meetings, AfDB President Akinwumi Adesina announced the AfDB Group agenda for the continent’s economic transformation, which includes The New Deal on Energy for … Continue Reading

No Holidays for African Currencies

As the currency crisis plaguing Sub-Saharan Africa in 2015 continued through the recent holidays, Nigerians have learned that they can have their naira, but they can’t spend it too. Nigerians saw several restrictions on foreign exchange (“forex”) put in place, limiting what they could do with their naira. Triggered by the dive in oil prices … Continue Reading

Nigeria’s Automotive Industry Shifts into High Gear

In late 2013, the administration of then-President Goodluck Jonathan made a bold bet: that it could jumpstart the country’s ailing automotive industry through a comprehensive—and controversial— industrial policy, known as the National Automotive Industry Development Plan (NAIDP). Although the policy is still young, there are now promising signs that these efforts to revive the once-vibrant … Continue Reading

Meet Four of the Key Ministers in President Buhari’s Cabinet

Five months after his inauguration, Nigerian President Muhammadu Buhari has sworn thirty-six ministers into his cabinet.  Set out below is an overview of the four appointments that will be of particular interest to foreign investors: Babatunde Fashola (Minister of Power, Works and Housing), Kemi Adeosun (Minister of Finance), Okechukwu Enelamah, (Minister of Industry, Trade and … Continue Reading

Nigeria (Again) Contemplates Mandatory Stock Exchange Listing Legislation

Nigerian government officials are once again contemplating legislation that would require certain private companies to list on the Nigerian Stock Exchange (“NSE”).  According to Speaker of the Nigerian House of Representatives Yakubu Dogara, the listing requirement would apply to companies in the oil, gas and telecommunication sectors and is necessary “in order to deepen the … Continue Reading

Nigeria Sends Clear Signal of Getting Serious about Tax Enforcement

Over the past few years, Nigeria has reformed its transfer pricing regulations, introduced mechanisms to tackle tax evasion and pursued other revenue enhancing initiatives.  With revenue from petroleum taxes at its lowest point in fifteen years, the country is under even more pressure to increase its tax enforcement efforts.  At the same time, there have been reports … Continue Reading

President Adesina and the Years Ahead for the African Development Bank

After six rounds of voting that saw off seven candidates from across the region, Nigeria’s outgoing Minister of Agriculture and Rural Development Dr. Akinwumi Adesina has been elected to serve as the next president of the African Development Bank (AfDB). From the start, Adesina was one of the leading contenders for the role.  During his … Continue Reading

Anatomy of a Nigerian Oil Scandal: Audit of National Oil Company Fuels Momentum for Sectoral Reform

After months of speculation and mounting pressure, it’s finally here: the government of Nigeria has released the long-awaited PricewaterhouseCoopers (PwC) forensic audit of the Nigerian National Petroleum Corporation (NNPC), the country’s national oil company. It’s not often that the release of a highly technical accounting report makes the headlines—much less grabs the attention of millions—but … Continue Reading

Which Way Nigeria?

The historic electoral victory by Muhammadu Buhari, the first time an opposition candidate has defeated an incumbent president in Nigeria, opens a new and unprecedented chapter in the history of Africa’s most populous nation and the continent’s largest economy. As president-elect, Buhari faces significant challenges. Stemming the insurgency in the north waged by Boko Haram, … Continue Reading

Retail Distribution in Africa: Challenge and Opportunity

The economy in Sub-Saharan Africa continues to grow.  A handful of the 10 fastest growing economies in the world are in Africa, it has the world’s greatest population of young people and the number of middle class consumers – estimated to be 350 million – is booming. With such a growing, promising market, comes great … Continue Reading

An In-Depth Look at the Candidates for African Development Bank President

In a few months’ time, the African Development Bank (“AfDB”) Board of Governors will vote to decide the successor to President Donald Kaberuka whose presidency comes to an end on August 31, 2015.  Having first gained international prominence for undertaking sweeping economic reforms as finance minister in a post-genocide Rwanda, Kaberuka has had a highly … Continue Reading

Nigerian Court of Appeal Allows Third Party to Challenge Arbitration Award

In the recently published Abuja Court of Appeal case of Statoil (Nigeria) Limited & Anor v. Federal Inland Revenue Service & Anor ((2014) LPELR-23144(CA)) (“Statoil”) dated 13 June 2014,  the Nigerian court held that a third party had locus standi to challenge an arbitration agreement to which it was not a party. This decision has … Continue Reading

Nollywood and Bollywood Film Industries to Collaborate

On 4 January 2015, India’s Acting High Commissioner in Nigeria, Kaisar Alam, announced that the Indian commission is facilitating a partnership between Nollywood (Nigeria’s movie industry) and Bollywood (India’s movie industry).  Mr Alam noted that the two industries contribute greatly to their respective countries’ gross domestic product and stated that “India can use its more … Continue Reading

Nigeria Launches New Corporate Governance Rating System

            Earlier this month, the Nigerian Stock Exchange (NSE) and Nigeria’s Convention on Business Integrity (CBi) announced the launch of a Corporate Governance Rating System (CGRS) that will rank NSE-listed companies based on their corporate governance practices and anti-corruption policies.  The new rating system is designed to promote a more transparent business climate in Nigeria … Continue Reading

Ebola Containment and Prevention: Nigeria Provides Lessons for the World

This week, the U.S. Centers for Disease Control (“CDC”) reported that the outbreak of Ebola in Nigeria could be coming to an end, with no new Ebola cases since August 31, and the last patient under surveillance released on September 23. In light of this positive development, the CDC has reduced its travel alert for … Continue Reading

Transcorp Hotel’s $48.8M IPO Shows Nigeria Remains Leading Choice for Hotel Industry Investments

At the start of this year, Financial Times declared Africa to be “the new battleground for global domination among hotel groups.”  The expected launch today of a $48.8 million Initial Public Offering (“IPO”) by Nigeria’s hospitality giant Transcorp Hotels indicates that Nigeria continues to be one of the top choices for investors in this industry. … Continue Reading

The Electronic Wallet System: How Nigeria Is Dialing Into Its Agricultural Sector

One of the most effective and innovative uses of mobile technology in recent years has been in the delivery of government services.  Yesterday, during the Corporate Council on Africa’s “Leading the Way in U.S.-Africa Investment” program, the Nigerian Minister of Agriculture and Rural Development Dr. Akinwumi Adesina detailed how mobile technology has been used to … Continue Reading
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