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
Over the past few weeks, there has been a growing movement to promote local production and consumption in Nigeria as a way to address some of the economy’s woes. One of the leading proposals is to amend the domestic Procurement Act along the lines of the US Buy American Act (BAA), the domestic preference law … Continue Reading
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
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
Over the past two days, members of the private sector, government and civil society have gathered in Nairobi to discuss the role of the private sector in fighting corruption and implementing the Sustainable Development Goals. The scourge of corruption has long been one of the main obstacles to realizing the incredible potential of the people … Continue Reading
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
In the face of low commodity prices and concerns about China’s economic health, Kenya and Nigeria are turning to their own citizens — both home and abroad — as an alternative source of financing. In Kenya, the Treasury has launched the M-Akiba Bond, “the first-ever government bond offered exclusively via mobile phone.” A high rate … Continue Reading
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
Next week, Nigeria’s President Muhammadu Buhari travels to Washington for a two-day visit, which culminates in an Oval Office meeting with President Obama on July 20. Buhari is expected to travel light — not on luggage, but advisors. Since he has appointed no ministers as of yet, only a handful or two of advisors is … Continue Reading
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
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
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
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
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
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
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
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
On December 9, 2014, Nigerian President Goodluck Jonathan signed into law the National Health Bill, which was approved by the Nigerian Senate earlier this year. The new law is intended to provide a framework for the regulation, development, and management of a national health system in Nigeria. What the Act does The National Health Act … Continue Reading
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
The October 2014 Africa’s Pulse released by The World Bank confirms that economic growth in Sub-Saharan Africa continues to be strong. The average growth in the region is projected to increase to 5.2 percent during 2015-16 (up from 4.6 percent in 2014) and to 5.3 percent in 2017. Some markets and industries are looking to … Continue Reading
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
More states in Africa seem keen on joining the global Islamic finance sector, which is projected to be worth $2 trillion by the end of 2014. According to Moody’s Investors Service, global issuance of sovereign Islamic bonds – also known as “sukuk” – is expected to increase 30 percent in 2014 to reach $30 billion. … Continue Reading
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
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
