Nigeria

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…

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…

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…

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…

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…

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…

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…