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
Nigeria
Africa Sees Opportunities in Islamic Finance
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…
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…
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…
Electrify Africa Act Affirms Broad U.S. Support for Investment in Power Sector
Last week the U.S. House of Representatives passed the Electrify Africa Act of 2014, confirming the existence of a broad, bi-partisan consensus in favor of supporting U.S. direct investment in Africa’s energy sector. The bill, which now heads to the Senate, seeks to establish a “comprehensive United States Government policy to encourage the efforts…
Recovering Abacha’s Billions
In a recent meeting with the leadership of the World Bank Group, African Finance Ministers requested assistance in supporting the battle to fight what is now estimated to be over $50 billion of illicit financial flows out of Africa. The ongoing global efforts to recover the billions of dollars allegedly siphoned by the late Nigerian…
Nollywood, Intellectual Property and Nigeria’s New GDP
There are many significant aspects to the recent recalculation of Nigeria’s Gross Domestic Product (GDP), which has nearly doubled in size to become the largest economy on the African continent. It is worth noting that the country’s film industry, known as Nollywood, had not previously registered statistically. According to the new calculation, it now…
Maintaining the Independence and Integrity of Central Banks
Despite various countries making great strides forward in responsible fiscal management, recent events have reignited concerns about the integrity and independence of central banks in Africa. Specifically, in the past few months, one central bank governor has been suspended, another has been threatened with arrest, and a third has abruptly resigned.
Nigeria. Perhaps the most…
Boko Haram and U.S.-Nigeria Relations
On March 18, 2014, National Security Advisor Susan Rice met with governors from Nigeria to explore, among other topics, how the U.S. can work together with the state governments in Nigeria to address the insurgency of Boko Haram an Islamist terrorist organization. U.S. Secretary of State John Kerry designated Boko Haram (also known as the…