Category Archives: Nigeria


Nigeria outlook

On Monday, the 14th of January, the Nigeria Outlook event is held annually at the offices of Standard Chartered Bank in London. The event will provide an overview of Nigeria’s current macroeconomic position and discuss the political, economic and commercial prospects for the country in the year ahead. The keynote speaker will be Razia Khan, Chief Economist for East Africa and the Middle East at Standard Chartered Bank. Other speakers will be confirmed soon. Invest Africa members can register interest to Philippa Jalland.

Razia Khan – Chief Economist for Africa and the Middle East, Standard Chartered Bank

With over 20 years of experience covering emerging and frontier markets, Razia Khan is a well-known commentator on the region. She has provided regular updates to Central Banks, finance ministries and sovereign wealth funds. She currently serves on the WEF’s Global Future Council on Migration and on the Advisory Board of the Royal African Society. She was named one of the ‘100 Most Influential Africans’ in 2015 by New African Magazine and the ‘100 Africa Economics Leaders’ by Institut Choiseul (2017). Razia holds BSc and MSc (Econ) degrees from the London School of Economics.

Source: Invest Africa

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Africa’s direct investment rebound

The number of foreign direct investment (FDI) projects in Africa increased by 6 % in 2017, despite the continent experiencing sluggish growth, according to a report by EY. The top five FDI destinations – which accounted for over half of total investment – were South Africa, Morocco, Kenya, Nigeria and Ethiopia. The uptick in projects came as economic growth in Africa recovered following the lowest growth in over 20 years in 2016.

Source: African Business, Dec/jan 2ß10

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Nigeria, China to tackle low quality products import

China and Nigeria have agreed to put in place measures to tackle importation of substandard products into the country.

China and Nigeria Chamber of Commerce (CCCN) President, Ye Shuijin, stated this yesterday, while addressing reporters in Abuja. He insisted that most of the imported fake products were not made in China.

He said the Chamber and Standards Organisation of Nigeria (SON) have some agreements to check influx of substandard products into the country.

“Most of the substandard products that came to Nigeria are not from China because the Chinese government has well structured standards in place for its products.

“China products are of high quality, nonetheless the Chinese government is already cooperating with Nigeria to promote importation of quality products to Nigeria,” he said.

The quality of imported products, such as iron rods, bulbs, sockets, cables and fittings have always been allegedly traced to China.

SON raised an alarm last year that 40 per cent of electrical and electronic appliances imported into Nigeria “are substandard and have caused disasters with destruction to lives and property.”

It was also observed that all manner of uncertified food items are dumped in the country.

The National Bureau of Statistics (NBS), also said Nigeria spent N212.73 billion to import agricultural products in the last quarter of last year.

The Chamber chief therefor stressed the need to guide  importers to do the right thing and not to import substandard products to Nigeria.

Shuijin urged the importers and the consumers to be vigilant and reject any noticed substandard products for the development of the economy.

The president said the chamber and the Chinese government always encourage investors from China to invest in the manufacturing sector and help in the development of the economy.

He said Nigeria, because of its population, has the market which he said was an added advantage to attract investors into the country.

Shuijin assured that more Chinese investors would be willing to invest in Nigeria.

Source: The Nation, 24th August 2017

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Buhari returns after lengthy UK medical treatment

President to address nation following more than three months of absence spent in London for ailment.

Nigerian President Muhammadu Buhari has returned to the country on Saturday after more than three months in the UK for medical treatment for an undisclosed “health challenge”.

The 74-year-old left for London on May 7.

His prolonged absence caused tensions back home where calls have grown for him to either return or resign.

“President Buhari is expected to speak to Nigerians in a broadcast by 7am on Monday,” his office said.

In recent weeks, the office has been releasing photos of officials meeting with the rail-thin but smiling president in the hope of reassuring people back home.

His main opponents in the 2015 election that brought him to power claimed he had prostate cancer. He has denied that claim. Buhari’s four-year term ends in 2019.

Challenges facing Nigeria

Nigeria’s ongoing challenges include deadly Boko Haram attacks, a weak economy and one of the world’s worst humanitarian crises, with millions malnourished in the northeast.

With Buhari away, Nigeria has been led by acting president and Vice President Yemi Osinbajo, who met the president in London in mid-July and announced that Buhari would return to Nigeria “very shortly”.

Observers fear that political unrest could erupt in Nigeria, particularly in the predominantly Muslim north, should Buhari not finish his term in office. The previous president was a Christian from the south, as is Osinbajo. The health of Nigeria’s Musa Yar’Adua after months of treatment abroad leaders has been a sensitive issue since the 2010 death in office of President Umaru Ardua.

Source: Al Jazeera, 19th August 2017

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