Nigeria II
The original report was published in The Financial Times Deutschland on Tuesday, December 4, 2012
 On a visit to Berlin in April, President Goodluck Jonathan firmly reassured German businesspeople that Nigeria Encouraged by successful reforms, investors are aiding Nigeria along its path of economic development and diversification
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The Asset Management Corporation of Nigeria (AMCON) frees banks from toxic assets to boost credit flow into the economy
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Amni Petroleum has shown that an indigenous oil and gas company can survive and prosper in Nigeria – no mean feat, given the intense competition in this highly lucrative sector
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 NDEP built and operates a mini refinery, the first of its kind in Nigeria Niger Delta Exploration and Production has established itself as a successful domestic company in Nigeria’s oil sector
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 The Nigerian National Petroleum Corporation is set to be divided into various entities by the PIB The Petroleum Industry Bill, set to pass shortly, is a highly anticipated reform to the oil and gas industry
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The Nigerian Ports Authority is working to upgrade port infrastructure, expand facilities and improve security
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 Ziakede Patrick Akpobolokemi, General Director and CEO of NIMASA NIMASA (Nigeria Maritime Administration and Safety Agency) aims to create the perfect environment for the foreign private sector through transparency, accountability, guarantees and attractive profits
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Isaac Jolapamo, President of ISAN, highlights the need for more technical assistance and financing from abroad
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Around 60 per cent of Nigerians are not connected to the electrical grid, while the rest have a rather unreliable supply. Could renewable energies be the solution to this dilemma?
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Nigeria needs foreign capital to further power growth
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 Ibadan Electricity Distribution Co currently produces 250MW Oil exporters in Nigeria find an energy problem in the former state-run electricity-based economy
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Beloxxi’s cream crackers are made to world-class standards, and the company has set a standard for Nigerian businesses looking to expand and develop
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 Nigeria’s film industry, nicknamed Nollywood, is second in size only to India’s Since its inception in 1991, NEXIM Bank has provided N63 billion ($40 million) to over 400 projects in the country, providing companies with affordable finance in order to boost their export capacity.
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Even though the aviation sector in Nigeria is going through difficult times, luxury fixed-base operators like EAN are turning around the concept of air travel in Nigeria and beyond
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 Flour Mills of Nigeria produces pasta, agricultural vehicles, cooking oil and fodder The conglomerate Flour Mills of Nigeria has increased its capacity to promote agriculture and development in Nigeria and to support the government’s economic policy
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Globus Vision spoke in Nigeria’s commercial and economic capital, Lagos, with Chief Emmanuel A Ukpabi, Group Managing Director of Flour Mills of Nigeria Plc, the country’s largest flour producer
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 Mustafa Chike-Obi, Managing Director and CEO of AMCON The nation’s banks are functioning again thanks to a highly
comprehensive rescue package from the Asset Management Corporation of Nigeria (AMCON)
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 So far, the Nigerian Content Act, which regulates the oil and gas market and encourages the participation of local players, has attracted over $500 million in investments for machinery and equipment The Nigerian government is committed to a real social and economic development through better use of its resources
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The Local Content Act supports growing participation of local companies in the oil sector
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The DAMAGIX Group, leading pipe supplier to the Nigerian oil industry, is campaigning for the support of local businesses
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The maritime sector has become one of the priorities of President Goodluck Jonathan’s government in its race towards economic diversification
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 Nigeria’s maritime capacity is on the rise NIMASA is committed to the enthronement of best practices in the provision of maritime services
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 IMAPSOL specialises in cargo inspection and transport For one of Nigeria’s leading shipping services companies, training is key, as are the expansion of port facilities and improved access to funding
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Nigeria is establishing a more efficient energy network through the construction of 11 new power plants
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 The Nigerian government is on a mission to produce 7 per cent of its energy from renewable sources by the year 2025 The power plant offers people of the country a way out of the crisis
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The technology-multinational, ABB, once again gets involved in the energy sector after a 10-year absence
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 Dr Olusegun Aganga, Minister of Trade and Investment It’s no secret that Nigeria’s wealth stems mainly from its vast oil and gas resources, yet the country is making strides in other sectors as well, including mining and manufacturing
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The Nigerian Export-Import Bank, NEXIM, is aiming to become Africa’s most prominent export development bank by 2015
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 Babatunde Fowler, CEO of LIRS Changing the public’s approach to taxes is in the interest of everyone
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Advanced International Merchants has carved out a special niche for itself in the local market
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 Flour Mills of Nigeria produces pasta, agricultural vehicles, cooking oil and fodder Nigeria’s agriculture giant has diversified to different company segments
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POPULATION
170.1 million (July 2012 estimate)
AREA
923,768 square kilometres (32nd biggest in world)
NOMINAL GDP
$244.2 billion (2011 estimate)
REAL GDP AT FACTOR COST GROWTH
7.4% (2011 estimate)
GDP PER CAPITA (PPP)
$2,600 (2011 estimate)
GDP COMPOSITION BY SECTOR
Agriculture: 35.4%
Industry: 33.6%
Services: 31% (2011 estimate)
TRADE BALANCE
$38.27 billion (2011 estimate)
CURRENT ACCOUNT BALANCE
$15.61 billion (2011 estimate)
TOTAL INTERNATIONAL RESERVES
35.21 billion (2011 actual)
GINI INDEX (distribution of family income)
48.8 (2010)
PUBLIC DEBT
17.6% of GDP (2011 estimate)
CENTRAL BANK DISCOUNT RATE
4.25% (2010 estimate)
COMERCIAL BANK PRIME LENDING RATE
16% (2011 estimate)
MARKET VALUE OF PUBLICLY TRADED SHARES
$50.88 billion (year end 2010)
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