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Nigeria

The original report was published in The Financial Times Deutschland on Monday, July 30, 2012
Finance | Africa | Nigeria
Ngozi Okonjo-Iweala, Finance Minister (left); Lamido Sanusi, Governor of the Central Bank of Nigeria (right)
The great financial fightback
Reforms to the country's banking system have already increased accountability and transparency, and promise to fuel further growth in one of Africa's largest economies
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Finance | Africa | Nigeria
FDI and micro-finance to transform Nigeria
Greater access to finance is set to help SMEs get off the ground
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Finance | Africa | Nigeria
The Asset Management Corporation of Nigeria, AMCON, has already recovered N600 billion ($3.67 billion) from the bad debts it bought from banks last year and it is aiming to raise this to N1 trillion by the end of 2012
On the trail of bad debts
AMCON is making good progress in reducing the level of non-performing loans
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Finance | Africa | Nigeria
From strength to strength
Nigerian banks are growing stronger and looking to expand further
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Finance | Africa | Nigeria
Pan-African group ETI is present in 33 countries
Leaner and stronger banks
The mergers and acquisitions of 2011-2012 have created a smaller roster of larger and stronger lenders
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Finance | Africa | Nigeria
Local banks go global
Nigerian banks are taking significant strides in building a global brand and establishing international footprints
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Finance | Africa | Nigeria
A shining example of Nigerian banking
Focusing on innovation and technology has put Diamond Bank at the cutting edge of the industry, and made it the number one choice for SMEs
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Finance | Africa | Nigeria
Faith Tuedor-Matthews, MD and CEO of Mainstreet Bank
Breathing new life into nationalised banks
Recapitalised banks are going through a transformation to make them more attractive to potential investors
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Finance | Africa | Nigeria
Nigeria's top lenders
Banks
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Finance | Africa | Nigeria
Soon, women will play a greater role in determining the country’s future
Women set to become the heart and soul of Nigeria
The banking system has plans to eradicate gender inequality and female poverty
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Finance | Africa | Nigeria
Removing obstacles to help banks move on
AMCON has played a key role in stabilising the financial sector. Now it is helping to revive the industry and getting the banks to start lending again
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Finance | Africa | Nigeria
Reforms make banking industry stronger
After changes to its financial systems, Nigeria has the potential to become a major financial services hub for all of Sub-Saharan Africa
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Finance | Africa | Nigeria
Hi-tech playing its part
Across Nigeria major banks are improving existing facilities and embracing new technologies in order to maintain a modern, online banking system for the digital age
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Finance | Africa | Nigeria
Providing support for SMEs to grow
Banks are working together with government institutions to make financing available for small businesses
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Finance | Africa | Nigeria
By 2011, 41% of Guaranty Trust Bank‘s deposits were from the retail segment
Competition for retail banking raises the quality bar
With a population over 160 million and a mere estimated 20-25 million bank accounts, there is significant room for expansion in Nigeria's retail banking sector
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Finance | Africa | Nigeria
Raising capital through bonds
Nigeria's $500 million Eurobond was oversubscribed 2.5 times, proving international confidence in the country's economy as a whole, and its financial institutions in particular
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Finance | Africa | Nigeria
Identifying the nation's potential comes easy
Comprehensive financial services from Kedari Capital Ltd are connecting new investors to the heart of the nation's potential in numerous sectors
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Globus Vision

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)