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AGF Magazine - April 2019 issue

  • In a region where only a minority of the population has access to a bank account and SMEs struggle to get financial help from traditional banks, Albert Alsina, CEO and Founder of Mediterrania Capital Partners, explains how the PE industry is becoming a catalyst for the African Fintech ecosystem’s development, enabling large-scale banking and supporting entrepreneurs and SMEs in their expansion plans (pp. 10-12).
  • In this month’s issue of Africa Global Funds, we also caught up with Kenneth Kaniu, Britam Asset Managers CEO, to learn about their anchor investment in Tiserin Capital, and the needs and constraints of institutional investors in Kenya and East Africa (pp. 14-15).
  • On the infrastructure front, we hear from Moritz Breickmann, Investment Director at African Infrastructure Investment Managers (AIIM) who showcases some successful airport redevelopments in Africa. Read on to find why airport infrastructure projects on the continent can provide attractive long term returns to investors (p.17).
  • In this month’s issue we also learn that the FTIF Templeton Africa Fund was merged into the FTIF Templeton Frontier Markets Fund. We speak with Ahmed Awny and David Haglund about the Fund and its African investments (p.16).
  • Finally, Rob Childs, Head of International for Prescient Fund Services shares his views on the global distribution challenges facing African fund managers and why the firm decided to domicile their offshore fund range in Ireland (p. 22).
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News > Funds > Markets and Industry News

Nigeria to open its economy

Staff writer
March 28, 2018, 4:31 p.m.
730

Word count: 292

For decades, Nigeria's economy has been based on oil, but the government has announced plans to move away from its black gold dependence to open its economy up to diversification.

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For decades, Nigeria's economy has been based on oil, but the government has announced plans to move away from its black gold dependence to open its economy up to diversification.

The country's economic recovery plan identifies six priority sectors: agriculture, manufacturing, and solid minerals, including iron, gold and coal.

Tonye Cole, co-founder and CEO of the Sahara Group, said: "We must free the potential, free the diaspora, and allow the free flow of ideas. Nigeria should allow its states to be autonomous. We have a growing young population with huge talents but who are leaving. They have to come back and invest in the country.”

Bayelsa State Governor Sériake Henry Dickson shared his policy of integrating young people into agriculture, saying the sector is the best provider of jobs. 

"We have trained our people in aquaculture, created an eco-industrial park, set up an investment agency, and facilitated the acquisition of land titles. The federal authorities have given us their support so that now our state has nothing to envy Abuja and Lagos for," he said. 

Nigeria will continue to invest in hydrocarbons, but will shift the focus to refining and the production of gas and electricity.

"Diversifying the economy also means improving government benefits and the fight against corruption and hunger. The government has also launched an industrialisation process in Nigeria in which it encourages the involvement of the private sector, in order to reduce the oil sector share of GDP," said Yewande Sadiku, Chief Executive Director of the Nigerian Investment Promotion Commission.

Nigeria is expected to achieve 3.5% growth this year and reduce its inflation level to 12.5% from 15% in 2017. 

This performance would consolidate the ECOWAS zone's biggest economy which contributes about 75% of its GDP.

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