Nigeria is Africa's most populous country with 150-million plus people. With an economy growing at an annual 7%, the country is one of the continent's hottest investment destinations. This week we unpack some of the investment challenges and opportunities that this West African powerhouse faces. Joining ABN's Godfrey Mutizwa in-studio to give their views on Nigeria as a business & investment destination is: Dianna Games, CEO of Africa at Work; Joel Chimhanda, Principal at JC Capital; Suresh Chaytoo, Sector Director of Banks and DFIs for Africa and Latin America at RMB.
What does it take to successfully expand business across borders? Benson Mwesigwa, Senior Manager, Africa Executive, KPMG Africa, Oliver Facey, Vice President of Operations for DHL Express Sub Saharan Africa, Dianna Games, CEO, Africa at Work and author of "Business In Africa: Corporate Insights” and Bisi Sanda, Partner at EY discuss the importance of regional integration to facilitate cross-border opportunities for investors in the continent with CNBC Africa.
Toothpicks are on the list of more than 40 items for which the Central Bank of Nigeria has forbidden the sourcing of foreign currency through the formal banking system for spending on imports, writes DIANNA GAMES
Published in Business Day SA, 3 August 2015
THERE has been a lot of talk about toothpicks in Nigeria of late. The humble implement for removing elusive morsels of dinner is a culprit in Nigeria’s foreign exchange crisis. It is included in a list of more than 40 items for which the Central Bank of Nigeria has forbidden the sourcing of foreign currency through the formal banking system for spending on imports.
Other items on the list include private jets, tinned fish, vegetable oil, roofing sheets, cosmetics, soap, plastic and rubber products, Indian incense, steel pipes, plywood board, glassware and kitchen utensils.
Although the manufacturing sector’s contribution to Nigeria’s economy has grown from 1.9% in the early 1990s to 6.8%, the country has little to show for years of import bans designed to boost local manufacturing.
BURUNDI’s president goes to the polls this week to stand for president of his tiny nation for the third time, writes DIANNA GAMES.
Pierre Nkurunziza has not been dissuaded by violent protests in which many have died or been displaced. Nor has he been daunted by the African Union’s (AU’s) calls for the vote to be postponed because of the violence,
So, despite improvements in governance in some areas, it is business as usual for sub-Saharan Africa’s third-termers. There was a glimmer of hope late last year that change might be in the air when hundreds of protestors set fire to Burkina Faso’s parliament and forced their president, Blaise Compaore, out of power after 23 years. The president, who tried to try to get himself a third term, is in exile in Cote d’Ivoire.
In the Democratic Republic of Congo, there were protests in the streets when word got out that the president, Laurent Kabila, was considering running for a third term in next year’s election. He might still run, but the outcry has given him pause for thought.
It is rather different in Rwanda, where President Paul Kagame’s chances of a third term increased after legislators voted overwhelmingly in favour of changing the constitution to allow his extended rule after 2017. More than 3-million people have signed a petition calling for an amendment to the constitution to allow him to stand again.
WE CANNOT afford to disappoint Nigerians, President Muhammadu Buhari told his party leaders at the weekend, writes DIANNA GAMES.
Published in Business Day SA, 7 July 2015
Mr Buhari was responding to concerns from a nation impatient for signs that their new president has the will and capability to tackle corruption, fight insecurity and instill discipline into the polity.
Just a few weeks into the job, Mr Buhari is battling to get on top of an array of problems plaguing the country, despite bold promises made before the April election that he would move swiftly to build a better Nigeria. He has spent his early days in office fighting fires in his party and in the country.
Last week, it emerged that Mr Buhari may not announce his new cabinet before September — three months into his tenure and nearly six since his election as president.