Small businesses are the lifeblood of Africa’s economy and their contributions to employment and GDP cannot be overstated. A report by Mckinsey last year noted that: “Small companies dominate in other African economies. In Ethiopia, large companies account for less than 10 percent of B2B (Business to Business) spending; in Nigeria and Kenya, it’s less than 20 percent………..Given the… Read More Ease of doing business in Nigeria – 31 Reforms completed in 60 Days
About two weeks ago, I started a series on economic diversification for us to understand the factors responsible for Nigeria’s economic structure. Today, we would be looking at one of the major problems facing resource dependent economies like Nigeria and which also undermines efforts at economic diversification – the natural resource curse. Oil was discovered in Nigeria… Read More Economic diversification in Nigeria (part 2): Understanding the natural resource curse
Last week, Nigeria successfully completed a $1 billion Eurobond sale on the international market. In fact the bond sale was oversubscribed to the tune of $ 7.8 billion at an interest rate of 7.88%. However, we can only access the $1 billion originally requested for, as this is the amount approved by the National Assembly.… Read More Understanding Nigeria’s $1 billion Eurobond sale: Opportunities and risks
‘The state of Africa’ provides an overview of the development trajectory of modern African countries from the pre-independence period till about the early 2000s. Martin Meredith’s main argument is that the predatory leadership of many African countries over the years has remained a consistent theme from the post-independence period till present and has impeded any… Read More Book review: The state of Africa by Martin Meredith.