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28 the policy agenda prospects of leading to double-digit growth in GDP in the coming decade – we have had above seven per cent GDP growth since 2007 – and can lead to Nigeria becoming one of the top 20 economies in the world”. These are: • Privatisation of utilities/electrical power to improve generation to above 20,000MW by 2020; • Deregulation of the downstream oil industry; • Liberalisation of the upstream oil industry and increase of local content; • Focus on the gas industry to boost power and export; • Transformation of the agricultural value chain for six strategic crops to boost food production and reduce imports; • Policy to improve broadband access nationwide; and • Private-sector investments in public-private partnership mode to provide critical infrastructure. Overarching these changes is The Transformation Agenda; a set of priority policies and programmes proposed by President Jonathan that will run until 2015. The aim of the agenda is to address the lack of continuity, consistency and commitment to agreed government policies, which has resulted in the growth and development of the Nigerian economy without a concomitant improvement in the welfare of the country’s citizens, affected by unemployment, inequality and poverty. The agenda covers the macroeconomic framework and economic direction of the country, including an aim to ensure greater harmony between fiscal and monetary policy, and to pursue sound macroeconomic policies. It also tackles job Olusegun Aganga, Nigeria’s trade and investment minister, seeks to enhance the country’s intra-African trade invest in nigeRia 2012-13 creation, charging the government with pursuing policy measures to invigorate sectors of the economy and improve their employment-generating potential; for example, a youth employment safety-net support programme, which includes conditional cash transfer and vocational training. Other areas addressed by the agenda include: public expenditure management; governance; justice and the judiciary; foreign policy and economic diplomacy; legislature; education; the health sector; labour and productivity; infrastructure policies, programmes and projects; information and communications technology; power; the Niger Delta (whereby investment will be made to encourage peace and stability, and drive sustainable socio-economic development in the area in order to reduce poverty and unemployment, and improve security); and transport. “The Transformation Agenda is a serious attempt to provide critical human and physical infrastructure, to transform and modernise the Nigerian economy,” says Yusuf. “It is required to diversify income sources, reduce import dependency, transform the economy and improve the competitiveness of Nigeria.” Transforming growth into tangible change Samir Gadio, emerging markets strategist at Standard Bank in London, says the key challenge for Nigeria is structural transformation. “The main concern is the extent to which the economic growth rate has translated into tangible change on the ground,” he says. “In reality, poverty and inequality are still very high in the country, and there is also a big infrastructure gap – there is virtually no functioning electricity grid, for example, and many people have to use generators.” Another concern is the slow pace of government reform and opposition to the Sovereign Wealth Fund bill by some state governors, who fear they may lose revenue as a result. In January it was reported that the Nigerian government would produce a new draft of the law to overhaul its oil and gas industry, which had been with parliament since 2008. “Such uncertainty about legislation means international companies are reluctant to invest more money in the oil sector,” explains Gadio. He also says there is a mixed perception of Nigeria among investors from overseas. “International investors are looking at emerging markets and, in doing so, they are increasingly looking at Africa. On the one hand, Nigeria is recognised as one of the leading economies in Africa – it is too big to ignore. South Africa and Nigeria have liquid markets in a continent characterised by the illiquidity of its assets. Also, Nigeria has a large population, which provides a potentially
Nigeria: map and statistics Area: 923,768 sq km Land: 910,768 sq km Water: 13,000 sq km significant consumer story. At the same time, there is a perception that there is not a great deal of transparency in public policy, but this may be starting to change gradually.” Nigeria has been identified by Goldman Sachs Asset Management (GSAM) as a country that could achieve growth market status in the medium term. Jim O’Neill, chairman of GSAM, says growth market economies will be the driver of the world economy in the coming decade. These economies include Brazil, Russia, India and China, as well as what O’Neill calls the “Next 11” or “N11”, which are the next most-populous countries beyond these four. Nigeria is among the N11, being the policy agenda 29 Population: Around 170,123,740 (July 2012 est) Growth rate: 2.553% (2012 est) Source: CIA – The World Factbook, www.cia.gov a country that has 20 per cent of Africa’s population, and it could become a growth economy within the next 20-30 years. Nigeria’s potential is also cited by JPMorgan Chase, which is opening a branch in Nigeria. John Coulter, the bank’s chief executive for sub-Saharan Africa, has said that senior management identified significant growth opportunities in Nigeria over the next decade. Moreover, the bank’s clients are increasingly investing in the country and in Africa in general. ■ Heather McKenzie is a freelance editor and journalist in the financial services industry invest in nigeRia 2012-13
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Page 7 and 8: Trade Facilitation/Development Init
Page 9 and 10: Contents Forewords 16 21 The Policy
Page 11 and 12: 44 Promoting free and fair election
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Page 16 and 17: 16 FOREWORD Goodluck Ebele Jonathan
Page 18 and 19: Ahmadu Bello University, Zaria, Nig
Page 20 and 21: since 1989 Rotary kiln incinerators
Page 22 and 23: Pushing boundaries An emerging lead
Page 24 and 25: 24 the policy agenda Realising Nige
Page 26 and 27: Foreign policy and the investment e
Page 30 and 31: www.nosakgroup.com Corporate Offi c
Page 32 and 33: 32 the policy agenda Democracy and
Page 34 and 35: Sustainable business, social repons
Page 36 and 37: 36 the policy agenda There is no do
Page 38 and 39: 38 the policy agenda Working to ach
Page 40 and 41: 40 the policy agenda they had sexua
Page 42 and 43: 42 the policy agenda “The improve
Page 44 and 45: 44 the policy agenda Promoting free
Page 46 and 47: 46 the policy agenda The April 2011
Page 48 and 49: 48 the economy and finance Nigeria
Page 50 and 51: Murphy Shipping…………Bridging
Page 52 and 53: 52 the economy and finance has been
Page 54 and 55: Since 1994, Nigeria Inter-Bank Sett
Page 56 and 57: 56 the economy and finance Facts an
Page 58: 58 the economy and finance petroleu
Page 61 and 62: Driving growth through Mobile Money
Page 63 and 64: elevating the country to the upper
Page 65 and 66: Zenith Bank plc Zenith Bank was est
Page 67 and 68: the economy and finance 67 Public r
Page 69 and 70: Improving Nigeria’s electricity n
Page 71 and 72: supply of electricity, though, will
Page 73 and 74: oil, gas and minerals 73 Nigeria’
Page 75 and 76: aBc Human development consultants l
Page 77 and 78: oil, gas and minerals 77 The decisi
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Empowering Nigeria Seven Energy Int
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Reliable partner in NIGERIA JASCON
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Crude oil exports by destination, 2
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The leading indigenous suppliers of
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DrillPet International Limited (DIL
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Step on the gas The Nigerian Gas Ma
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The original GMP proposed a gas inf
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Find out more at www.oriental-er.co
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To encourage the participation of l
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NEITI: the Nigerian Extractive Indu
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Cakasa (Nigeria) Company Limited St
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The government has ambitious plans
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Potential for growth The Nigerian g
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Oil and the Niger Delta Nigeria’s
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Shell estimates it has an additiona
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High Voltage transmission sending s
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Despite being rich in natural resou
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HEAD OFFICE POWER GENERATION TRANSM
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former university academic addresse
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Although efforts to bring electrici
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www.ilf.com ILF - Engineering Excel
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of one gigawatt coal-fired power pl
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© 2012 Caterpillar All Rights Rese
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The National Economic Development P
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Vehicle imports General cargo Conta
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Engineering & Construction STEMCO,
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132 INDUSTRIAL INFRASTRUCTURE Suppo
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134 INDUSTRIAL INFRASTRUCTURE One o
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136 SOCIAL INFRASTRUCTURE Populatio
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138 SOCIAL INFRASTRUCTURE Tackling
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140 SOCIAL INFRASTRUCTURE the chanc
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142 SOCIAL INFRASTRUCTURE Healthcar
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144 SOCIAL INFRASTRUCTURE Obstetric
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146 agriculture and water Growing t
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Electrical, Mechanical, Civil, Wate
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150 agriculture and water sesame an
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Siat Group Investment Company in Tr
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154 agriculture and water The devel
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156 media, tourism aNd culture A ri
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158 media, tourism aNd culture The
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160 MEDIA, TOURISM AND CULTURE A ci
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162 MEDIA, TOURISM AND CULTURE Top
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164 DIRECTORY Government ministries
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166 DIRECTORY Tel: 236 0521, 236 05
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168 DIRECTORY United States of Amer
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170 Index of advertisers Aero .....
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ffordability - innovation eliabilit
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