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Report | The Report: Nigeria 2017

With Africa’s largest economy and its biggest population, Nigeria is the continent’s heavyweight. The country has been blessed with resource-rich lands, areas of great agricultural fertility and favourable demographics, but it has also had its fair share of challenges.

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Chapter | Tax from The Report: Nigeria 2017

In conjunction with Deloitte Nigeria, this chapter explores the taxation system, examining Nigeria’s investor-friendly environment. It also contains a viewpoint with Yomi Olugbenro, Partner and Head of Tax, Deloitte Nigeria.

Chapter | Legal Framework from The Report: Nigeria 2017

This chapter introduces the reader to the different aspects of the legal system in Nigeria, in partnership with Stillwaters Law Firm. It also contains a viewpoint with Afamefuna Nwokedi, Principal Counsel and Group Head, Stillwaters Law Firm.

Chapter | Health & Education from The Report: Nigeria 2017

In February 2017 the Nigerian government approved the second National Strategic Health Development Plan. The policy “lays emphasis on primary health care… in addition to the provision of financial risk protection to all Nigerians”. It also aims to fast-track the operationalisation of the 2014 National Health Bill, which overhauled the organisation and funding of the health care system and allowed private sector participation to expand. At a time when the government’s budget is shrinking, the private sector has emerged as a crucial player in the country’s bid to improve efficiency as well as access to health care services. With 43% of its 189m citizens under the age of 15, Nigeria is a young country on the cusp of a major demographic shift. Significant reforms are required to the education system if the nation’s youth are to find a place in the workforce. As the population continues to grow, pressure on public services, including education, will increase. Without further reform, the public school system is likely to come under severe stress. The administration is aware of the challenges and has implemented policies to improve both primary education and university-level instruction. As such, there are significant opportunities for further investment and development from the primary to the tertiary segment. This chapter contains an interview with Mark Wagstaff, Country Manager West Africa, Pfizer.

Chapter | Media & Entertainment from The Report: Nigeria 2017

Nigeria’s first news outlet was established in 1859, and the country’s media sector has since grown into a prosperous industry that comprises newspapers, radio broadcasters and television stations, and caters to an audience of over 189m in a variety of languages. As is the case for many media industries around the world, the shift to digital has resulted in changes in Nigeria. Some alterations have been simple to navigate, while others, such as the rise in online content, have proven more difficult. With a young population and a high rate of connectivity in regional terms, Nigeria is well placed to embrace the new media revolution. This chapter contains an interview with Jason Njoku, CEO, Iroko.

Chapter | Retail from The Report: Nigeria 2017

Given Nigeria’s demographics, the country’s retail sector holds significant potential. However, in line with many other African economies, formal retailing remains nascent and accounts for just 5% of all shopping. With 189m consumers in the country, there is ample room for growth, but navigating domestic hurdles has proven difficult. Currency depreciation and rising inflation, combined with a recession in 2016 and an increase in parallel market activity, have made the future of the retail industry difficult to predict. Nigeria’s recent economic troubles have had an impact on the immediate prospects for retailers, but these challenges do not weaken the long-term potential of the sector thanks to the country’s tantalising demographics. While projections may be difficult given the inherent challenges of measuring the informal sector and predicting currency movements, the opportunity for significant growth remains clear.

Chapter | Construction & Real Estate from The Report: Nigeria 2017

Following a difficult 2016 the Nigerian construction sector showed signs of stronger growth in the first half of 2017. The uptick in activity comes on the back of a low base, however, as the country’s first recession in 25 years affected private investment in real estate building and oil companies had to scale back investment plans due to lower global oil prices. The stabilisation of the naira, the utilisation of new contract structures and an increase in local suppliers are now helping to provide fertile ground for activity. While public sector tenders remain limited compared to the booming years of the 2000s, the increase of private development in the residential and commercial building segments offers promise. Nigeria’s real estate sector has traditionally been defined by an abundance of demand and relatively limited supply, whether in residential, commercial or retail space. Since 2015, however, the situation has changed for some segments. In the office market, for example, supply is beginning to catch up or even outstrip demand. The real estate sector continues to account for around 7% of GDP, but the return on investment for developers is far less than it was five years ago, as Nigeria’s first recession in 25 years hit in 2015. The government’s efforts to boost middle-income home ownership should bear fruit in the longer term. This chapter contains an interview with Igbuan Okaisabor, CEO, Construction Kaiser.