As the single most populous nation in Africa, Nigeria recently overtook South Africa as the largest economy on the continent. Natural resources, oil and gas in particular, comprise the countryas single largest revenue-earner but the 170m person economy also has seen significant activity in recent years into the industrial, financial, telecoms and a as of 2013 a power sectors. Hydrocarbons reserves have traditionally attracted the vast majority of domestic and foreign investment in Nigeria. Oil production capacity has remained at roughly 2.5m barrels per day (bpd) since the start of 2000, although output fell to 2.2m bpd on average in 2012. Still, the country has long operated below its true potential and government efforts in recent years have sought to increase local value addition, by boosting refining capacity and minimising theft and bunkering. The countryas banking sector has been through a significant shake-up as well, resulting in a far healthier and more robust financial industry, while reforms in the telecoms and agricultural sectors have strengthened medium-term prospects.107 finance companies and 104 mortgage lenders, the 2012 EFInA financial access survey found only 37.8m adults formally ... penetration of roughly 30%, like Nigeria, as at a transition point where domestic banks control the marketa from the $6000 per-capita mark ... guidelines on the use of point-of-sale (POS) terminals.
|Title||:||The Report: Nigeria 2013|
|Author||:||Oxford Business Group|
|Publisher||:||Oxford Business Group - 2013-12-04|