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Nigeria belongs to the west African region of Africa. Nigeria’s large population makes up about 60% of the population of west Africa. Nigeria is by far the biggest economy in West Africa and the region’s largest market for goods and trade. It is the single largest financial contributor to the region’s economic community. Nigeria should be more than the regions hub; it is the regions commercial and trade destination. Lagos the commercial capital of Nigeria is the main financial centre of West Africa, and about one out of two West Africans is from Nigeria. As the largest military power in the region, Nigeria played a central role in the ECOWAS efforts to end the civil wars in Liberia and Sierra Leone. ECOWAS headquarters are based in Abuja.

A large part of West African economic activity is concentrated in Nigeria. Cross-border activities closely link southern Niger to the Hausa economy, Benin, and Togo benefit from the major economic activity between Lagos and Ibadan. Cameroon and Chad’s economies are also strongly oriented towards the Nigerian market. Nigeria has an important economic influence on the entire region, including the franc zone where it has increasingly been making investments (particularly in the banking sector). The stock exchange in Lagos is the only large-scale financial trading centre in the region. Nigeria is also the largest cereal and meat producer in West Africa. Agriculture accounts for almost one third of GDP.

Dr. Ernesto Bonafé

Conseiller pour la CEDEAO au secrétariat du Traité sur la Charte de l’énergie

Dr. Ernesto Bonafé est conseiller auprès de la CEDEAO au secrétariat du traité sur la Charte de l’énergie, un accord juridique multilatéral sur le commerce et les investissements transfrontaliers, qui a également inspiré le protocole sur l’énergie de la CEDEAO. Auparavant, il était chef de l’unité « Expansion », chargé de promouvoir le traité sur […]

Dr. Ernesto Bonafé est conseiller auprès de la CEDEAO au secrétariat du traité sur la Charte de l’énergie, un accord juridique multilatéral sur le commerce et les investissements transfrontaliers, qui a également inspiré le protocole sur l’énergie de la CEDEAO. Auparavant, il était chef de l’unité « Expansion », chargé de promouvoir le traité sur la Charte de l’énergie en Afrique, en Amérique latine et en Asie. Il discute avec les décideurs et les parties prenantes sur la manière de développer et de mettre en œuvre des cadres d’investissement stables, transparents et attractifs dans le secteur de l’énergie. Dr Bonafé est juriste de formation et titulaire d’un doctorat en politique énergétique et droit de l’Union européenne. Ses domaines d’intérêt et son travail sont les dimensions juridiques et institutionnelles de la réforme du marché de l’énergie, aux niveaux national, régional et international. Il a travaillé comme chercheur et coordinateur de la formation en énergie à l’École de Régulation de Florence et a acquis une expérience professionnelle dans plusieurs cabinets d’avocats et à la Cour de justice de l’Union européenne.

Nigeria is Africa’s largest economy, with a nominal GDP of 444.916 billion US dollars, making it rank number 1 in Africa. Nigeria is also the most populous nation in Africa with a population of more than 200 million, the National Bureau of Statistics, reveal that 800 million transactions valued at $112 Billion were recorded on electronic payment channels in Q3 2019 alone. Almost half (and rapidly growing) of the Nigerian population have internet connectivity, supported by high mobile penetration, and as Africa’s largest economy, Nigeria is one of the most prosperous consumer markets in Africa.

The World Bank’s publication, ease of Doing Business 2020, ranks Nigeria in the top 73 nations globally on enforcement of contracts. the law in Nigeria forbids nationalization of a business or assets local or foreign. Nigeria is a member of the International Centre for Settlement of Investment Disputes and the New York Convention of 1958 on the Recognition and Enforcement of Foreign Arbitral Awards (also called the “New York Convention”).

Investors can repatriate 100% of profits and dividends, and that 100% ownership of companies is allowed in all sectors apart from oil & gas. The government has installed investment incentives to stimulate private sector investment from within and outside the country. Pioneer status incentives can be applied for and received which means the business is exempted from corporate income tax for a specific period. Foreign investors receive largely the same treatment as domestic investors in Nigeria, including tax incentives. Nigeria has bilateral investment agreements with Algeria, Austria, Bulgaria, Canada, China, Egypt, Ethiopia, France, Finland, Germany, Italy, Jamaica, the Republic of Korea, Kuwait, Morocco, the Netherlands, Romania, Russia, Serbia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Turkey, Uganda, and the United Kingdom.

Nigeria’s legal, accounting, and regulatory systems comply with international norms and foreign companies operate successfully in any of Nigeria’s service sectors, including telecommunications, accounting, insurance, banking, and advertising.

Nigeria is West Africa’s unrivalled economic powerhouse. With a population of over 190 million people and a gross domestic product of over US$380bn,

The effects of the oil crisis highlighted Nigeria’s exposure and vulnerability of the broader economy to external shocks. Feeling the pinch from the oil price shock, Nigeria’s government, which collects about three-quarters of its revenues from oil, acknowledged the need to reduce the economy’s oil dependency, set up a number of initiatives aimed at diversifying the economy.

The Government implemented Policies/intervention aiming at inclusive economic growth and socio-economic development for the people of the Republic of Nigeria.

Industrialisation, manufacturing/producing goods for local consumption and export and boosting-fostering agriculture to meet local and export demands. Reinvigorating its power sector generation and distribution to meet Nigeria’s the medium and long term power needs, owing to an increase in industrialization- manufacturing and providing the enabling and best environment for businesses both foreign and local to participate and profit from Nigeria’s business opportunities as it diversifies from crude oil exports as its main source of revenue.

Several measures and interventions have been taken simultaneously all strategically designed to reinvigorate, stimulate, and sustain growth in every other sector of the economy save oil and gas.  In this regard, intervention initiatives encompass real sector programmes, particularly, agriculture, small and medium enterprises, infrastructure, and youth empowerment. Expanding and intensifying Nigeria’s industrial and agricultural manufacturing / production includes the creation of special industrial free trade/ economic zones in Nigeria. In this vision and mission Nigeria is implementing over 3 trillion naira ($8.3 billion) of work and projects toward eliminating its infrastructure deficit, leading to Nigeria’s largest capital spending with the construction of power stations, road, and rail projects, which is catalytic in connecting people, goods, and opportunities all in economic sectors.

These initiatives have impacted positively employment, food security, and power generation, transmission, and distribution.

There is now ample evidence of reductions in the country’s annual imports bill and increased non-oil exports. The agricultural interventions programme has supported more than 1.5 million farmers and across all the 36 States of Nigeria, diversification of commodities etc. and led to the creation of over 2.5 million jobs across the agricultural value chain.

From this diversification story, Nigeria is emerging as a financial services, technology, and electronic payments powerhouse, establishing itself as one of the hottest FinTech hubs.

Nigeria is also home to the most lucrative telecoms market in Africa, which is growing at twice the African average. The explosion of industries such as the mobile telecommunications market and the unparalleled success of foreign companies continues to demonstrate that in Nigeria potential can be turned into reality.

Goldman Sachs also identified Nigeria as one of its 11 countries, with a high potential of becoming, the world’s largest economies in the 21st century. For all the mentioned reasons and many more, Nigeria is certainly an attractive international investment destination.

Mrs Ayodeji Esther Ayegbajeje

Private Sector Development Specialist for the international Project Development Programme set up by the German Ministry of Economic Affairs and Energy (BMWi) and facilitated by GIZ

Ayodeji Esther Ayegbajeje is an engineer with over six years of experience working on projects in the renewables and environment industry. She has demonstrated success with working with several commercials and industrial clients in West Africa to achieve their energy sustainability goals. She has a master’s degree in Electrical Engineering (Power) from the University of […]

Ayodeji Esther Ayegbajeje is an engineer with over six years of experience working on projects in the renewables and environment industry. She has demonstrated success with working with several commercials and industrial clients in West Africa to achieve their energy sustainability goals. She has a master’s degree in Electrical Engineering (Power) from the University of Lagos, Nigeria and is certified as an expert in Climate and Renewable Energy Finance by the Frankfurt School of Finance and Management in Germany.
She currently works as a Private Sector Development Specialist for the international Project Development Programme set up by the German Ministry of Economic Affairs and Energy (BMWi) and facilitated by GIZ. As a country representative for Nigeria, she identifies, analyses and develops bankable projects that promote the German Solutions Export Initiative in Nigeria and currently manages a portfolio of over 10MW bankable projects in Nigeria.

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• Day 1 – 29 Sep 2021
• Day 2 – 30 Sep 2021
• Day 3 – 01 Oct 2021

Mr Bah F. M. Saho

Executive Director of The ECOWAS Centre for Renewable Energy and Energy Efficiency

Until his appointment with ECREEE in 2010, Mr. Saho served as the Director of Energy in the Gambia from December 2000. In the Gambia, he was responsible for the overall national energy policy planning, formulation and implementation of programmes and projects, including renewable energy and energy efficiency. Some of Mr. Saho’s accomplishments include development of […]

Until his appointment with ECREEE in 2010, Mr. Saho served as the Director of Energy in the Gambia from December 2000. In the Gambia, he was responsible for the overall national energy policy planning, formulation and implementation of programmes and projects, including renewable energy and energy efficiency. Some of Mr. Saho’s accomplishments include development of a National Energy Policy (NEP 2005) document, formulation and enactment of Electricity Act, drafting of petroleum legislation, establishment of a framework condition for funding for renewable energy legislation and elaboration of a Household Energy Strategy document.

In ECREEE, Mr. Saho served as a Program Officer for Renewable Energy from May 2010 to June 2016, when he was appointed Principal Program Officer – Renewable Energy. He oversees the ECOWAS Renewable Energy Program and specifically responsible for the Bioenergy Program. Tremendous improvements have been achieved in the development of this sector during his tenure as PPO – RE including the adoption of ECOWAS Renewable Energy and Bioenergy Policies to advance the uptake of sustainable energy technologies and services for improving energy access. He is the Lead Investigator (or Coordinator) of the BiocharPlus Project at ECREEE, and at the forefront of the establishment of the Africa Biochar Partnership. He currently serves as the interim Coordinator of the Africa Biochar Partnership.

From May 1, 2020 Mr. Saho has been appointed as the Acting Executive Director of ECREEE. He holds a master’s degree (M.Sc.) in Renewable Energy and the Environment.

Mr Hugo Le Picard

Researcher, Centre for Energy at the French Institute of International Relations

Researcher, Centre for Energy at the French Institute of International Relations

Researcher, Centre for Energy at the French Institute of International Relations