Are Nigeria’s pension funds ready to step up to the plate and help finance the country’s development? Policy makers hope they will grow out of their conservative approach of buying government paper and take advantage of recent changes designed to encourage them into new alternative asset classes, including private equity and infrastructure funds.
“Our pension funds are young,” says Olusegun Aganga, trade and industry minister. “We’ve not had them for a very long time so it is natural that there is a conservative way of looking at things.” But having built up a capital base of around $20bn (from $2bn in 2004), they are ready to do more, the minister hopes. Continue reading »
With painful irony, oil-rich Nigeria is unable to supply its own population with electricity. The country ranked 178th of 185 economies on access to electricity for new businesses in the World Bank’s latest “Doing Business” publication.
Infrastructure is, not surprisingly, a key to the country’s future development, as an FT Special Report sets out. Continue reading »
There is little question that Nigeria needs to produce more electricity. Now one state government is trying to take control of its energy crisis with the help of a California-based company.
Califco Group, a private company focused on land and infrastructure development, has joined a public private partnership with Ebonyi state in southeastern Nigeria to construct a 600-megawatt gas fired turbine power plant. Also on tap: a 1.5m tonne cement factory and a 50-megawatt diesel fired plant. Continue reading »