Tag Archives: Nigeria

Governance Challenges and Budget-making in Nigeria

by Steven Langdon

When I was working with the World Bank in Nigeria,  Ngozi Okonjo Iweala was one of the most impressive people with whom I dealt.  On leave from the World Bank, she was trying to shape more disciplined budgets for the country,  so that Nigeria could better develop a more inclusive economy built on its massive oil resources.

It was a difficult task, she told me.  But at that point (before she became the country’s Finance Minister) she was hopeful.

Now, after years in that job,  Ngozi has written a book revealing just how challenging her task was.  Quartz Africa’s Fewi Fawehinmi outlines what Ngozi has written,  and draws out the main difficulties she faced in the structure of Nigerian budget-making.  Not only did legislators change rapidly in Parliament (leaving few with budget experience,) but the budget depended on assumptions about the world prices at which Nigeria could sell its oil,  and these shifted continually while the budget was being considered.  Add to that external pressures (Ngozi’s mother was kidnapped to try to get the Minister to change her approach to fuel subsidies in 2012.)

“Nigeria, says Fawehinmi, “remains very dysfunctional in the way it carries out the normal business of government.”  Ngozi’s book may help in at least a small way to change that.

[For more, see the following link:  https://qz.com/1290954/fighting-nigerian-corruption-might-be-dangerous-but-preparing-a-nigerian-budget-is-hell/  ]

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LAGOS IS SET TO OVERTAKE NAIROBI AS AFRICA’S STARTUP CAPITAL


Original Article: Quartz: Lagos and Nairobi

By Yomi Kazeem, November 27, 2017

As Africa’s tech startups and their founders go about creating disrupting industries or, in some cases, building new ones, they’ve typically tended to mushroom across three major ecosystems: Nairobi, Cape Town and Lagos.

But over the past year, Lagos’ claim as the continent’s startup epicenter has gained currency. For starters, it’s the continent’s most valuable ecosystem with its startups typically raising far more in early-stage funding. It’s also home to e-commerce heavyweights such as Jumia and Konga and has birthed some of the continent’s best known startups including Andela, iROKO and Flutterwave which have all attracted major global investor interest. Hence, it’s not surprising the world’s biggest tech companies have been paying some attention and, now, they’re backing that up with action.

Lagos, being Africa’s largest city and the commercial center of Africa’s largest economy, has seen its ecosystem grow rapidly time largely thanks to work that’s been done to build the its “Yabacon Valley.” That work is paying off: last year, Nigeria attracted more investment than any other startup ecosystem in Africa.

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Lagos

Nairobi

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