I took time to review the economic achevements, most were "approved", or "launched" or "signed"
However a few are worth highlighing for the positive impact on jobs, GDP and productivity.
a trend
1. The Nigerian Sovereign Investment Authority (NSIA) has seen total additional inflows of around US$2 billion, since the original US$1 billion which the Fund kicked off with in 2012.
Excellent. these funds went to the Morocco fertalizer deal. CAPEX and Savings, local jobs
2. 156km Lagos-Ibadan Standard Gauge Rail nearing completion. 327km Itakpe-Warri Standard Gauge Rail completed and commissioned.
Excellent, aids productivity, extends roads life, opens up commerce.
3. Executive Order 7 mobilizing private investment into the development of key roads and bridges like Bodo-Bonny in Rivers and Apapa-Oshodi-Oworonshoki-Ojota in Lagos.
The best. I have long argured that the private sector can build infrastructure with zero debt to FGN & States
4. More than 360 billion Naira worth of Sukuk Bonds raised since 2017 for dozens of critical road projects across all six geopolitical zones.
This was impactful in deepening the capital market, the projects were also spread EQUALLY across all Zones
5. Taking clean and reliable energy (Solar and Gas) to Federal Universities and Teaching Hospitals across the country. Four Universities completed and commissioned already: BUK (Kano), FUNAI (Ebonyi), ATBU (Bauchi) and FUPRE (Delta); others ongoing.
Excellent.
6. Taking clean and reliable energy (Solar and Gas) to markets across the country. Completed projects include Sabon-Gari Market in Kano, Ariaria Market in Aba, and Sura Shopping Complex in Lagos.
Again, productivity and Commerce
7. Removal of VAT from the domestic pricing of LPG
Good for consumers, a "dividend" of crude oil and gas ownership
8. Commissioning of the new NPDC Integrated Gas Handling Facility in Edo State, the largest onshore LPG plant in the country, with a processing capacity of 100m standard cubic feet of gas daily, producing 330 tonnes of LPG, 345 tonnes of propane daily.
reduced flaring, commerce
9. First phase of the Waltersmith Modular Refinery commissioned, in Imo State.
Modular refinariey is the answer to NNPC inability to refine crude, jobs, commerce and revenues
10. The Anchor Borrowers Programme (ABP) of the CBN, has made more than N300b Naira to more than 3.1 million smallholder farmers of 21 different commodities (including Rice, Wheat, Maize, Cotton, Cassava, Poultry, Soy Beans, Groundnut, Fish.
11. Presidential Fertilizer Initiative: a government-to-government partnership between the Nigerian and Moroccan Governments, the PFI produced ~12m 50kg bags of NPK 20:10:10 equivalent in 2020, bringing total production to over 30M 50kg bags equivalent;
This is excellent
12. – Establishment of the Creative Industry Financing Initiative (CIFI), by the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee, to provide single-digit financing to young Nigerians in the fields of Fashion, Film, Music and Information Technology.
13. The Nigerian Investment Promotion Council (NIPC) revision of the list of activities to benefit from Nigeria’s Pioneer Status Incentive, which grants beneficiary companies a 3 to 5-year tax holiday. now includes E-commerce, Software Development, Animation, Music, Film and TV
14. Federal Competition and Consumer Protection Commission (FCCPC) Bill, the first legislation in Nigeria’s history focused on curbing anti-competition practices; establishing the Federal Competition and Consumer Protection Commission
15. Repeal and Re-Enactment of the Companies & Allied Matters Act (CAMA), 2020 – the first comprehensive reform since 1990.Banks and Other Financial Institutions Act (BOFIA) 2020. Finance Act 2019 and 2020.
updates important bills
I restricted myself to ecomomic themed issues. For me the Executive Order on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (2019) and the Morocco Fertilizer deal are the best so far.
At this stage, we cant rate "signed", only results
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For tech startups, equity funding makes sense because R&D is highly intangible & tends to be specific to the firm in which it is being used, it has limited liquidation value. The use of debt tends to decrease with asset intangibility. Tom Nicholas, Harvard
Angel investors provide hands-on equity finance. They provide entrepreneurs with funding, mentorship, & access to their business contacts. They often have industry expertise & can help young companies raise additional funding.
Jason Calacanis summarized the four inputs of angels as “money, time, network, expertise.”
There are 334,680 active angel investors in the US, according to the Center for Venture Research. A typical angel puts about 10 percent of his or her wealth into angel investment.
Nigeria technically has no exports apart from oil. This data map is 2019, and Cocoa is a "rounding error".
Keep in mind, Exports are NOT the only way to get forex, but so far, on exports, the nation has failed.
Data Source: Harvard KSG
It gets worse.
"Nigeria's largest goods exports are in low and moderate complexity products"
translation? anyone can export crude oil, the wealth is in adding value to the crude oil or cocoa exports
"Diversifying the economy" is all talk
The Nigeria economy is diversified, Oil is less than 15% of GDP. Problem is Nigeria has only one export source of Forex. Remove remittances, the Nigeria Naira will collapse.
The data shows Nigeria has put all its eggs in the oil basket