Economy
Investors Eye Nigeria’s Multi-Billion Dollar Retail Market
By Modupe Gbadeyanka
The convergence of AI, tech, and data on Nigeria’s multi-billion dollar plus retail market will be a strategic focus to local and international developers, investors and retailers at the 4th annual West Africa Property Investment Summit taking place on November 15 and 16, 2018 in Lagos.
Considered one of the world’s most significant and accessible investment opportunities, the opportunity in the country has long whet the appetites of the world’s capital movers; however, for many, the opportunity has been missed or misjudged to a lack of relevant, actionable and useful data.
One of the emerging thought leaders in the field is Ali Djire, the country head of Fraym, who believes that embracing a data-driven approach to retail will prevent further Nakumatt styled retail implosions. In a market under pressure with retailers struggling with underperforming new locations due to steep competition and a lack of critical consumer mix, access to data is increasingly transforming the fortunes of companies in the sector.
Says Djire, “The need for a data-driven approach is becoming an imperative for retailers to not only inform what products to carry on the shelf, but also to get unprecedented insights into where to locate their stores, how to price based on ability to pay, and how to respond to competition.”
According to Djire, retail currently accounts for 16% of the Nigerian GDP and is viewed by many as a new frontier of growth for local and international investors.
A view which is shared by Jan Van Zyl, head of property development for leading pan-Africa real estate development fund, Novare Equity Partners.
“Nigeria is the largest economy in Africa. Therefore, you cannot brand yourself as a Sub-Saharan Fund and not have a presence in Nigeria.” Adding that the fund is also looking at options in Ghana and Cote D’Ivoire.
While the scale of the opportunity in Nigeria has attracted many entrants over the past decade, experienced investors and developers understand that the formal retail market is limited and dynamic that can grow exponentially.
As Van Zyl explains, “We believe that we are at the right place, at the right time, and we have invested in four shopping centres in Nigeria since 2010 with a book value in excess of $300 million.”
As one of Africa’s bullish international funds in real estate on the continent, the pan-Africa fund is in the country for the long-term. However, while the recovery over the last 12 months has been slow, Van Zyl argues that this is not a Nigerian, but an emerging market phenomenon.
“Combined with elections in February 2019, we find that many potential new entrants are waiting on the sidelines until the uncertainty surrounding an election period has settled. It is important to note that, such a cycle is not Nigeria specific, but is experienced in most emerging markets throughout Africa and other continents.” However, he does note that there has been a trend of decreasing the size of future shopping centre developments in the current market, which is one way in which the market has recalibrated to cope with market relating to the recession.
For Kfir Rusin, the Managing Director of the WAPI Summit, the advent of data and new technologies are critical to quickening the somewhat slow pace of recovery in the retail sector post-recession.
“As a pioneer in their field, Fraym’s use of Geospatial data, AI and Machine Learning technologies can provide actionable intelligence on communities down to 1 square kilometre across the country. This unique and relevant data has the potential to be transformative catalyst of growth for the retail sector.”
With such useful smart data increasingly, many large market layers are actively recalibrating their approach. As Djire reveals, “We are actively working with global investment players, development organisations, as well as local companies, to get actionable market insights. Through our data, we are seeing early signs of companies leveraging Fraym’s geospatial data platform to streamline their operations and retail strategy. We see a growing need for actionable data for companies to be able to make effective decisions.”
As Rusin says, “This year’s West Africa Property Investments (WAPI) Summit will provide a platform for the traditional retail sector to network and realise the real-world benefits of how relevant data and tech is essential to growing the formal retail sector.”
For Djire, WAPI is a platform for engagement. As he says, “WAPI is the platform where the message of a data approach in retail could gain grounds. There is a unique opportunity to engage directly with decision-makers, demystify the concept of [geospatial] data, walk them through the idea of a data approach and how it could affect their business and bottom line. More importantly, it’s an opportunity to hear from them about the ways they think about the market, their business, and their consumers, to ensure that we’re all on the same wavelength.”
By Adedapo Adesanya
The Presidential Enabling Business Environment Council (PEBEC) has directed Ministries, Departments, and Agencies (MDAs) to suspend the introduction of new policies and regulatory changes to prevent disruptions to businesses.
The directive was issued in a statement by PEBEC director-general, Mrs Zahrah Mustapha-Audu, on Monday in Abuja, noting that the move is part of the Federal Government’s broader effort to improve regulatory quality, ensure policy consistency, and strengthen Nigeria’s ease of doing business environment.
The council emphasised that the suspension will remain in place until all MDAs fully comply with the Regulatory Impact Analysis (RIA) Framework, which governs evidence-based policymaking across government institutions.
The council said the directive is aimed at ensuring that all government policies are backed by verifiable data and do not negatively impact businesses or investors.
“It is imperative to emphasise that no new reform or policy will be permitted to proceed without being grounded in clear, verifiable evidence,” said Mrs Mustapha-Audu.
“The framework provides the structured mechanism through which such evidence-based decisions can be rigorously developed, assessed, and validated.
“This directive is necessary to prevent policy shocks that may adversely affect businesses, investors, and citizens, as well as to eliminate policy inconsistencies and frequent reversals.”
She added that the government remains committed to working collaboratively with regulators and does not intend to embarrass any institution.
The Regulatory Impact Analysis (RIA) Framework, introduced in January 2025, is designed to improve transparency and ensure that policies undergo proper evaluation before implementation.
All MDAs are required to align new policies and amendments with the RIA framework before approval and rollout.
The framework has been circulated by the Office of the Secretary to the Government of the Federation (SGF) and is available on the PEBEC website.
MDAs are encouraged to seek technical support from the PEBEC Secretariat to ensure proper implementation.
Exceptions to the directive will only be granted in cases of urgent national interest, subject to appropriate approvals.
PEBEC noted that the framework will help institutionalise evidence-based policymaking, enhance transparency, and improve stakeholder confidence in government decisions.
By Aduragbemi Omiyale
Subscription for the Federal Government of Nigeria (FGN) savings bonds for April 2026 has opened, a circular from the Debt Management Office (DMO) on Tuesday, April 7, 2026, confirmed.
The debt office is selling the retail debt instrument for this month in two tenors of two years and three years.
Offer for the savings bonds opened today and will close on Friday, April 10, 2026, a part of the disclosure stated.
The 2-year FGN savings bond due April 15, 2028, is being sold at a coupon rate of 13.082 per cent per annum, while the 3-year FGN savings bond due April 15, 2029, is being sold at a coupon rate of 14.082 per cent per annum.
The interests are paid every quarter, and the bullet repayment to subscribers on the maturity date.
The bonds are sold at N1,000 per unit, subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.
Interested investors are required to reach out to the stockbroking firms appointed as distribution agents by the DMO via the agency’s website.
An FGN savings bond qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities within the meaning of the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA) for tax exemption for pension funds, amongst other investors, meaning it is tax-free.
It can be used as a liquid asset for liquidity ratio calculation for banks, and is listed on the Nigerian Exchange (NGX) Limited to allow for easy exit (liquidation) before maturity by selling at the secondary market.
By Adedapo Adesanya
Oil prices climbed on Monday’s short trade as the United States and Iran threatened more attacks, as the two countries are engaging in indirect talks that could lead to the de-escalation of hostilities.
Brent crude futures settled at $109.77 a barrel after chalking up 74 cents or 0.68 per cent, while the US West Texas Intermediate (WTI) crude futures traded at $112.40 after growing by 87 cents or 0.78 per cent.
The US and Iran received a framework from Pakistan to end hostilities, but this was rejected by Iran, especially the idea of immediately reopening the strait after President Donald Trump threatened to rain “hell” on the nation if it did not make a deal by the end of Tuesday.
Iran said it had formulated its positions and demands in response to recent ceasefire proposals conveyed via intermediaries.
The US is eyeing an agreement to open the crucial Strait of Hormuz, the shipping artery used by one-fifth of the world’s oil and gas supply, but the strait, which carries oil and petroleum products from Iraq, Saudi Arabia, Qatar, Kuwait and the United Arab Emirates, remains largely closed due to Iranian attacks on shipping after the U.S.-Israel attacks began on February 28.
Some vessels, however, including an Omani-operated tanker, a French-owned container ship and a Japanese-owned gas carrier, have passed through the strait since Thursday.
Meanwhile, major oil consumers, particularly in Asia, are conserving barrels or cutting consumption in response to the closure of the strait.
The Middle East supply disruptions have led refiners to seek alternative sources for crude, particularly for physical cargoes in the US and Britain’s North Sea.
Indian refiners have also postponed maintenance shutdowns of their units to meet local fuel demand.
On Sunday, the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to a modest rise of 206,000 barrels per day for May. However, this will only appear on paper as the disruption is limiting the ability of the top producers to add the needed output.
OPEC’s combined oil output losses for March were estimated at 7.2 million barrels daily. The biggest production cuts were made by Kuwait, Iraq, the United Arab Emirates, and Saudi Arabia, for a total OPEC output of 21.57 million barrels daily for March. This is the lowest OPEC production rate since June 2020.
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