KANO, Nigeria (Reuters) – Standing on the dancefloor among shards of glass and splintered wood, Tony Baisie rues the day he agreed to help set up a nightclub in one of West Africa’s oldest Islamic cities.
For more than 15 years this converted office on an industrial back street in Kano, northern Nigeria, was a thriving business. Customers — Christian and Muslim — would dance among its mirrored walls or shoot pool in the courtyard outside.
From Islamic police enforcing a ban on beer and prostitution to its centuries-old market and mosques, Nigeria’s northern city of Kano feels like a different country to the pulsating southern sprawl of Lagos. Its low-rise buildings and dusty tree-lined streets have more in common with the sleepy Sahelian cities of Niger or Chad than with Nigeria’s commercial hub, a city built on hustle and home to some of Africa’s largest companies and richest tycoons.
KANO, Nigeria, March 16 (Reuters) – Thousands of ruling
party supporters flocked to a dusty polo ground in Nigeria’s
northern city of Kano on Wednesday for the penultimate leg of
President Goodluck Jonathan’s election campaign tour.
Securing support in this ancient Islamic city, Nigeria’s
second most populous after the southern commercial hub of Lagos,
will be key if Jonathan, who is from the southern Niger Delta,
is to clinch victory in the first round of the April polls.
KANO, Nigeria, March 16 (Reuters) – From Islamic police
enforcing a ban on beer and prostitution to its centuries-old
market and mosques, Nigeria’s northern city of Kano feels like a
different country to the pulsating southern sprawl of Lagos.
Its low-rise buildings and dusty tree-lined streets have
more in common with the sleepy Sahelian cities of Niger or Chad
than with Nigeria’s commercial hub, a city built on hustle and
home to some of Africa’s largest companies and richest tycoons.
LAGOS, March 10 (Reuters) – Nigeria’s parliament is
considering a bill to create a sovereign wealth fund aimed at
better managing the OPEC member’s windfall oil savings, billions
of dollars of which have been frittered away in recent years.
Following are some questions and answers about the plans:
WHEN WILL THE FUND BE ESTABLISHED?
Parliament held a public hearing on the bill this week,
including submissions from the central bank and senators on
suggested improvements, such as greater clarity on eligible
asset classes in which the fund can invest.
LAGOS (Reuters) – Greater domestic investment in Nigeria’s stock market would boost its stability and insulate it from bouts of capital flight by foreign investors, the chief executive of Fidelity Bank (FIDELIT.LG: Quote, Profile, Research, Stock Buzz) said.
Prices on Africa’s third biggest equities market rose 12 percent in the first two weeks of January but nervousness about the political upheaval in north Africa and caution over Nigeria’s April election have since all but erased those gains.
LAGOS (Reuters) – Nigeria wants to establish itself as the African hub for Islamic banking and is working on a regulatory framework to try to emulate the success of the industry in Malaysia, Central Bank Governor Lamido Sanusi said.
Nigeria is home to the largest Muslim population in sub-Saharan Africa, with around half of its 150 million people members of the Islamic faith. It is also home to one of Africa’s fastest growing consumer and corporate banking sectors.
LAGOS (Reuters) – Nigeria’s central bank will keep tightening monetary policy in a “steady and stable” manner as government spending and the resolution of a banking crisis add to inflationary risks, Governor Lamido Sanusi said Monday.
Nigeria’s monetary policy committee raised its benchmark interest rate by 25 basis points to 6.5 percent at its last meeting in January and took aggressive measures to tighten liquidity as it seeks to get inflation down to single digits.
LAGOS (Reuters) – Nigeria’s banking sector could see 20-25 percent loan growth over the next three to five years as demand for both consumer and infrastructure finance increases, the chief executive of Stanbic IBTC (IBTC.LG: Quote, Profile, Research, Stock Buzz) said.
Chris Newson, head of the Nigerian unit of South Africa’s Standard Bank (SBKJ.J: Quote, Profile, Research, Stock Buzz), said growth would be driven by Nigeria’s significant infrastructure finance needs as well as the emergence of small businesses and a growing middle class.
LAGOS (Reuters) – Africa offers plenty of scope for private equity investments, with at least another decade of strong growth expected from consumer goods, broadband internet and financial services, the co-head of one of the continent’s top private equity groups said.
Africa has already produced years of explosive growth in cell phones and banking, but new sectors such as TV over internet, insurance and real estate are set to form part of the next wave, according to Washington-based Emerging Capital Partners (ECP).