News
Nigeria Inch into ‘Africa Country of Future’ Top 10

Despite a well articulated policy designed by former President Olusegun Obasanjo, to see Nigeria among the 20 leading global economies in 2020, the country continues to titer in development strides.
Although, variously described as one of the ‘fastest’ emerging economies in Africa and projected to surpass even the continent’s power house, South Africa in the next 24 months, poor infrastructure, insecurity and other economic potholes hinders real progress.
However, its battered image got a boost recently as fDi magazine recently named it in the 2013-2014 “African Country of the Future” list for the first time which has consistently seen South Africa, Morocco and Mauritius topping the list.
The list has South Africa crowned as the Country of the Future, with Morocco and Mauritius coming in second and third respectively.
Nigeria and Botswana are the two new entrants to the Future country list, which has South Africa, Morocco and Mauritius leading the pack. Egypt continues to do great in the index despite unrest in the past two years leading to the ousters of two presidents – Hosni Mubarak and Mohammed Morsi.
Elsewhere, Nigeria trails South Africa in the “Economic Potential category.”
Despite major issues such as corruption, security and infrastructure inadequacies blighting the country in recent years, Nigeria has seen its GDP almost treble since the turn of the century.
According to the Nigerian Investment Promotion Commission’s submission for fDi’s African Countries of the Future, the Nigerian government is keenly aware that major issues need to be tackled in order for the country to unlock its potential. To address this, it says the government has “implemented various improvement measures in order to reach its goal of being one of the world’s 20 largest economies by 2020.”
The report notes that following a slight decline in FDI in 2009/10, investments into Nigeria increased 41 per cent in 2011 and a further 20per cent in 2012. The oil industry is a dominant feature of the Nigerian economy, though the communications sector is also a strong area of growth.
According to fDi Markets, FDI in the communications sector accounted for one-quarter of all investments in the Nigeria in 2012, and as penetration levels remain relatively low in this large and growing consumer market, this sector continues to offer huge opportunities to existing and new players alike.
South Africa is top of the Economic Potential table. The country’s GDP stands at more than $5.8bn and it is the largest economy in Africa. South Africa has attracted more R&D investments than other African country and accounts for the largest number of patents registered in the continent.
Exports from the country increased 24per cent in 2011 whereas imports increased 18% when compared to 2010 figures, and both were more than 13per cent higher than 2008 levels.
A new entrant into the top 10 for Economic Potential, Kenya ranked third thanks largely to its strong performance in FDI attraction. Kenya’s capital, Nairobi, was the fastest growing African city for FDI between 2009 and 2012 and was second only to Johannesburg as a destination for FDI in 2012.
Many initiatives are currently being developed to drive the Kenyan economy and in turn encourage investors into the country.
In its submission for fDi’s African Countries of the Future, KenInvest said: “The development of the national investment policy… is aimed at streamlining the investment promotion and facilitation process in Kenya to make it simpler. Full implementation of the… new constitution is on its own expected to increase the level of foreign participation in the country”.
A well-administered country by regional standards, Ghana ranks fourth in the Economic Potential category of fDi’s African Countries of the Future 2013/14.
In the past few years, Ghana has attracted its largest ever FDI project following the discovery of major offshore oil reserves in 2007.
In July 2009, South African company New Alpha Refinery announced plans to construct a new $6bn oil refinery in Accra in what will be the largest refinery in West Africa.
With production set to begin in 2015, the refinery should initially produce 200,000 barrels of oil per day with a view to eventually doubling capacity.
The top 10 countries include: South Africa, Morocco, Mauritius, Egypt, Kenya, Ghana, Nigeria, Botswana, Tunisia and Namibia.
News
UK Appoints Peter Vowles as British High Commissioner to Nigeria

The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.

Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.
Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.
He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.
Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.
Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”
News
Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

World Bank has ranked the Apapa and Tin Can Island Port complexes in Lagos among the world’s 20 most improved ports in its 2025 Container Port Performance Index (CPPI), released in June 2026.

The ranking places both ports in the “Top 20 Port Improvement Since 2020” category, reflecting significant gains in operational efficiency and vessel turnaround time.
The CPPI is a global benchmark used to assess the efficiency of container ports based on factors such as cargo handling speed, ship turnaround time and overall logistics performance.
According to the report, the improvement highlights ongoing reforms and modernization efforts within Nigeria’s maritime sector.
The Managing Director of the Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, attributed the recognition to ongoing policy reforms and infrastructure upgrades in the sector.
He said the development reflects the impact of economic policies of President Bola Tinubu and the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.
“With the investor-friendly policies of President Bola Ahmed Tinubu providing the impetus for increased investment to drive our port infrastructure and equipment modernisation programme, coupled with the unflinching support of the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, we have all it takes to further enhance trade facilitation, improve competitiveness and boost the national economy,” he said.
The NPA said the recognition is expected to strengthen investor confidence in Nigeria’s maritime sector and enhance the country’s position as a regional trade and logistics hub.
It noted that improvements in port operations are already contributing to increased efficiency in cargo movement and reduced delays at key terminals.
The authority also pointed to ongoing efforts to modernise port infrastructure and expand digital systems aimed at improving service delivery.
Earlier in February 2026, the NPA said the federal government had intensified efforts to position Nigeria as a leading maritime destination through port rehabilitation and modernization projects.
It also highlighted public-private partnership initiatives, including developments at the Lekki Deep Sea Port, as part of broader reforms aimed at improving efficiency and attracting investment.
The CPPI ranking is expected to further boost Nigeria’s maritime profile and encourage additional investment in the sector.
News
PalmPay Joins Industry Leaders @ Digital Pay Expo 2026

As digital payment adoption continues to grow across Nigeria and emerging markets, the next phase will depend not just on innovation, but on the strength, reliability, and trustworthiness of the infrastructure behind it.

While the ecosystem has made clear progress in recent years, trust remains a critical issue for users, businesses, and operators alike. Questions around resilience, security, interoperability and transaction reliability continue to shape how the market evolves and how confidently digital payments can scale.
These issues will be central to the deliberations at Digital Pay Expo 2026, where fintech leaders, payment operators, and other ecosystem stakeholders will gather under the theme, “Seamless Digital: Fostering Pan-African Market Expansion in the Era of AI.”
PalmPay’s participation reflects its continued commitment to building trusted and scalable payment infrastructure, while contributing to the broader industry efforts to strengthen systems, standards, and partnerships needed to support long-term ecosystem growth.
Speaking ahead of the event, Olorunfemi Hanson, Head of Marketing and Communications at PalmPay Nigeria, said: “As the financial services ecosystem continues to grow, trust and reliability become even more important.
“The industry’s next phase will be shaped not only by innovation, but by the strength of the infrastructure supporting it. Digital Pay Expo provides an important platform to address the resilience, interoperability, and trust issues that will shape the future of digital payments growth across Africa.”
The event, scheduled to be held from the 17th to the 18th of June, 2026, will feature Chika Nwosu, Managing Director of PalmPay Nigeria, alongside other distinguished guests, including the Director-General, Payment System Management Department (PSMD), Central Bank of Nigeria. The event will examine how the industry can balance innovation, regulation, and scalability while strengthening trust across the digital payments value chain.
For PalmPay, this event reinforces its role in supporting a more resilient, secure and scalable payments ecosystem for Nigeria and emerging markets more broadly.
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