Bill Thompson

Economists Are Forecasting Growth in Private Banks and Institutions in Nigeria, and an Increase in Wealth for High Net Worth Individuals

More private banks and institutions are expected to invest in Nigeria, which economists feel will result in a 27.4 percent increase in HNWI (high net worth individual) wealth increase by 2018. Unemployment and tax burdens will be the main obstacles standing in the way of the country’s progress.


Boston, MA -- (ReleaseWire) -- 03/24/2014 --Economists forecast further expansion in the Nigerian wealth management industry as more private banks and institutions start to invest in the country, increase competitiveness and offer a better quality of service. Allocating resources to better understand clients and provide high-level services will be crucial to success.

The 1.3 percent reduction in GDP growth between 2010 and 2012 had a fundamental effect on Nigeria’s unemployment rate, which reached 23.9 percent in 2012. The government’s stimulus measures are expected to reverse this trend and increase employment. The country’s industrial structure is focused on oil, with 95 percent of Nigeria’s exports being oil-based.

Major oil companies, such as Shell, Exxon Mobil and Chevron, have representative offices in Nigeria and use the skilled workforce in the region, along with foreign experts, to be efficient in oil excavation. However, the tax burden on both businesses and individuals is larger than in other developing countries. Theft is also a big problem, with oil companies having to spend billions of dollars fixing siphoned pipelines. More information can be found in the report, “Challenges and Opportunities for the Wealth Sector in Nigeria 2014.”

Also included in the report are the following:

- Wealth sector analysis – Obtain a clear understanding of the wealth sector in Nigeria, benchmarking Nigeria’s wealth in context, distribution of wealth and the HNWI volume and wealth trends so that you may formulate and implement business strategies.
- A competitive landscape of the wealth sector in Nigeria – Looking at wealth managers, private banks, family offices and financial advisors, allowing a full evaluation of competitive risk and success factors.
- Additional components of the Nigerian wealth sector – An outline of philanthropy, intergenerational wealth transfer and tax regulations so that you may gain a proper comprehension within the wealth market and its trends.

You can find more information about this report, including key insights, market drivers, a full abstract, companies included, and a detailed table of contents at

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