When Gbemiga Omotoso bought a Samsung tablet computer last year, he handed over his cash to a man in a van. There was nothing shady, though, about the transaction. It’s part of online retailer Jumia’s attempt to adapt to the unique challenges of selling in Nigeria.
Nigeria’s central bank held its benchmark interest rate at a record high as the threat of overspending in a pre-election year in 2014 overshadows a slowdown in inflation in Africa’s biggest oil producer.
The Asset Management Corp. of Nigeria, which nationalized three banks and took on the bad debts of others to save the banking system, said liabilities surged last year to 3.2 trillion naira ($20 billion).
FirstRand Ltd., South Africa’s second-biggest financial-services company, would consider buying Nigeria’s Mainstreet Bank Ltd. or Keystone Bank Ltd. to help establish a consumer-banking presence in the country.
Zenith Bank Plc, Nigeria’s second largest lender by assets, said it expects to increase loans to the country’s privatized power companies as the government seeks to end blackouts in Africa’s biggest oil producer.