Sven Richter, head of frontier markets at RenAsset Management, explains how recent government changes in Nigeria and Kenya have helped to improve business transparency in the region.
A few weeks ago I was sitting in Lagos, Nigeria, meeting with the head of an international retail firm. When the company first arrived in the country a few years ago, he said the Nigerian Ports Authority took two months to clear imported goods. A certain percentage of goods was also taken for 'sampling' to ensure quality control – especially tubs of ice cream on hot days, of which there are a lot in Lagos. But now, he said, the wait is down to two weeks and a lot more ice cream is making it through. It is not an isolated observation. Across Africa most governments have started to...
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