The desire among political and financial leaders in Beijing to climb the value chain in development finance is clear. But the challenges now facing a giant Chinese state-run infrastructure contractor at Nigeria’s new deep-water port in Lekki show that this is easier said than done.

Gains written on banks’ equity book values from long dollar positions could be quickly wiped out if borrowers prove unable to service debt at a higher exchange rate.

As European and Chinese banks scale back in Africa to cut costs and redeploy capital to core markets, Middle East lenders are happily jumping in to fill the gap, buying assets and putting more boots on the ground as bilateral trade between the regions increases.

Uche Orji is approaching 10 years as head of the Nigeria Sovereign Investment Authority, a sophisticated institution segregated into three very different funds. Covid spurred a year of outstanding market returns, but now Orji’s focus is on domestic infrastructure before he steps down next year.

Africa’s oil exporters are feeling the pressure after the crash in the oil price and fears of the coronavirus Covid-19, as investors pull money from international bond markets.

The recent collapse in the oil price and Nigeria's (lack of) reaction to it echoes the way the country dealt with the crisis in 2015. Repetition of the same mistakes will only cause harm for Africa's largest economy.

As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Africa focus.

A recent criminal trial in London has revealed how banking negligence enabled a multi-million dollar fraud at the now defunct oil company Afren. Read on for a guide to Olivier Holmey’s feature in the February issue of Euromoney examining the errors made and what the financial sector can learn from them.

A string of due-diligence shortcomings enabled the international fraud that sapped investor confidence in once-booming London-listed oil firm Afren – and has also now led to jail time for its two top executives. What lessons can the banking industry learn from the failings laid bare in the court proceedings?

Telcos allowed to provide limited services, helping financial inclusion in the country.

The two Nigerian banks’ merger would form the country’s largest financial institution, but it is somewhat overshadowed by Diamond’s troubled legacy loans to the oil and energy sectors.

Planned changes to the country’s fintech licensing regime could halt the growth of a burgeoning market.

With global liquidity conditions tightening, local currency bond markets have a more important role to play in financing African governments and companies. While Ghana and Nigeria are leading the way, other markets are still in the early stages. Poor transparency and liquidity, and a multiplicity of legal regimes are holding back foreign investment.

Following in the footsteps of Egypt and South Africa, Nigeria has signed up for a currency swap deal with China, but are swaps all they are cracked up to be?

The new presidents of Angola, South Africa and Zimbabwe could do better, but banks and investors will have plenty of due diligence to do when deciding whether or not and how to commit more resources to these countries.

Oil prices and currency controls created opportunities for some banks, which reported bumper gains from FX and fixed income last year, but no one is expecting a repeat of that. Can lending keep them sweet?

Arunma Oteh has helped develop new financial tools to address the world’s most pressing issues – in an exclusive interview, she talks about the difference the capital markets can make and her previous career fighting corruption in Nigeria.

Investors have welcomed Nigeria’s new FX regime that was merged with the interbank rate in August, but doubts remain, as the market still grapples with multiple official rates.

The calming of the political shock of Brexit, with oil prices now receiving Opec support, is preventing global risks from worsening, yet with a referendum looming in Italy, elections in the US and Europe to come, not to mention frail banks and several countries mired in difficulties, it might be the calm before another global storm.

Angola

It is the deal of the year, the financing that had everything. This was the second jumbo financing for the Federal Republic of Nigeria. It was also the second within a year. The first jumbo, for $1 billion, was signed in January, having run into major problems over pricing and the information memorandum.