Keep Us Strong WikiLeaks logo

Currently released so far... 97115 / 251,287

Articles

Browse latest releases

Browse by creation date

Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z

Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
ETRD EAGR ETTC EAID ECON EFIN ECIN EINV ELAB EAIR ENRG EPET EWWT ECPS EIND EMIN ELTN EC ETMIN EUC EZ ET ELECTIONS ENVR EU EUN EG EINT ER ECONOMICS ES EMS ENIV EEB EN ECE ECOSOC EK ENVIRONMENT EFIS EI EWT ENGRD ECPSN EXIM EIAD ERIN ECPC EDEV ENGY ECTRD EPA ESTH ECCT EINVECON ENGR ERTD EUR EAP EWWC ELTD EL EXIMOPIC EXTERNAL ETRDEC ESCAP ECO EGAD ELNT ECONOMIC ENV ETRN EIAR EUMEM ENRGPARMOTRASENVKGHGPGOVECONTSPLEAID EREL ECOM ECONETRDEAGRJA ETCC ETRG ECONOMY EMED ETR ENERG EITC EFINOECD EURM EENG ERA EXPORT ENRD ECONEINVETRDEFINELABETRDKTDBPGOVOPIC EGEN EBRD EVIN ETRAD ECOWAS EFTA ECONETRDBESPAR EGOVSY EPIN EID ECONENRG EDRC ESENV ETT EB ENER ELTNSNAR ECHEVARRIA ETRC EPIT EDUC ESA EFI ENRGY ESCI EE EAIDXMXAXBXFFR EETC ECIP EIAID EIVN EBEXP ESTN EING EGOV ETRA EPETEIND ELAN ETRDGK EAIDRW ETRDEINVECINPGOVCS EPEC ENVI ELN EAG EPCS EPRT EPTED ETRB EUM EAIDS EFIC EFINECONEAIDUNGAGM EAIDAR ESF EIDN ELAM EDU EV EAIDAF ECN EDA EXBS EINTECPS ENRGTRGYETRDBEXPBTIOSZ EPREL EAC EINVEFIN ETA EAGER EINDIR ECA ECLAC ELAP EITI EUCOM ECONEFINETRDPGOVEAGRPTERKTFNKCRMEAID EARG ELDIN EINVKSCA ENNP EFINECONCS EFINTS ECCP ETC EAIRASECCASCID EINN ETRP EAIDNI EFQ ECOQKPKO EGPHUM EBUD ECONEINVEFINPGOVIZ ENERGY ELB EINDETRD EMI ECONEFIN EIB EURN ETRDEINVTINTCS EIN EFIM ETIO ELAINE EMN EATO EWTR EIPR EINVETC ETTD ETDR EIQ ECONCS EPPD ENRGIZ EISL ESPINOSA ELEC EAIG ESLCO EUREM ENTG ERD EINVECONSENVCSJA EEPET EUNCH ECINECONCS ETRO ETRDECONWTOCS ECUN EFND EPECO EAIRECONRP ERGR ETRDPGOV ECPN ENRGMO EPWR EET EAIS EAGRE EDUARDO EAGRRP EAIDPHUMPRELUG EICN ECONQH EVN EGHG ELBR EINF EAIDHO EENV ETEX ERNG ED
KMDR KPAO KPKO KJUS KCRM KGHG KFRD KWMN KDEM KTFN KHIV KGIC KIDE KSCA KNNP KHUM KIPR KSUM KISL KIRF KCOR KRCM KPAL KWBG KN KS KOMC KSEP KFLU KPWR KTIA KSEO KMPI KHLS KICC KSTH KMCA KVPR KPRM KE KU KZ KFLO KSAF KTIP KTEX KBCT KOCI KOLY KOR KAWC KACT KUNR KTDB KSTC KLIG KSKN KNN KCFE KCIP KGHA KHDP KPOW KUNC KDRL KV KPREL KCRS KPOL KRVC KRIM KGIT KWIR KT KIRC KOMO KRFD KUWAIT KG KFIN KSCI KTFIN KFTN KGOV KPRV KSAC KGIV KCRIM KPIR KSOC KBIO KW KGLB KMWN KPO KFSC KSEAO KSTCPL KSI KPRP KREC KFPC KUNH KCSA KMRS KNDP KR KICCPUR KPPAO KCSY KTBT KCIS KNEP KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KNNB KGCC KINR KPOP KMFO KENV KNAR KVIR KDRG KDMR KFCE KNAO KDEN KGCN KICA KIMMITT KMCC KLFU KMSG KSEC KUM KCUL KMNP KSMT KCOM KOMCSG KSPR KPMI KRAD KIND KCRP KAUST KWAWC KTER KCHG KRDP KPAS KITA KTSC KPAOPREL KWGB KIRP KJUST KMIG KLAB KTFR KSEI KSTT KAPO KSTS KLSO KWNN KPOA KHSA KNPP KPAONZ KBTS KWWW KY KJRE KPAOKMDRKE KCRCM KSCS KWMNCI KESO KWUN KPLS KIIP KEDEM KPAOY KRIF KGICKS KREF KTRD KFRDSOCIRO KTAO KJU KWMNPHUMPRELKPAOZW KEN KO KNEI KEMR KKIV KEAI KWAC KRCIM KWCI KFIU KWIC KCORR KOMS KNNO KPAI KBWG KTTB KTBD KTIALG KILS KFEM KTDM KESS KNUC KPA KOMCCO KCEM KRCS KWBGSY KNPPIS KNNPMNUC KWN KERG KLTN KALM KCCP KSUMPHUM KREL KGH KLIP KTLA KAWK KWMM KVRP KVRC KAID KSLG KDEMK KX KIF KNPR KCFC KFTFN KTFM KPDD KCERS KMOC KDEMAF KMEPI KEMS KDRM KEPREL KBTR KEDU KNP KIRL KNNR KMPT KISLPINR KTPN KA KJUSTH KPIN KDEV KTDD KAKA KFRP KWNM KTSD KINL KJUSKUNR KWWMN KECF KWBC KPRO KVBL KOM KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KEDM KFLD KLPM KRGY KNNF KICR KIFR KM KWMNCS KAWS KLAP KPAK KDDG KCGC KID KNSD KMPF KPFO KDP KCMR KRMS KNPT KNNNP KTIAPARM KDTB KNUP KPGOV KNAP KNNC KUK KSRE KREISLER KIVP KQ KTIAEUN KPALAOIS KRM KISLAO KWM KFLOA
PHUM PINR PTER PGOV PREL PREF PL PM PHSA PE PARM PINS PK PUNE PO PALESTINIAN PU PBTS PROP PTBS POL POLI PA PGOVZI POLMIL POLITICAL PARTIES POLM PD POLITICS POLICY PAS PMIL PINT PNAT PV PKO PPOL PERSONS PING PBIO PH PETR PARMS PRES PCON PETERS PRELBR PT PLAB PP PAK PDEM PKPA PSOCI PF PLO PTERM PJUS PSOE PELOSI PROPERTY PGOVPREL PARP PRL PNIR PHUMKPAL PG PREZ PGIC PBOV PAO PKK PROV PHSAK PHUMPREL PROTECTION PGOVBL PSI PRELPK PGOVENRG PUM PRELKPKO PATTY PSOC PRIVATIZATION PRELSP PGOVEAIDUKNOSWGMHUCANLLHFRSPITNZ PMIG PREC PAIGH PROG PSHA PARK PETER POG PHUS PPREL PS PTERPREL PRELPGOV POV PKPO PGOVECON POUS PGOVPRELPHUMPREFSMIGELABEAIDKCRMKWMN PWBG PMAR PREM PAR PNR PRELPGOVEAIDECONEINVBEXPSCULOIIPBTIO PARMIR PGOVGM PHUH PARTM PN PRE PTE PY POLUN PPEL PDOV PGOVSOCI PIRF PGOVPM PBST PRELEVU PGOR PBTSRU PRM PRELKPAOIZ PGVO PERL PGOC PAGR PMIN PHUMR PVIP PPD PGV PRAM PINL PKPAL PTERE PGOF PINO PHAS PODC PRHUM PHUMA PREO PPA PEPFAR PGO PRGOV PAC PRESL PORG PKFK PEPR PRELP PREFA PNG PGOVPHUMKPAO PRELECON PINOCHET PFOR PGOVLO PHUMBA PRELC PREK PHUME PHJM POLINT PGOVPZ PGOVKCRM PGOVE PHALANAGE PARTY PECON PEACE PROCESS PLN PRELSW PAHO PEDRO PRELA PASS PPAO PGPV PNUM PCUL PGGV PSA PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PGIV PRFE POGOV PEL PBT PAMQ PINF PSEPC POSTS PHUMPGOV PVOV PHSAPREL PROLIFERATION PENA PRELTBIOBA PIN PRELL PGOVPTER PHAM PHYTRP PTEL PTERPGOV PHARM PROTESTS PRELAF PKBL PRELKPAO PKNP PARMP PHUML PFOV PERM PUOS PRELGOV PHUMPTER PARAGRAPH PERURENA PBTSEWWT PCI PETROL PINSO PINSCE PQL PEREZ PBS

Browse by classification

Community resources

courage is contagious

Viewing cable 07ABUJA1438, NIGERIA'S VISION--AFRICA'S FINANCIAL CENTER

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs

Understanding cables
Every cable message consists of three parts:
  • The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
  • The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
  • The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
To understand the justification used for the classification of each cable, please use this WikiSource article as reference.

Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #07ABUJA1438.
Reference ID Created Released Classification Origin
07ABUJA1438 2007-07-06 11:39 2011-08-25 00:00 UNCLASSIFIED Embassy Abuja
VZCZCXRO4928
PP RUEHMA RUEHPA
DE RUEHUJA #1438/01 1871139
ZNR UUUUU ZZH
P 061139Z JUL 07
FM AMEMBASSY ABUJA
TO RUEHC/SECSTATE WASHDC PRIORITY 0154
INFO RUEHOS/AMCONSUL LAGOS PRIORITY 7335
RUEHWR/AMEMBASSY WARSAW 0422
RUEHCD/AMCONSUL CIUDAD JUAREZ 0423
RUEHZK/ECOWAS COLLECTIVE
RUCPDOC/DEPT OF COMMERCE WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
UNCLAS SECTION 01 OF 02 ABUJA 001438 
 
SIPDIS 
 
SIPDIS 
 
DEPARTMENT PASS TO USTR (AGAMA) 
PASS TO OPIC (ANTONY IERONIMO AND DEBRA ERB) 
DEPT OF TREASURY FOR DPETERS 
 
E.O. 12598: N/A 
TAGS: EFIN ECON PGOV NI
SUBJECT: NIGERIA'S VISION--AFRICA'S FINANCIAL CENTER 
 
Ref: Abuja 887 
 
ABUJA 00001438  001.2 OF 002 
 
 
1. Summary. On June 18-20, the Central Bank of Nigeria (CBN) 
unveiled it vision for Nigeria's financial future, presenting a 
report titled "FSS 2020, Building Africa's Center of Choice".  The 
FSS 2020 vision refers to the potential for Nigeria to emerge as the 
top economy in Africa and the 20th largest in the world by 2020, and 
seeks to develop Lagos into a financial center and capital market 
comparable to Hong Kong, London and New York.  The vision includes 
developing the Lekki Financial Corridor east of Lagos as an 
international financial services center with its own infrastructure 
managed to international standards.  To support this vision, Nigeria 
will need to achieve impressive growth in GDP, foreign exchange 
reserves, banking, and insurance and pension reforms.  President 
Yar'Adua has identified five key areas his administration will 
pursue to support this vision, including security, rule of law, 
infrastructure, stable exchange rates, and transparency. Major 
changes need to be made to the Land Use Act to facilitate land 
ownership, provision of housing and mortgage financing are also 
promised.  The GON will need to address several challenges including 
maintaining political stability, improving institutional capacity, 
addressing trade policy, and providing infrastructure. End Summary. 
 
 
How it all began 
---------------- 
 
2. Financial System Strategy 2020 (FSS 2020) began in August 2006 
when Charles Chukwuma Soludo, Central Bank Governor, organized a 
technical committee to draft a long-term framework to make the 
Nigerian economy one of the largest in the world by 2020.  On June 
18-20, the CBN hosted a conference to present the plan's main aim of 
creating a financial system that will enable Nigeria to emerge as 
the largest economy in Africa and the 20th largest in the world.  A 
wide spectrum of people attended from domestic and international 
financial institutions, international developmental agencies, 
investment banks, and funds from both the domestic and international 
markets that discussed financial system reform, the economy, 
strengthening local markets, building an international financial 
services center, and supporting small and medium enterprises (SMEs). 
 Breakout sessions addressed the legal framework, regulation, 
macroeconomic and monetary policy, human capital development, 
ICT/payment systems, financial markets, credit mortgage and 
insurance. 
 
The Vision 
---------- 
 
3. Governor Saludo explained that FSS 2020 aimed to achieve Goldman 
Sach's prediction that Nigeria would be among the next eleven 
countries (dubbed the N-11) to surpass Italy in GDP by 2015 
(reftel).  A robust and vibrant financial sector would be needed to 
power Nigeria's new economy and to integrate Africa's financial 
systems.  Before 2004, the financial system was characterized by low 
aggregate levels of banking to the domestic economy, systemic 
bailouts of banks by the CBN, an oligopolistic structure where 10 
out of 89 banks accounted for over 50% of total banking assets. 
Nigeria had been primarily a cash based society, with a weak 
insurance industry, non-existent pension funds and a shallow stock 
market. Soludo had worked to recapitalize and consolidate banking, 
insurance and capital markets, to introduce micro-finance banks and 
convert community banks.  He had taken steps to establish the Africa 
Finance Corporation within the CBN and to reform pension funds to 
generate long term investment funds.  Further, Nigeria has seen its 
GDP increase to $142 billion and per capital income to $1,050 in 
2006. 
 
International Financial Services Center (IFSC) 
--------------------------------------------- - 
 
4. In the medium-to-long term Nigeria needs to strengthen the 
domestic financial markets and further integrate with external 
financial markets before becoming an international financial 
services center.  To strengthen domestic markets the country will 
need to develop capacity, develop non-oil sectors, integrate 
informal and formal financial sectors, and improve access to credit. 
 To integrate with external financial markets the GON will need to 
create links to the international financial markets, move toward 
currency convertibility while maintaining macroeconomic stability, 
maintain healthy foreign exchange reserves, and unified and 
liberalize trade and commercial laws among ECOWAS and African Union 
countries.  FSS 2020 will need a public- private partnership (PPP) 
approach with strong support in government institutions. 
 
ABUJA 00001438  002.2 OF 002 
 
 
 
5.  The GON hopes to develop the Lekki Peninsula east of Lagos as 
the Lekki Financial Corridor (LFC).  To attract international 
financial institutions the LFC will be set up as an independent 
corporation and municipality responsible for its own implementation, 
strategy, marketing and management with funding support from the 
government, private sector and international development agencies. 
The LFC will be run by a board of directors comprised of the heads 
of the major regulatory bodies in the country with a designated 
head/mayor.  The LFC is to establish a legal and regulatory 
framework based on internationally recognized standards and 
jurisprudence.  It will have liberal requirements on opening of 
capital accounts and currency convertibility, 100% foreign 
ownership, with an internationally competitive tax rate on income 
and profits. 
Implementation is slated for three phases.  Phase 1, from June 
2007-December 2012, will concentrate on the legal framework and 
beginning the physical development of the site.  Phase 2, January 
2013- December 2016 will focus on global branding, integration of 
African financial markets, development of the physical site for the 
LFC and review of strategic objectives.  Phase 3, January 2017 to 
December 2020 will concentrate on final preparations for LFC. 
 
President Yar"Adua's footprint 
------------------------------ 
 
6.  President Yar'Adua opened the conference and supported the 
vision of Nigeria as the financial hub of Africa.  As at the recent 
G8 summit, he said his top three priorities were, "the economy 
first, the economy second, and the economy third".  For Nigeria to 
prosper, it needed a sound financial network.  He identified five 
key areas that his administration would pursue: the security of 
lives and property, respect for the rule of law, infrastructure with 
an emphasis on power, a stable exchange rate regime, and consistency 
in transparency and policy. 
 
Can Nigeria compete? 
------------------------------------------ 
 
7. Creating a financial and capital market comparable to the premier 
financial centers of the world is astonishingly ambitious. Nigeria 
does have several factors to support this ambition. One in five or 
20% of all Africans are Nigerian. With the consolidation of the 
banking sector, eleven of the twelve companies in West Africa with a 
market capitalization of over $1 billion are Nigerian and seven are 
banks. Twenty-nine of the 50 largest companies in sub-Saharan Africa 
(excluding South Africa) are Nigerian and 14 of these are banks. 
Nigeria's GDP is over 60% of the total GDP of the 16 countries that 
make up the Economic Community of West African States (ECOWAS). 
Nigeria is rated BB- (by Fitch and Standard & Poors) with external 
reserves of over $40 billion. External debt is a low $3.3 billion. 
 
Challenges 
------------- 
 
8. On the other hand the challenges are enormous.  Nigeria will need 
to establish political stability through a succession of governments 
with real legitimacy. The LFC board must be both capable and 
empowered with support from relevant institutions and adequate 
funding. The lack of infrastructure is a major obstacle. Nigeria's 
financial sector still has a long way to go in becoming more 
integrated with domestic economy, let alone the African economy. 
Nigeria and the region will need much more open trade policies, as 
financial flows tend to follow trade.  Human resources will be 
another issue and Nigeria will need to upgrade the skills and 
experience for a broad range of employees in the finance and 
ancillary sectors. Another contentious issue is the need to reform 
the Land Use Act of 1978.  Changes in the Act are crucial for the 
full development of the banking sector.  The present structure of 
the act makes it virtually impossible to use and or transfer land 
and property as security because of its complexity.  The efficiency 
of land registration, surveys and valuation need improvement. 
 
CAMPBELL