Boston Consulting Group opens office in Lagos, 4th in Africa

07 April 2016

Continuing its rapid expansion in Africa, the Boston Consulting Group (BCG) has opened its fourth office on the continent in the city of Lagos in Nigeria. Using its local presence, the firm is hoping to capitalise on the growing infrastructural demand across the country.

As the country with the largest population in Africa, as well as the highest GDP, Nigeria represents one of the most lucrative markets on the continent. Despite being a strong force in the region, the market is relatively under-developed with respect to major market trends such as digitalisation and technology, and is also lacking in infrastructural suppoty. On the other hand, one-third of the population is under the age of 24, which means that the labour force and the middle class are set for considerable expansion. 

Of the 186-million-strong population, the city of Lagos is home to 20 million (unofficially estimated),and is the biggest city in the country. The city also houses almost all of Nigeria’s major financial institutions, including its banks and corporations, both national and multi-national. However, one area in which the city lacks is infrastructure.  Lagos, as well as Nigeria as a whole, currently struggles with issues typical to any developing country, such as power shortages, water shortages, and poor transportation facilities.

In order to tap into this financial lucrativity, BCG has announced the opening of a new office in Lagos. In essence, the consulting firm hopes to ride the wave of infrastructural development that is accompanying the rapid economic development underway in the country. The government, as well as a number of private institutions, are currently on the lookout for advice around grand infrastructure projects, and BCG will be bidding to win these contracts. Additionally, the local presence will make the firm a channel of business from the rest of the world into the country and the region as a whole.

Boston Consulting Group opens office in Lagos, 4th in Africa

The entry is accompanied by substantial ambitions. The new office begin with 15 professionals, with plans to expand to 60 by 2020. In terms of  revenue, the firm hopes to grow at 20% each year. Commenting on the local presence, Chairman at BCG for Western Europe, South America, and Africa, Pascal Cotte said, “This is the right time to invest in Nigeria, We want to grow, almost regardless of the day-to-day volatility, which there’ll be a lot of. The oil crisis is a perfect opportunity for Nigeria to move forward.”

Meanwhile, Luis Gravito, a senior partner at BCG added, “The opening of the office in Lagos reflects our confidence in Nigeria’s future and our commitment to playing a role in the country’s long-term success. Nigeria’s challenges are more than matched by the talent and entrepreneurial drive of its people. However, the Nigerian people need better infrastructure, health, education, and institutions to be able to fulfil their potential.” 

The Lagos office represents BCG’s fourth presence on the African continent, complementing existing hubs in Johannesburg (South Africa), Casablanca (Morocco) and Luanda (Angola).

Enwealth Financial Services makes strategic entry into Ugandan market

07 March 2019

Nairobi-based pension consultancy Enwealth Financial Services has launched an operation in the Eastern African nation of Uganda, having obtained an operation license from the Uganda Retirement Benefits Regulatory Authority (URBRA), the legal body in charge of the establishment.

East Africa is an increasingly lucrative region for investment, and economies in the region are increasingly intertwining. Enwealth’s latest foray into the Ugandan market is symbolic of this interconnvectivity, and representative of a broader trend of concern around pernsion and retirement plans in these economies.

Reports in recent times have indicated that in the current context of financial planning, nearly 80% of the current population in working age in Kenya risk sinking into poverty upon retirement. As a result, Enwealth has found itself in a steady stream of business, as professionals look to rectify this scenario.

Enwealth Financial Services makes strategic entry into Ugandan market

Enwealth focuses on financial and retirement planning, and offers a wide range of services including scheme administration services, training and consulting services in the retirement benefits domain. The firm also offers advisory services in the insurance and brokerage domain and support with property and real estate planning.

The firm – which currently handles financial assets of more than Sh 2 trillion in Kenya – will now offer its services in the Ugandan market, where it will operate in collaboration with several other pension administrators. The entry into the market is made possible due to regulatory clearance that the firm has obtained from URBRA.

Alongside the expansion into new markets, the firm is also looking to generate a more innovative approach to financial services and planning, a trend that is increasingly prominent across the African market. Digital integration will be the platform through which it hopes to attain these goals.

Commenting on the expansion, Chairman and Board of Directors at the firm Nelson Kuria said, “We are passionate about value proposition. We have done visibility studies to inform sustainability of our business. Our products and services are driven by research. Our driving force is a long term perspective; we have confidence in Uganda’s economy which has potential to grow."