ABSTRACT
Chapter 16 examines the future direction for capital markets and investment banking in the largest frontier economy. The chapter observes that there is a confluence of global, regional and domestic national trends that would create opportunities and challenges for the growth of capital market and investment banking activities in frontier economies such as Nigeria. Global institutions such as Goldman Sachs, McKinsey Global Institute, and PricewaterhouseCoopers have projected that Nigeria would be among the top 15 to 20 countries in the world by 2050. These projections could be realized when key ingredients for development are in place. The chapter explores some of these ingredients including demography and human capital, infrastructure and physical capital, domestic financial capital and foreign capital flows and institutional capital. The chapter also outlines global trends characterized by the globalization of capital and need to explore the global value chain. The rapid changes in digitalization, internet technology, blockchain and fintech and their impacts on capital markets and investment banking in frontier markets are discussed.
