Combining oil and gas wealth with the entrepreneurial efforts of its predominantly young population, Nigeria has developed a business-friendly environment over the past two decades of civilian rule. The country has effectively leveraged its abundance of natural resources and harnessed the strength of its 193m-strong population to become a key nation both on the African continent and beyond.
With a population of over 200m, Nigeria is a large and diversified economy, despite the government’s reliance on oil and gas revenue. While the Covid-19 pandemic and subsequent oil price crash caused a contraction in economic growth in 2020, it also led to rapid digitalisation across commerce, education and communication. This shift is expected to put Nigeria in a favourable position for recovery in the medium term.
The drive to increase government revenue through tax collection will not likely abate in the years to come as revenue from oil, which the government had been heavily depended on in the past is constantly declining.
For Nigeria to experience meaningful and enduring economic growth and development, its ability to attract substantial foreign direct investment (FDI) is crucial, as it permits transfer of technology and skills to facilitate improvements in productivity, which in turn translates to an increase in the country’s per capita income and an overall...
MSMEs are critical to the development of any nation due to their numerous contributions to the economy. MSMEs are perceived to be the engine of growth and catalyst for socio-economic transformation of any country because of their significant contribution to the advancement of new product development and processes, and employment generation. In...
Combining oil and gas wealth with the entrepreneurial efforts of its predominantly young population, Nigeria has developed a business-friendly environment over the past two decades of civilian rule. The country has effectively leveraged its abundance of natural resources and harnessed the strength of its 193m-strong population to become a key nation both on the African continent and beyond.
Over the past three years the Nigerian economy and public finances have been dealt a heavy blow by the fall in oil prices and depleted foreign exchange reserves. With the decline in oil revenue, focus has shifted to taxation as a source of income.
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