Nigeria

An independence anniversary address by President Goodluck Jonathan on October 1 highlighted some of the encouraging trends in Nigeria’s recent economic performance, although there are still a number of fiscal and structural issues that will continue to constrain growth in the years to come.

The capital markets have done remarkably well this year, supported by economic growth and international investment, and underpinned by recent reforms that have increased stability and security.

As trade and the number of imports into Nigeria continue to rapidly increase, Lagos-based port operators are working to keep up with the rise in associated cargo containers. According to statistics from the Nigerian Port Authority (NPA) released in June, container throughput stood at 73,865 twenty-foot equivalent units (TEUs), a 24.6% increase compared to the same month in 2011.

The government has vowed it will push ahead with plans to privatise Nigeria’s power sector, despite the minister responsible for unbundling state power assets stepping down and increased opposition from unions.

The government has unveiled an ambitious draft of its 2013 budget, which it says will reduce the state deficit while still shifting spending to support growth – a tricky balance at the best of times.

Lured by its clear potential – a large population, positive macro-economic growth and a strong appetite for consumer goods – chains both foreign and local are dramatically expanding their domestic retail footprint.