Nigeria

With an eye on value addition and employment, Nigeria is hoping two new state-backed programmes to support manufacturers will more than double industry’s contribution to the economy over the next five years, although infrastructural weaknesses continue to present challenges.

Cocoa revenues are set to grow strongly in Nigeria, the world’s fourth-largest producer, thanks to efforts to improve productivity, and higher prices on international markets.

Although the tapering of the US quantitative easing programme is beginning to ruffle frontier and emerging markets, the Nigerian Stock Exchange (NSE) is looking to build upon a strong 2013 and further expand its appeal, cashing in on greater levels of transparency and a solid performance of the domestic economy to boost foreign participation.

Nigeria’s economy continued to see strong growth in 2013, receiving a major fillip with the completion of the long-awaited privatisation of the power sector, along with a set of heavily oversubscribed bond issues. But calls for greater reform also increased, as it is apparent that many Nigerians and smaller local companies are still struggling to tap into the country’s overall growth.

As Nigeria looks to broaden and stabilise its source of revenues, the government is taking steps to streamline a complex, multi-layered system of taxation that has historically resulted in wide-spread evasion.

Partway through an ambitious agricultural development strategy, Nigeria is looking to the land to boost employment, ease the economy’s dependence on oil and ensure food security, but it will need to address a host of challenges before it can enjoy the fruits of its investments.