Nigeria faced new economic headwinds in 2020. While the country’s growth has traditionally been stymied by issues such as electricity shortages, bureaucracy and a lack of transparency, the pandemic added a new set of challenges. GDP contracted by 1.9% in 2020, reversing a three-year period of consistent – albeit moderate – expansion. Youth unemployment, a long-standing challenge for Nigeria,...
Nigeria
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Chapter | Country Profile from The Report: Nigeria 2022
Nigeria is the 14th-largest country in Africa by land mass and is culturally diverse, with a population of more than 200m spanning over 250 ethnic groups. It is rich in natural resources, with some of the largest proven oil reserves in Africa, and has a strong agriculture sector, with major exports including rubber, cocoa, peanuts and palm oil. The country gained independence in 1960 and...
Chapter | Industry & Mining from The Report: Nigeria 2019
Nigeria presents considerable potential to return high yields on...
Access to power remains one of Nigeria’s chief economic and social issues, with about 90m citizens lacking access to electricity, while the World Bank estimates per capita usage is lower in just eight other countries. Indeed, as the biggest domestic market in Africa, the country has great potential for manufacturing, but most investment in the sector tends to prioritise a steady and reliable...
With an abundant supply of natural resources, Nigeria’s oil and gas sector plays a key role in global energy. Its oil deposits have been a major source of crude for decades, while its less developed natural gas fields offer resources that have yet to be fully tapped. In addition to being a traditional heavyweight in terms of output, the energy sector is also notable for its early success in...
Chapter | Agriculture from The Report: Nigeria 2019
Long a critical sector for the Nigerian economy, agriculture recorded steady growth throughout the country’s recent recession and supported macroeconomic stability against a backdrop of volatility in the global oil market. Although the sector’s workforce, exports and GDP contribution have fallen in recent decades, as oil and gas production became Nigeria’s economic mainstay, the country is home...