Nigeria

Given the country’s comparatively low visitor figures, and its drive to diversify away from primary sector activity, Nigeria has long stated its desire to develop its tourism industry, although it will need to tackle challenges in human resources and training if it is to keep pace with the competition.

As the latest step in the country’s long march to encourage diversification, the Nigerian government has been facing a growing chorus of calls to step up efforts to support the manufacturing sector and reverse the decline the labour-intensive industry has been experiencing for some 20 years. However, any turnaround will require high levels of investment from both the public and private sectors.

Now four years on from the 2008 banking crisis, Nigeria’s financial sector is continuing to reap the benefits of the reforms that followed, with rapid growth in profitability and a significant decline in bad debt.

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.