While oil may be Nigeria’s breadwinner, agriculture remains the most important component of the country’s economy. The sector is the largest employer and accounts for 23.9% of GDP. And yet for many years the agriculture industry took a back seat to hydrocarbons, with Nigeria rising to be a key global producer. However, with the fall in the price of oil, the country’s high dependence on imports...
As the continent’s most populous nation and arguably its biggest economy, Nigeria offers a lot of potential for construction firms – particularly given the significant need for infrastructure work, from housing to roads. However, meeting this demand will require overcoming a number of obstacles, ranging from cash flow issues and payment delays to import of equipment and building material costs...
From rails and roads to ports and airports, Nigeria’s transport sector is facing an extensive overhaul. The country has long suffered as a result of inadequate investment in infrastructure, constraining the movement of people and goods, and prompting the government to push for the rehabilitation and expansion of the entire transport network. Despite the government’s substantial project...
A shortage of electricity is among Nigeria’s greatest obstacles to growth. Chronic shortages affect all consumers, due to a legacy of underinvestment in maintenance and new facilities. The system typically functions at less than half of its installed capacity of around 12,000 MW. Successive administrations have made sector reform a priority, with partial privatisation of the national grid...
As Africa’s largest oil producer, Nigeria’s energy sector accounts for 90% of exports and at least 50% of government revenues. The country is second only to Libya on the continent in the size of its reserves, and onshore fields have been productive for decades. Offshore deposits are a frontier that has been massively underexplored, and in recent years international oil companies have started...
In 2015 Nigerian underwriters reported total gross written premiums of nearly N350bn ($1.1bn at the time of printing), according to data released by the Nigerian Insurers Association, an industry group. This figure was up around 19% on the previous year. In light of the pace of expansion, and in addition to Nigeria’s enormous population and low rate of insurance penetration, it is perhaps not...
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