The Report: Nigeria 2016

With abundant natural resources and a young, dynamic population, the country has long played an important role on the continent and it has the potential to be a wider global player in the coming decades. The new administration is rolling out an ambitious package of substantial reforms – from privatisation measures and anti-corruption campaigns to security assistance – that it hopes can help overcome a legacy of poor governance. These reform efforts come amidst a challenging macroeconomic background, with drops in foreign exchange and public revenues, lower oil prices and slowing headline growth. The government has pushed for a strong stimulus, with a $25bn infrastructure fund and a budget heavy on spending to boost the economy. Nigeria is most widely known for its vast hydrocarbons wealth. In 2015 it was home to 37.1bn barrels of proven oil reserves. At current production rates, this will give the country another 43 years worth of oil revenues.