The Report: Nigeria 2017

Nigeria is the biggest economy in Africa with a GDP of $487bn in 2015, according to the World Bank. The country assumed the mantle of the continent’s largest economy in 2013, following a rebasing exercise. However, its large population means that Nigeria remains a comparatively poor country in per-capita terms, with a lower GDP per capita than several of its sub-Saharan neighbours. Following a real GDP contraction of 1.5% in 2016, the IMF forecasts that growth will reach 0.8% in 2017 and 1.9% in 2018. While growth began to pick up in the first half of 2017, Nigeria still has much work to do. However, there is the sentiment that the economy has turned a corner and has begun to see a silver lining. Devaluation of the naira, rising inflation, the drop in oil revenues, the slowdown in oil production, and the broader softening of growth, trade and investment have all created a greater sense of urgency for structural reforms.