Economy

Nigeria is Africa’s biggest oil exporter and, with a population of 193m, the region’s biggest economy and largest consumer base. While the government is reliant on oil and gas for its revenue, the economy itself is more diversified, with manufacturing, banking and insurance, retail and agriculture all major contributors. However, each of these sectors could grow faster and create more opportunities if structural problems were overcome, among them, the country’s electricity shortage, corruption and bureaucratic bottlenecks. The country’s main economic blueprint is the Economic Recovery and Growth Plan, launched in 2017, which includes up to 60 policy interventions that seek to remove major obstacles to growth. Following the general election in February 2019, the incoming administration will be expected once again to consider major policy questions, notably including the issues of subsidies, oil sector laws and how to boost tax receipts. This chapter contains interviews with Yewande Sadiku, Executive Secretary, Nigerian Investment Promotion Commission; Babatunde Fowler, Executive Chairman, Federal Inland Revenue Service; Babatunde Paul Ruwase, President, Lagos Chamber of Commerce and Industry; and Peter Ashade, CEO, United Capital.