Economy

Nigeria has achieved consistently high growth over the past decade, including 7.4% in 2011 and 6.6% in 2012, according to the African Development Bank. This expansion makes Nigeria one of the continent’s most consistent performers, with over twice South Africa’s average growth. The IMF forecasts economic growth of 7.2% in 2013 and 7% in 2014. Non-oil GDP is expected to rise 8.5% in 2013, according to the Nigerian Economic Summit group. The reforms being enacted – establishing a gas-to-power value chain, expanding the industrial base and leveraging agricultural potential to reduce imports – have been applauded by investors and development partners. Ensuring full implementation of the federal government’s economic diversification strategy in the run-up to the 2015 presidential and state governor elections will be key to accelerating and broadening growth. This chapter contains a viewpoint from Ngozi Okonjo-Iweala, Coordinating Minister for the Economy and Minister of Finance, and interviews with Frank Nweke II, Director-General, Nigerian Economic Summit Group; Mustafa Bello, CEO, Nigerian Investment Promotion Commission; and Ed Fast, Canadian Minister of International Trade.