While growth prospects remain dim in the world’s advanced economies, Nigeria’s position as a key frontier market offers sharply different perspectives. The country 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 (AfDB). This expansion makes Nigeria one of...
As the single most populous nation in Africa, Nigeria is widely expected to overtake South Africa as the largest economy on the continent within a matter of years. Increasingly, it is overhauling its markets – whether in electricity or rail – to improve efficiency, and growth has been robust even through the depths of the recent global slowdown...
As one of the continent’s most culturally and ethnically diverse as well as resource-rich countries, Nigeria’s very existence is in many ways an impressive accomplishment, testament to the ability of both its citizens and institutions to find ways – often unconventional – to balance the need for local empowerment and diversity with broader...
While Nigeria’s oil and gas sector has historically attracted the majority of inward foreign direct investment (FDI), focus is broadening significantly to non-oil sectors. Slow progress in passing legislation to reform the hydrocarbons sector has delayed decisions on larger projects, while the broad domestic market is attracting investors seeking...
Central to the Transformation Agenda is an effective fiscal policy that prioritises investment in much-needed infrastructure and social development in health and education over wasteful recurrent spending. By improving its revenue collection and tightening capital budget disbursement, the Federal Ministry of Finance (FMF) aims to curb its domestic...
Proper metrics are crucial to a full understanding of the economy. By most measures economic data on Nigeria is vague at best, with GDP estimated at between $247bn and $555bn in 2012, according to the UN, and a more commonly used $259.8bn, according to the National Bureau of Statistics (NBS), depending on whether one includes Nigeria’s significant...
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