Africa Economy

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With Nigeria’s economy growing again in 2018, policymakers are now in a position to move from avoiding problems to making structural changes. One potential change could be the unification of the various exchange rates for the country’s currency, the naira. The multiple rates now available are a legacy of the past years of crisis, which...

 

Although the local economy has continued to recover from the negative impacts of the oil price shock of 2014 and the 2016 recession, more remains to be done to achieve economic diversification. The results of our second Business Barometer: Nigeria CEO Survey show increased confidence among C-suite executives, with 85% expressing positive or...

 

With a tax collection rate of roughly 6% of GDP, Nigeria’s tax revenues are lower than its regional peers. The government is working on several fronts to boost its take. The stated goal is to more than double that ratio by 2020, which will involve long-term policy reforms as well as targeting foreign direct investment. Additionally, it is not...

 

What progress has Nigeria made in terms of fostering greater economic diversification?

 

Although the Nigerian economy has continued to achieve positive growth as it recovers from the oil price shock and the 2016 recession, more remains to be done to achieve economic diversification. According to the National Bureau of Statistics, the economy grew by 0.8% in 2017, compared to a contraction of 1.6% in 2016, driven primarily by a...

Chapter | Abuja from The Report: Nigeria 2019

Home to the national capital Abuja – one of the fastest-growing cities in Africa – the Federal Capital Territory has risen to become a significant investment destination in recent years. Supported by rapid population growth, rising GDP and expanding household consumption, a wide offering of opportunities have arisen across construction, mining, agriculture, ICT and real estate. However, rapid...

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