In spite of the country’s traditional reliance on hydrocarbons, Nigeria’s industrial sector is diversified and growing, ranging from food and beverages to building materials. After a decades-long slump in manufacturing output, triggered by the scaling up of oil production in the 1970s, the country is working to reverse the trend and enable manufacturing and heavy industry to play a larger role...
Over the past decade Nigeria has become the largest telecoms market in Africa and the Middle East, with more than 140m active telecoms subscribers in 2015, according to the Nigerian Communications Commission (NCC), the federal telecoms regulator. As is the case elsewhere in frontier and emerging markets, mobile subscribers accounted for over 99% of this total, with virtually all of that...
In recent years the construction market in Nigeria has been among the world’s fastest growing, forecast to have expanded by 13% in 2014 on the back of a diverse array of demand drivers, including substantial state investment in infrastructure, rising levels of foreign direct investment and rapidly increasing urbanisation rates. The authorities have launched a host of initiatives that are aimed...
With the world’s seventh-largest population, which continues to grow rapidly its current 170m, agriculture is key part of Nigeria’s economy. After decades of declining production, trends have been moving in the opposite direction in the past several years as overall food supply rises. Guided by the Agricultural Transformation Agenda, which was launched in 2011 as part of a push to overhaul...
Upgrading and developing new transport infrastructure is essential to unlocking Nigeria’s undeniable growth potential. Given that state coffers are strained, and multiple sectors are competing for funding, the government is looking to reduce public control of its transport network and hand over development, management and maintenance responsibilities to the private sector. The port concessions...
The lack of power has been among the biggest obstacles to economic growth, and Nigeria is in the midst of a long and complex effort to increase electricity supply by more than fivefold by 2020, from the current level of about 3400 MW to 20,000 MW. The immediate result of this is a spike in demand for capital to rehabilitate existing capacity and add new supply, making foreign investment –...
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