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Overview

Improvement works: Privatisation is under way to enhance services to residents
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Electricity is regularly cited as Nigeria’s chief obstacle to economic growth, but 2013 may mark a turning point for what is often referred to as the country’s Achilles heel. Nigeria has a population of some 168.8m but produces less grid-connected electricity than a major British city. For more than a decade, the lack of reliable power has cut into profit margins and increased operating overheads.…

Overview

Exploring options for growth: Plans for more stringent regulation are expected to improve sector penetration
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With a total premium value of $1.6bn in 2011, Nigeria’s insurance market is the biggest in West Africa, but in a wider context the market remains relatively undeveloped and coverage in the retail market is mostly limited to motor insurance. Reforms are ongoing at the federal level, with both successes and failures seen in recent years. A giant leap in market size is expected in the current decade…

Overview

Wider focus: Improved governance and socioeconomic equality can aid development in the longer term
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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. However, Nigeria still faces significant…

Overview

The big picture: A dynamic population and wealth of resources translate into numerous opportunities
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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 the continent’s most consistent performers,…

Overview

Consumer potential: For those willing and able to work around market challenges, big rewards are up for grabs
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With the largest population in Africa and one of the continent’s fastest-growing economies, Nigeria has emerged as a prime market for international retailers targeting its 168.8m citizens as potential consumers of processed foods, mobile phones and cars. While almost all retail is currently conducted in informal markets, international chains are betting that rising incomes will change shopping…

Overview

Roadmap for development: After a period of relative decline, the sector is once again a top priority
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The largest contributor to Nigeria’s GDP, the agriculture sector accounted for a 40.1% share as of mid-2013, according to the Nigerian National Bureau of Statistics (NBS). It is also the main source of employment in the country, responsible for more than 60% of jobs, as per figures from the International Fund for Agricultural Development. Increases in the amount of cultivated land have led to…

Overview

Long-term returns: Despite the ongoing challenges of weak infrastructure, there are reasons to be optimistic about the future
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As manufacturers scour the globe for new growth opportunities, few markets offer greater long-term potential than Nigeria, which boasts an enormous domestic population, plentiful feedstock and limited market penetration. Current business conditions, however, including sky-high operating costs and cheap unregulated imports, make it difficult for industry to survive, much less thrive. As a result,…

Overview

Staying in the lead: Africa’s largest oil producer balances growth, upgrades and oversight
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Nigeria has a well-established track record as the world’s 12th-largest producer of oil and the leading producer in Africa, according to the BP “Statistical Review of World Energy 2013”. Yet as the country’s proven reserves of both oil and gas start to decline, the imperative is to clarify the industry’s long-term legal and fiscal outlooks to encourage more investment in exploration and…

Overview

Building up: The sector expands as a result of new government-led projects
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Despite softening demand in a handful of segments due to exogenous factors, activity in Nigeria’s construction industry is expected to continue to grow for the foreseeable future. Major demand drivers include rapid population growth, high levels of government investment in infrastructure and steadily increasing urbanisation, among others. In the first quarter of 2013 the building and construction…