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Nigeria’s energy sector pivots to refining and natural gas
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Nigeria is Africa’s top oil producer and possesses the largest proven gas reserves on the continent, making it a key player in the global energy market. However, despite its wealth of resources, the country is unable to meet domestic demand and has one of the lowest net electricity generation rates per capita in the world. The nationwide electrification rate stood at nearly 60% in 2020, while 39%…

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Industrialisation drive to cushion Nigeria from oil price volatility
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Nigeria has a varied industrial sector, evidenced by the number of separate activities tracked as part of the government’s GDP valuations. Despite 2020 being a tough year for many sectors worldwide, two industrial segments that the country is known for posted positive growth. Major projects continue to push ahead, such as Nigeria’s first privately owned oil refinery and new cement plants, while…

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How can Nigeria improve the agriculture sector’s value chain?
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Agriculture played an important role in driving Nigeria’s economic growth prior to the discovery of crude oil in 1956. Indeed, between 1962 and 1968 the main source of foreign exchange was export crops. In more recent times, focus has returned to the agriculture sector as an important source of revenue as the country seeks to diversify the economy away from oil. Following the oil price crash that…

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Nigeria's ICT push to facilitate digitalisation across the board
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Nigeria is one of Africa’s largest ICT markets in terms of its share of telecoms subscribers and internet users, according to the US International Trade Administration. The ICT sector is a critical driver of non-oil growth and a significant contributor to the country’s GDP. Furthermore, it is an enabler for digitalisation and the development of other key sectors such as health care, education,…

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Expanding middle class fuels retail growth in Nigeria
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Home to the largest consumer market on the continent, Nigeria offers attractive opportunities for investors and retailers that apply growth strategies tailored to specific consumer preferences and take into account distribution challenges. While macroeconomic headwinds and currency volatility have weighed on consumer spending power in recent years – particularly since the drop in international oil…

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Emphasis on affordable housing in Nigeria’s real estate sector
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Nigeria’s real estate sector experienced a challenging 2020 in line with broader economic trends, characterised by a drop in demand, movement restrictions and global supply chain disruptions associated with the Covid-19 pandemic. The health crisis resulted in various negative effects across almost all real estate segments: commercial properties saw higher vacancy rates as white-collar workers shifted…

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Multi-modal transport links to boost Nigeria’s competitiveness
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Nigeria’s transport network has expanded in recent years to accommodate a growing population. The transport and storage sector was valued at N2.6trn ($6.9bn) in current basic prices in 2020, down from N3trn ($8bn) in 2019, according to the National Bureau of Statistics (NBS). This was reflected in a lower contribution to GDP, at 1.8% in the fourth quarter of 2020, down from 2.1% during the same period…

Overview

Locally made construction materials support development in Nigeria
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After growth of 1-2% per year between 2017 and 2019, in 2020 the Nigerian construction sector contracted for the first time since 2016, when the economy last entered a recession. The government launched the Economic Recovery and Growth Plan (ERGP) 2017-20 at that time to reinvigorate the economy by prioritising infrastructure investment, among other objectives, which was expected to drive construction…

Overview

Kaduna’s economy bolstered by agriculture and technology
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The history of the state of Kaduna dates back to 1912, when the capital city of Kaduna was founded by British colonial ruler Lord Frederick Lugard on the largely uninhabited plains of Zaria. The city and state are named after the river Kaduna, one of the two major tributaries of the Niger River that feeds into the plains. The river’s name itself most likely derives from the Hausa word Kadduna, meaning…

Overview

Mandatory health insurance to ease access to care in Nigeria
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While Nigeria has made notable progress on several major wellness indicators in recent years, the country is grappling with health and social consequences stemming from the Covid-19 pandemic, in addition to structural challenges related to its public health system and the rollout of universal health care (UHC). However, with Nigeria’s large and young population, and plentiful natural resources, the…