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Employment rates in Nigeria improved through education sector
OBG
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Although priorities vary when it comes to economic development, the increasing need for skilled labour is both a cause of and a requirement for accelerated growth across markets. This demand for technical specialists is often most concentrated in the sectors that are vital to economic advancement, including infrastructure, oil and gas exploration and extraction, and value-add processes for…

Overview

Health care expansion fuels demand for local and imported pharmaceutical products
OBG
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In recent decades, the pharmaceutical market has expanded its geographical reach. This trend appears to be here to stay; in a survey of major pharmaceutical firms conducted by global consulting firm PwC’s Strategy& team, more than half of respondents anticipated that over 30% of their global sales would originate in emerging markets by 2018. Even in the most newly opened markets, drug…

Overview

Underlying fundamentals drive growth in the Nigerian retail market
OBG
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Following a decade-long period of growth, in which formal retail supplies more than tripled, Nigeria’s retail sector faced several challenging years. Macroeconomic volatility, a recession in 2016 and the naira’s rapid depreciation impacted retailers and consumers alike. Likewise, both purchasing power and household incomes declined, while input costs and vacancy rates simultaneously increased.…

Overview

Telecoms growth in Nigeria supported by reforms and infrastructure
OBG
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Although it has faced several challenging years, with rapid currency depreciation and a macroeconomic slowdown weighing on profitability, Nigeria’s ICT sector remains a critical non-oil growth driver and major contributor to the economy, supported by a sizeable young population and the rapid adoption of mobile internet services. Dominated by four large mobile operators, the telecoms industry…

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Real estate prices in Nigeria grow steadily
OBG
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After a boom period marked by high oil prices and double-digit growth, Nigeria’s real estate sector was significantly impacted by the country’s economic downturn, with growth dropping off in 2015 and 2016, and remaining subdued in 2017 and early 2018. With some high-end office and residential projects stalled, developers are increasingly turning their attention towards smaller and more…

Overview

Nigerian government to align national development and infrastructure
OBG
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The Nigerian construction industry has remained resilient through the country’s recent macroeconomic volatility, benefitting from mid- and long-term economic development policies emphasising infrastructure investment, and a sizeable deficit that has created new opportunities in the transport, energy and real estate sectors. Although currency volatility and a recession in 2016 impacted private…

Overview

As global urban populations undergo rapid growth, planners strive to create more efficient spaces
OBG
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In 2008, for the first time in history, more than half of humanity was living in urban areas. Perhaps the most remarkable observation about this trend is the speed at which it has happened: as recently as 1900 urban areas accounted for 13% of the global population. Towns and cities are seen as the crucibles of opportunity for many rural dwellers. The UN estimates that by 2030 urban areas will…

Overview

Policy plans shape Nigeria's transport infrastructure and mid-term macroeconomic development
OBG
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Africa’s largest economy and its 14th-largest geographically, Nigeria has seen much of its transport network fall into disrepair in the wake of unprecedented recent economic and population growth, as well as decades of under-investment in critical transport infrastructure. The country’s expansive road network spans nearly 200,000 km, although the majority of this is unpaved and in need…

Overview

Rapid expansion of the global aviation industry propels investment efforts
OBG
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The aviation sector is experiencing rapid growth worldwide, propelled by booming tourism industries, lower air fares and the push for greater connectivity in an increasingly globalised economy. Middle-class expansion has also spurred growth in air travel, as more people are able to afford flights for holidays or business-related travel. According to Boeing, commercial airlines experienced annual…

Overview

Rapid urbanisation in Abuja, Nigeria, drives infrastructure and real estate investment
OBG
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Home to the national capital Abuja – one of the fastest-growing cities in Africa – the Federal Capital Territory (FCT) 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,…