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Overview

Nigeria's natural and demographic resources to accelerate growth
OBG
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With a population of over 218.5m as of July 2022 and home to plentiful natural resources, Nigeria is simultaneously Africa’s largest economy and its most populous country. Since its independence in 1960 it has seen significant economic expansion, especially in the years after its transition to democracy in 1999. The current administration is the longest uninterrupted government since 1960, and under…
Country Report

The Report: Nigeria 2023
OBG
plus

Nigeria’s GDP growth decelerated in 2022 amid global headwinds, including elevated commodity prices and soaring inflation resulting from Russia’s invasion of Ukraine. The IMF’s GDP growth projection of 3.2% for 2023 is in recognition of the measures Nigeria has undertaken to boost oil production. Nevertheless, the country’s medium-term economic plan, the National Development Plan (NDP) 202
Chapter

The Report: Nigeria 2023: Country Profile
OBG
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If its population reaches 377m by 2050 as is projected, Nigeria is poised to become the world’s third-most populous country, with a diverse and complex social architecture comprising more than 250 ethnic groups and a plethora of faiths. The peaceful handover of power at both the executive and legislative level following elections in March 2023 buttressed Nigeria’s status as a symbol of political…
Chapter

The Report: Nigeria 2023: Economy
OBG
plus

Nigeria has the potential to reduce its reliance on energy exports and promote growth in other sectors of the economy. The prominence of the non-oil private sector is expected to increase, offering opportunities for job creation and export diversification. Eliminating differences in the foreign exchange rate and improving security conditions are expected to benefit Nigerian businesses. However, in…
Chapter

The Report: Nigeria 2023: Banking
OBG
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While many Nigerian banks are likely to see greater profitability in 2023, they are still grappling with distressed legacy loans to oil, gas and power companies. Moreover, the cautious policies of financial institutions and the Central Bank of Nigeria (CBN) are indicative of uncertainty in the global financial sector, reflected in continued caution in the policies at home. However, the CBN’s recent…
Chapter

The Report: Nigeria 2023: Capital Markets
OBG
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Nigeria’s capital markets have demonstrated positive growth despite the downturn in regional capital markets and global headwinds. Indeed, at the close of 2022 the rebranded Nigerian Exchange (NGX) had a 19.9% return on investment, making it the world’s fourth-best performing index. Key to sustaining this momentum in the coming years is attracting blue-chip companies to list on the NGX and easing…

Analysis

What are the benefits of annual finance acts on non-oil tax revenue in Nigeria?
OBG
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Nigeria has a long-standing reliance on crude oil sales to generate revenue. However, the ongoing volatility in oil prices and the growing shift to alternative energy sources have made reliance on crude oil sales for fiscal planning unsustainable in the long term. The shortage of daily crude oil production in Nigeria is an additional challenge, thereby making revenue diversification and the shift to…

Analysis

How institutions of higher learning are embracing the metaverse
OBG
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In a bid to expand access, education is increasingly exploring the possibilities of the metaverse and extended-reality (XR) approaches. The former comprises a range of technologies which immerse users in a virtual environment. It denotes a 3D medium that combines virtual reality (VR) and augmented reality (AR) into a new digital realm, sometimes known as XR. These environments are accessed through…

Analysis

How mandatory coverage set to enhance health care in Nigeria
OBG
plus

The National Health Insurance Scheme (NHIS) was enacted in 2004 to make it affordable for all citizens to have medical insurance, and to provide Nigerians relief from high out-of-pocket spending for health-related services. In 2019 a three-point rebranding was unveiled to improve the transparency and accountability of the insurance scheme, make the organisation result-oriented and accelerate efforts…