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
Nigeria is the biggest economy in Africa, with GDP of $432.3bn in 2020, according to the World Bank, and home to one of the largest proven oil reserves on the continent. The country has developed an investment-friendly business climate over two decades of civilian rule and in the nearly 60 years since independence, boosted by its oil and gas wealth, and the entrepreneurial spirit of its young popu
Nigeria is continuing to gradually recover from the recession caused by the drop in international oil prices in 2014, with the economy returning to positive growth in 2017 and the IMF estimating that GDP will expand by 1.9% in 2018 and 2.3% in 2019. That said, more remains to be done to achieve economic diversification, and major reforms are expected to be enacted following the general election in
Nigeria is the biggest economy in Africa with a GDP of $487bn in 2015, according to the World Bank. The country assumed the mantle of the continent’s largest economy in 2013, following a rebasing exercise. However, its large population means that Nigeria remains a comparatively poor country in per-capita terms, with a lower GDP per capita than several of its sub-Saharan neighbours. Following a r
As Nigeria receives little in the way of mainstream leisure travellers, the tourism sector is represented mainly by the domestic, visiting friends and family (VFF), and corporate travel segments. The country is ranked 178th globally in terms of the sector’s size relative to its GDP, with the direct and indirect contributions measured at 1.5% and 3%, respectively, according to the World Travel &…
As Nigeria receives little in the way of mainstream leisure travellers, the tourism sector is represented mainly by the domestic, visiting friends and family (VFF), and corporate travel segments. While the tourism sector faces significant challenges, Nigeria is a market that any travel or hospitality business with serious international and continental ambitions can ill afford to avoid. The sector is…
With the global tourism industry hit hard during the financial crisis and growth slowing in larger markets, international hotels and tourism experts are looking at new opportunities for expansion. The historically small industry in West Africa in general, and Nigeria in particular, looks set to become a more attractive destination for foreign investment, with capital investment in the country’s…
Interview: Hassan Ahdab With modest visitor numbers, how important are non-room revenues and amenities in West Africa? HASSAN AHDAB: The West African market actually presents vast opportunities. The market is booming and therefore non-room revenue and amenities don’t have to play a massive role. As far as growth goes, the continent is showing remarkable trends in a number of areas that we…
With the global tourism industry hit hard during the financial crisis and growth slowing in larger markets, international hotels and tourism experts are looking at new opportunities for expansion. Capital investment is set to rise by 7.6% in 2013 to $1.89bn. Internationally branded hotels dominate the market, with several new projects in the pipeline for Lagos and Abuja in particular. Business travellers…
While Nigeria’s economy has posted impressive headline growth rates in recent years, its tourism sector has remained relatively underdeveloped. Largely overlooked by a government and investors with other priorities, the industry currently contributes only a small share of GDP. However, calls for greater investment are increasing in volume, with sector leaders pointing out the potential for growth…
