Cover of The Report: Nigeria 2019

The Report: Nigeria 2019

Combining oil and gas wealth with the entrepreneurial efforts of its predominantly young population, Nigeria has developed a business-friendly environment over the past two decades of civilian rule. The country has effectively leveraged its abundance of natural resources and harnessed the strength of its 193m-strong population to become a key nation both on the African continent and beyond.

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 February 2019. While the government remains largely reliant on oil and gas for revenue, the economy itself is more diversified, with manufacturing, banking and insurance, retail and agriculture all major contributors. However, each of these sectors could grow faster and create more opportunities if structural problems were overcome.

OBG & Nigeria