Country Profile
From The Report: Nigeria 2016
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Nigeria is the third-biggest country in West Africa by area and 32nd largest in the world. With 853 km of coastline adjoining the Gulf of Guinea, it is well connected to international trade routes and acts as an important conduit of goods for its landlocked neighbours to the north. Nigeria is also blessed with an abundance of resources. In the last 18 months, significant political progress has been made in Nigeria. The ballot box has taken centre stage as the country carried out a peaceful handover of power at both the executive and legislative level. The incoming government has a number of pressing issues to tackle ranging from an Islamist insurgency in the north to a bruised oil industry in the south, alongside a slowing economy and depreciating currency.

This chapter contains viewpoints from President Muhammadu Buhari; and Christine Lagarde, Managing Director, IMF; as well as an interview with Lim Hng Kiang, Singapore Minister for Trade and Industry.

Articles from this Chapter

Overview

Emerging giant: With its rich history, great economic potential and abundant resources, Nigeria looks to the future
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The most populous country and arguably the largest economy on the continent, Nigeria is widely regarded as an African powerhouse. With abundant natural resources and a young, dynamic population, the country has long played an important role on the continent and it has the potential to be a wider global player in the coming decades. History The Jos Plateau in the centre of modern day Nigeria was a locus for early human activity in West Africa. Evidence exists to suggest that the ancestors…

Overview

Active progress: Political reform and a renewed anti-corruption drive are taking centre stage
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Significant political progress has been made in Nigeria in the last 18 months. The ballot box has taken centre stage as the country has carried out a peaceful handover of power – its first since becoming independent – at both the executive and legislative level. The development is a significant one for this country of 184m people, although the incoming government has a number of pressing issues that need to be tackled ranging from an Islamist insurgency in the north to a bruised oil industry…

Viewpoint

All change: OBG talks to President Muhammadu Buhari
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Viewpoint:President Muhammadu Buhari This administration’s policy of “change” is to build a new Nigeria, which must reflect in the way we do things either as individuals or institutions. It is a change geared towards striving to be prudent in the way we manage our time, financial and material resources to ensure that we secure our country, rebuild our economy and make Nigeria stronger than it has ever been. The answers to our problems are not beyond us. They exist on our farmlands; in…

Overview

Local solutions: An expanded regional role is central to the new government’s foreign and security policies
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Since its declaration of independence in 1960, Nigeria has played an active role in promoting regional stability and economic development. The West African country has been a leading member of both the African Union and ECOWAS. Through successive administrations, Abuja has adhered to the widely held mantra, “African solutions to African problems”. Headline Role Nigeria’s commitment to regional growth and development goes well beyond rhetoric. For example, the country is the fifth-largest…

Viewpoint

A fundamental change: Christine Lagarde, Managing Director, IMF, on policymaking during fiscally challenging periods
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Nigerians have created a large and diversified economy that has grown by about 7% a year over the last decade. This has been a remarkable achievement and a testament to Nigeria’s immense potential. The outlook, however, has weakened. Growth in 2015 was 2.7% – its slowest pace since 1999 – and only a modest recovery is expected in 2016. For a country with a rapidly increasing population, this means almost no real economic growth in per capita terms. On top of the slowdown, vulnerabilities have…

Interview

Keeping pace: OBG talks to Lim Hng Kiang, Singapore Minister for Trade and Industry (Trade)
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Interview:Lim Hng Kiang What are the advantages to investing in Nigeria, and what can be done to facilitiate deeper ties between Singapore and African countries? LIM HNG KIANG: The challenging near-term global outlook for resource-based sectors has encouraged governments to intensify their economic diversification efforts. Resource-rich countries such as Nigeria can strengthen their industrial bases against downturns in the commodity market by staying the course towards greater diversification. Singapore…

Analysis

Community ties: The ECOWAS bloc continues to promote economic development and political stability within the region
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Founded by the Treaty of Lagos in 1975, ECOWAS has served as a force for regional integration in areas ranging from education to security to monetary policy. The organisation is comprised of fifteen neighbouring countries including Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Sierra Leone, Senegal and Togo. ECOWAS aims to promote economic and political stability in the region, and is working to gradually reduce the member…

Analysis

Strengthening relations: The government is focused on developing its international relations with several key partners
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President Muhammadu Buhari has embarked on an active foreign policy during his first year in office. Nigeria’s new head of state has had a busy overseas itinerary, adopting an aggressive diplomatic agenda in pursuit of key policy aims laid out in his 2015 election campaign. The policy has reaped some rewards for Abuja’s security and economic goals. Building Relations It is perhaps unsurprising that in July 2015, just 8 weeks after taking office, Buhari travelled to Washington DC. Nigeria has…