Country Profile
From The Report: Nigeria 2023
View in Online Reader

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 stability in the region. The new government faces several pressing issues, ranging from an Islamist insurgency in the north and secessionist agitation in the south-east, to an underperforming oil sector in the south-south, in addition to sluggish economic growth and a depreciating currency.

This chapter contains interviews with Ngozi Okonjo-Iweala, Director-General, World Trade Organisation; Antonio Pedro, Acting Executive Secretary, UN Economic Commission for Africa; and Omar Alieu Touray, President, ECOWAS Commission.

Articles from this Chapter

Overview

A promising future: Africa’s most populous nation seeks to leverage the potential of its natural resources and younger generations
OBG
plus

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 its tenure the country has seen economic, political, and cultural gains alongside greater international…

Overview

Growth prospects: Digital economy and remittance inflows signal expansion
OBG
plus

Nigerian citizens went to the polls on February 25, 2023. Elections were also held for the Senate and the House of Representatives on the same day, as well as for 28 gubernatorial positions and state assemblies in all 36 states. It was the seventh general election since the return of civilian rule in 1999. Elections The election roster was varied, with both the All Progressives Congress (APC) and Peoples Democratic Party (PDP) overcoming periods of political division to select their candidates.…

Interview

Promising plans: Omar Alieu Touray, President, ECOWAS Commission, on how digitalisation and reform are catalysing investment in the region
OBG
plus

Interview:Omar Alieu Touray How would you evaluate the transition towards a digital economy across ECOWAS member states? OMAN ALIEU TOURAY: The Fourth Industrial Revolution has provided an opportunity for ECOWAS member states to leverage technology to augment employment, productivity, competitiveness and development. Our member states have adopted policies to promote digital entrepreneurship and innovation, and several ECOWAS member states have strategies to foster a vibrant digital ecosystem. We…

Interview

Developing at pace: Ngozi Okonjo-Iweala, Director-General, World Trade Organisation, on Nigeria’s global trade prospects
OBG
plus

Interview:Ngozi Okonjo-Iweala How would you assess Nigeria’s progress in trade development and capacity in recent years? NGOZI OKONJO-IWEALA: Nigeria has forged closer trade ties with other countries since 2000, particularly with China and India. After the Covid-19 pandemic, trade levels rose substantially. However, Nigeria is still dependent on the export of raw materials and should diversify its economy to integrate further in global value chains. Nevertheless, Nigeria has the will and…

Analysis

Mutual benefit: Key international alliances, digital trade and e-commerce present significant opportunities for expansion
OBG
plus

As both the largest economy and the most populous nation on the African continent, Nigeria has significant geopolitical relevance. Over the course of its post-independence history, it has been a key regional power and an instrumental player in both the African Union – known as the Organisation of African Unity from 1963 to 2002 – and the Non-Aligned Movement. Nigeria also helped create ECOWAS, a regional political and economic union of 15 countries in West Africa, with its headquarters in Abuja. The…

Interview

Trade links: Antonio Pedro, Acting Executive Secretary, UN Economic Commission for Africa (UNECA), on advancing trade-based growth and development in West Africa
OBG
plus

Interview:Antonio Pedro What policies can be implemented to accelerate the pace of industrialisation across West Africa? ANTONIO PEDRO: Industrial policy must be at the centre of development to accelerate industrialisation. This requires political support, institutional cohesiveness, coordination between public and private actors, reduced business costs, and increased investment in infrastructure as well as secured financing. In terms of macroeconomic and sector policies, introducing pro-growth…