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Highlights from The Report: Nigeria 2022

Nigeria | Economy

Market Profile Video

Nigeria is the biggest economy in Africa and has one of the largest proven oil reserves in the continent according to the World Bank. 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 population.

Marking 11 years of Oxford Business Group’s presence in the country, The Report: Nigeria 2022 tracks down how despite the contraction of the economy by 1.8% in 2020 and subsequent oil price crash due to the Covid-19 pandemic, concerted efforts have laid the groundwork for post-pandemic economic recovery. Indeed, stimulus plans and financial support packages have been put in place by the government to facilitate recovery and attract investment for high-growth-potential sectors of the economy.

The pandemic also resulted in a rapid digitalisation across commerce, education and personal communication. This shift is expected to put Nigeria in a favourable position for recovery in the medium term. The Report documents the country’s decision to put ICT at the centre of its economic growth plans, providing detailed analysis of the anticipated rollout of a 5G network in the near term as a means to support businesses and education.

Other in depth coverage within the report include analysis ongoing developments in Nigeria’s energy. Specifically, the adoption of the Petroleum Bill is seen as an opportunity for Nigeria to shift its attention from crude oil to the development of the country’s refining and natural gas infrastructure.

Moreover, the improved macroeconomic environment bodes well for investment in the energy sector, with growing opportunities in the nascent renewables segment as the country looks to expand electricity access to underserved communities.

Nigeria’s bid to strengthen food security by increasing local production and improving the value chain is another key focus. In recent years, the focus has returned to Nigerian agriculture as an important source of revenues for the country to diversify the economy. Plans to revitalise the sector are expected to be centred on increasing local production and improving the value chain. A spotlight is put on agri-tech solutions that have already begun providing additional support to farmers and other industry stakeholders, in line with broader efforts to revitalise the agriculture sector.

Other areas of the economy analysed include the country’s varied industrial sector and how although the pandemic disrupted international supply chains and local operations, the performance of some industrial segments in Nigeria bucked the trend. The report exposes how major projects continue to push ahead, such as Nigeria’s first privately owned oil refinery and new cement plants, while government plans to add greater value to agricultural output kicked off with external financing. Overall, the government sees industry as a way to diversify receipts and cushion the fallout from future oil price declines.

Read The Report: Nigeria 2022 for more insights into these topics and more, complemented by critical insights from key players across the public and private sectors.

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