Agriculture contributed 23.0% to the gross value added (GVA) in 2024, followed by mining, manufacturing, and utilities (23.6%) and transport, storage, and communications (14.7%). In nominal terms, the three sectors are expected to grow by 15.4%, 16.3%, and 18.2%, respectively, in 2025.
Three cities generated around 24.0% of Nigeria’s GDP and comprised 8.9% of the country’s population in 2024, according to the analyst’s cities database estimates
As of December 2024, the Nigerian Federal Government plans to commence the construction of a train track along the Lagos-Calabar Coastal Highway, specifically for Section 1, in 2025. This initiative is part of a broader effort to enhance transportation infrastructure across the country. The Lagos-Calabar Coastal Highway project, which spans approximately 1,400 kilometers, aims to facilitate better connectivity between major economic hubs and promote regional development. The government has allocated significant funding for this project, with an estimated budget of NGN1.2 trillion ($2.9 billion).Scope
- Macroeconomic Country Outlook Reports evaluate a country's investment potential through its political, economic, social, technological, legal, and environmental (PESTLE) framework.
- This comprehensive analysis offers a holistic view of the economy, serving as a strategic tool to understand market dynamics, business potential, and operational direction.
- Each PESTLE factor is examined based on four parameters: current strengths, current challenges, future prospects, and future risks. These insights support strategic planning by highlighting opportunities and risks within the economy, helping businesses and investors make informed decisions.
- The report aims to provide a detailed understanding of the country's macroeconomic environment to facilitate effective decision-making and strategy development.
Reasons to Buy
- Macroeconomic Outlook Report identifies the potentials of the country as an investment destination by analyzing the political, economic, social, technological, legal and environmental (PESTLE) structure.
- PESTLE Insights provides 360 degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials and direction of operations
- Along with providing the country’s snapshot, the report captures the risk factors pertaining to the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure and natural and geographic aspects that might impact business.
- This report also highlights key clusters/cities which contribute significantly to the country GDP and population along with major companies’ presence in these areas.
Table of Contents
- Did You Know?
- Country Highlights
- Key Economic Updates
- Country Snapshot
- Political Landscape
- Economic Landscape
- Social Landscape
- Technological Landscape
- Legal Landscape
- Environmental Landscape
- Outlook
- Exhibit 1: Nigeria’s Performance in terms of the Country’s Risk Analysis in Comparison to the Middle East and Africa and the World
- Exhibit 2: Performance Overview (Score: 0-100)
- Exhibit 3: Broad Categories and Weights Behind the Index
- Exhibit 4: NGSEINDX Index, (March 2024-March 2025)
- Exhibit 5: Key Sectors’ Contribution to the Economy
- Exhibit 6: FDI Inflows, FDI Outflows, FDI Inward Stock and FDI Outward Stock (2019-23)
- Exhibit 7: Greenfield FDI Projects and Net Cross Border M&A Deals (2019-23)
- Exhibit 8: Key Infrastructure Indicators
- Exhibit 9: Real GDP and Household Consumption Growth Rate (2020-27f)
- Exhibit 10: Real GDP Growth Rate Comparison (2024e)
- Exhibit 11: Volume of Exports and Imports Growth (2020-27f)
- Exhibit 12: Current Account Balance (2020-27f)
- Exhibit 13: Top Three Commodity Exports, % of Total Exports (2019-23)
- Exhibit 14: Exports of Mineral Fuels, Mineral Oils And Products of Their Distillation, % Share of The World’s Total (2023)
- Exhibit 15: Interest Rates (February 2020 - February 2025)
- Exhibit 16: Exchange Rate and Inflation (2020-27f)
- Exhibit 17: General Government Deficit (2020-27f)
- Exhibit 18: General Government Debt (2020-27f)
- Exhibit 19: Unemployment Rate (2020-27f)
- Exhibit 20: Labor Force Participation Rate (2020-27f)
- Exhibit 21: Employment by Sector (2020-27f)
- Exhibit 22: Rural/Urban Share of Total Population (2015, 2020, 2025f, 2030f)
- Exhibit 23: Age-group Share of Total Population (2015, 2020, 2025f, 2030f)
- Exhibit 24: Gender Split (2015, 2020, 2025f, 2030f)
- Exhibit 25: Internet Users as a Percentage of Total Population, Mobile Penetration Rate and Broadband Penetration Rate (2024e)
- Exhibit 26: Number of Patents Granted Per Million Population (2023)
- Exhibit 27: High-technology Exports, % of Manufactured Exports (2023 or Latest)
- Exhibit 28: Rule of Law (Rankings) 2024
- Exhibit 29: Corruption Perceptions Index (Rankings) (2024)
- Exhibit 30: Renewable Energy Capacity (2020-24e)
- Exhibit 31: CO2e Emissions (2019-23)
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Arik
- Oando
- GT Bank
