Agriculture contributed 24.1% to the gross value added (GVA) in 2022, followed by mining, manufacturing, and utilities (21.9%) and wholesale, retail, and hotel activities (14.2%). In nominal terms, the three sectors are expected to grow by 16.8%, 16.8%, and 16.4%, respectively, in 2023.
Three cities generated around 23.0% of Nigeria’s GDP and comprised 11.1% of the country’s population, as of 2022, according to the cities database
The NGSEINDX Index exhibited a rising trend over the past year. As of November 27, 2023, the index stood at 71,228.8, compared to 47,554.3 on November 27, 2022.Scope
- In September 2023, the Minister of Works Nigeria revealed that the government requires approximately NGN217 billion ($512.6 million) for the construction of 269 roads across Nigeria. Following an inspection tour of various regions, including the Southwest, Southeast, Southsouth, and parts of the Northcentral and Northwest zones.
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: 1-100)
- Exhibit 3: Broad categories and weights behind the index
- Exhibit 4: Nigeria stock exchange index - NGSEIND Index
- Exhibit 5: Key sectors’ contribution to the economy
- Exhibit 6: FDI inflows, FDI outflows, FDI inward stock and FDI outward stock (2018-22)
- Exhibit 7: Greenfield FDI projects and net cross border M&A deals (2018-22)
- Exhibit 8: Key infrastructure indicators
- Exhibit 9: Real GDP and household consumption growth rate (2018-25f)
- Exhibit 10: Real GDP growth rate comparison (2022)
- Exhibit 11: Volume of exports and imports growth (2018-25f)
- Exhibit 12: Current account balance (2018-25f)
- Exhibit 13: Top three commodity exports, % of total exports (2018-22)
- Exhibit 14: Mineral fuels, mineral oils and products of their distillation export, % of world total (2022)
- Exhibit 15: Interest rates (December 2018 - December 2023)
- Exhibit 16: Exchange rate and inflation (2018-25f)
- Exhibit 17: General government deficit (2018-25f)
- Exhibit 18: General government debt (2018-25f)
- Exhibit 19: Unemployment rate (2018-25f)
- Exhibit 20: Labor force participation rate (2018-25f)
- Exhibit 21: Employment by sector (2018-25f)
- Exhibit 22: Rural/urban share of total population (1995, 2005, 2015, 2025f)
- Exhibit 23: Age-group share of total population (2005, 2015, 2025f)
- Exhibit 24: Gender split (1995, 2005, 2015, 2025f)
- Exhibit 25: Internet users as a percentage of total population, mobile penetration rate and broadband penetration rate (2022)
- Exhibit 26: Number of patents granted per million population (2022)
- Exhibit 27: High-technology exports, % of manufactured exports (2021)
- Exhibit 28: Rule of law (rankings) 2023
- Exhibit 29: Corruption perceptions index (rankings) (2022)
- Exhibit 30: Renewable energy capacity (2017-21)
- Exhibit 31: CO2 emissions (2017-20)
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Arik
- Oando
- GT Bank
