Nigeria is the Biggest Economy in Africa, with a GDP of $432.3bn in 2020
With a population of over 200m, Nigeria is a large and diversified economy, despite the government’s reliance on oil and gas revenue. While the Covid-19 pandemic and subsequent oil price crash caused a contraction in economic growth in 2020, it also led to rapid digitalisation across commerce, education and communication. This shift is expected to put Nigeria in a favourable position for recovery in the medium term.
Nigeria is the biggest economy in Africa, with a GDP of $432.3bn in 2020, according to the World Bank, and home to one of the largest proven oil reserves on the continent. 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.
Despite the economy contracting by 1.9% in 2020 due to the pandemic, there is the sentiment that a recovery is on the horizon. Indeed, stimulus plans and financial support packages have been put in place by the government to facilitate an economic rebound. Meanwhile, negotiations on digital payment and trading platforms such as the African Continental Free Trade Area e-commerce protocol are being fast-tracked, to boost regional trade. Overall, facilitating sustainable and inclusive growth is at the top of the government’s agenda.
Table of Contents
- Country Profile
- Economy
- Financial Services
- Energy
- Industry
- Agriculture
- ICT
- Retail
- Construction & Real Estate
- Transport and Logistics
- Health and Education
- Kaduna
- The Guide
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