Economy

Nigeria Economy

As Africa’s most populous nation, and with the biggest oil and gas reserves in the region, Nigeria has long been one of the continent’s sought-after markets, but also one of its most complex and challenging. A GDP rebasing in 2014 modernised the country’s statistical measurements, expanding GDP to N94.14trn ($155.1bn at the time of printing) in 2015. As the current government approaches the end of its second year in power, the outlook for Nigeria’s economy remains unclear. Through an expansionary budget and a war on corruption, President Muhammadu Buhari hopes to usher in an era of long-term, inclusive growth. However, lower oil prices and a still fragile global economy will likely pose significant challenges through 2017.

This chapter contains interviews with Kemi Adeosun, Minister of Finance; Tunde Fowler, Executive Chairman, Federal Inland Revenue Service; Laoye Jaiyeola, CEO, Nigerian Economic Summit Group; Hajiya Ladi Katagum, Acting Executive Secretary, Nigerian Investment Promotion Commission; and Razia Khan, Chief Economist, Africa, Standard Chartered.