Economy

Nigeria Economy

The past few years have been difficult for Africa’s largest economy, with a fall in oil prices from more than $100 per barrel in 2014 to roughly $50 per barrel at the start of 2017 having damaging consequences for Nigeria. The fall in revenues from the country’s largest export-earner led to a slowdown in investment throughout the economy, a ballooning of federal government debt, a rise in non-performing loans in the private sector and high inflation. These factors contributed to the economy contracting 1.5% in 2016, compared to growth of 2.8% in 2015. This marked the country’s first recession in 25 years. The government, which was voted into office in 2015, has made a number of moves to stoke a recovery, with some success. Broader efforts have also been taken to accelerate growth in the coming years, with a focus on import substitution, industrialisation, diversification and export orientation.

This chapter contains interviews with Kemi Adeosun, Minister of Finance; Akinwunmi Ambode, Governor of Lagos State; Laoye Jaiyeola, CEO, Nigerian Economic Summit Group; and Yewande Sadiku, Executive Secretary, Nigerian Investment Promotion Commission.