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.

Cover of The Report: Nigeria 2017

The Report

This chapter is from the Nigeria 2017 report. Explore other chapters from this report.

Interviews & Viewpoints

Sketch of  Laoye Jaiyeola, CEO, Nigerian Economic Summit Group (NESG)
Laoye Jaiyeola, CEO, Nigerian Economic Summit Group (NESG)

Covid-19 Economic Impact Assessments

Stay updated on how some of the world’s most promising markets are being affected by the Covid-19 pandemic, and what actions governments and private businesses are taking to mitigate challenges and ensure their long-term growth story continues.

Register now and also receive a complimentary 2-month licence to the OBG Research Terminal.

Register Here×

Product successfully added to shopping cart