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In 2022, Nigeria's GDP was worth 477 billion U.S. dollars, while the gross domestic product per capita equaled 2.33 thousand U.S. dollars. Nigeria is the 17th African country with the highest...
Geopolitical, economic, environmental, political and trade trends will shape the dynamics and outlook for the Nigerian economy in 2024. If the Russia-Ukraine war intensifies, it could lead to increased global energy and commodity supply risks. Nigeria may experience increased inflation and food security challenges due to grain import disruptions
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Jun 20, 2023 · The Lagos and Oyo states, for example, had some of the fastest GDP and GDP per capita growth rates. If we look at 2019 values instead of growth rates, GDP per capita was highest around the business and commercial districts of Lagos, and in microregions along the coastline and surrounding area.
- Oil and Gas
- Power Sector
- Infrastructure
- Services
- Consumer Products
- Agriculture
Nigeria has some of the largest natural gas deposits in the world with over 206.5 trillion cubic feet of proven reserves. However, the country has been unable to significantly mobilize that gas for the domestic market. Political interference, delays in legislating key issues, and an inconsistent approach to regulating the price of gas has deterred ...
The power sector neither meets the existing demand nor delivers uninterrupted reliable electricity. Nigeria’s electricity system operator calculates the nation’s 23 grid-connected generating plants with a total installed generation capacity at 12,910 megawatts (MW), an available capacity at 7,652 MW, and an average available generation of about 4,0...
Nigeria’s publicly-owned and operated transportation infrastructure is a major constraint to economic development. The principal ports are Lagos (Apapa and Tin Can Island), Port Harcourt, and Calabar. Of the 50,000 kilometers of roads, only a little more than 10,000 kilometers are paved, with many in poor condition. Due to budgetary funding shortag...
Nigeria’s services output ranks as the 63rd largest worldwide and fifth largest in Africa. The Nigerian financial services sector is substantial, and some foreign banks are in market as a hub for West Africa despite the rising macroeconomic headwinds. However, only about half of Nigeria’s adult population has access to formal financial services – a...
Nigeria is an increasingly important market and manufacturing center for the African consumer product sector. Nigeria is currently home to a middle class, estimated to be just below 50 million people. However, rising inflation is affecting the growth of this band. Major challenges to companies in the consumer products sector in Nigeria include prot...
Nigeria’s agricultural sector employed nearly 70% of the population and comprised nearly 22% of GDP in the Q1 of 2022, slightly higher than the 21.42% in Q4 2021. Nigeria possesses an abundance of arable land and a favorable climate for production of nuts and seeds fruits, tubers, and grains. Most farming in Nigeria is subsistence based, utilizing ...
The Central Bank of Nigeria (CBN) Economic Report is a compilation and analysis of economic developments in Nigeria within the review period. The Report, which is published on a monthly and quarterly basis, provides insights into the current developments in the real, fiscal, financial, and external sectors of the Nigerian economy and the global ...
The economic outlook for Nigeria in 2024 could be influenced by several factors based on the activities and reforms that were envisaged by the new administration in 2023.
Oct 18, 2023 · October 18, 2023 6:10 PM. The headquarters of the Central Bank of Nigeria (CBN) in Abuja. Nigeria is emerging as a significant economic force on the global stage. With a current GDP of $477...
