Market overview: Nigeria

Dec 13, 2017 · Guest post for from Richie Santosdiaz, London-based economic development expert

Lagos nigeria

Guest post for OpentoExpert from Richie Santosdiaz, London-based economic development expert.

With the recent news that its economy is on track for economic growth this year, you could fairly conclude that Nigeria has made significant progress since independence from the British in 1960. These days the consensus is that Nigeria is an emerging economy with the potential to be a future key player not just in Africa but also on the global stage.

MINT Condition

The country has been grouped in the "MINT" collection of high growth markets, alongside  Mexico, Indonesia, and Turkey. These economies are not only growing at a considerable rate, but they are also fuelled by their significant populations, with Nigeria’s estimated to total at over 185 million people. To put Nigeria’s huge population into perspective, a quarter of all Africans are Nigerian. It’s largest city, Lagos, alone has 20 million people.

Though Nigeria is regarded as having one of Africa’s largest economies, alongside South Africa and Egypt, its economy actually contracted 1.6 percent in 2016. Looking ahead, though, the International Monetary Fund forecasts GDP growth of 0.8 percent this year and 1.9 percent in 2018, mainly due to the increase in output of its biggest export, oil.

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