Is the Nigerian economy growing?
The “Giant of Africa” has enjoyed sustained economic growth for a decade with annual growth averaging above 6 %. Following a 2014 GDP rebasing exercise, Nigeria is now Africa's largest economy with a GDP of $ 568.5 billion. This robust growth faces challenges, including insecurity, falling crude oil prices and exchange-rate volatility. The Government of President Buhari is focusing on improving the business environment by reducing corruption, increasing security and strengthening monetary policy.
The economy is diversifying and the non-oil sector becoming the key driver of growth, with expanding financial, aviation, service, communications and entertainment sectors. Its emergent manufacturing sector is the third largest on the continent, producing a significant proportion of goods and services for the West African region. There is a strong focus on agriculture and agri-business
While Africa’s largest economy has faced some difficulties in recent times, there are many opportunities, as well as challenges, for an Irish business operating in the Nigerian market. In the medium-long term, aided by positive demographic trends, the Nigerian economy is projected to rebound strongly and resume growth.