In 2014, when global commodity prices dropped, Nigeria plunged into economic trouble and in 2016 the country faced its first recession in over two decades. Heeding the call to diversify, the Nigerian government rose to the challenge and started to implement a number of initiatives to not only grow its economy but to protect it from similar commodity downswings in the future.
Key take-outs from this report
- New government policies are creating an enabling environment in Nigeria. By putting the right recovery policies in place now, Nigeria has shown its commitment to enabling potential in the future.
- Around 75% of Nigeria’s government revenues are derived from oil, exposing the country to downswings in the commodity sector. A number of policy changes have been introduced to reduce Nigeria’s oil dependency.
- Nigeria has embarked on a targeted drive to attract a more diverse group of investors in the economy, bolstered by new policies including an investor and exporter foreign exchange window.
- Homegrown innovation holds the key to unlocking Nigeria’s untapped potential in industries outside the oil sector.
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