Invest in Nigeria & Buy in Nigeria

Nigeria, the largest economy in Sub-Saharan Africa, has seen a diverse economic journey in the past decade. From 2010 to 2015, the nation enjoyed robust economic growth, boasting an annual average GDP growth rate of 5.52%. This period was primarily fueled by high crude oil prices, although the oil sector itself saw a yearly decline of -4.5%. Meanwhile, the non-oil sector played a pivotal role, contributing 6.2% to overall growth and constituting 90% of the total GDP.

In contrast, the years between 2016 and 2020 witnessed a notably slower average growth rate of 0.3%, marked by two recessions. These downturns were primarily attributed to the crash in crude oil prices in 2015 and the far-reaching impacts of the COVID-19 pandemic in 2020. During these challenging years, industries such as aviation, tourism, hospitality, manufacturing, and trade faced contractions, offsetting growth in the financial and information and communications technology sectors.

Agriculture and services emerged as the primary drivers of Nigeria’s economic growth over the last decade, surpassing the industrial sector. While agriculture maintained positive growth, its rates began to taper off. Meanwhile, services expanded at a faster pace but experienced declines in recessionary years. The services sector consistently contributed over half of the GDP since 2012, demonstrating its resilience even during economic shocks. In 2021, services accounted for 53% of the GDP, underscoring their substantial role in Nigeria’s economic landscape.

Despite the setbacks, Nigeria’s economy has shown signs of recovery since 2021, marked by consecutive quarters of positive growth, reflecting an improving economic performance.

In 2020, the economy contracted by 1.92%, but measures like the Economic Sustainability Programme helped mitigate more severe declines. Subsequently, in 2021 and the first half of 2022, the GDP displayed signs of recovery, with positive growth figures indicating a rebound from the 2020 recession. These developments offer a cautiously optimistic outlook for Nigeria’s economic future, emphasizing the importance of diversifying away from oil dependency and nurturing growth in sectors like agriculture and services.