Macroeconomic Outlook Report - Nigeria

Macroeconomic Outlook Report - Nigeria

Summary

Agriculture contributed 24.1% to the gross value added (GVA) in 2022, followed by mining, manufacturing, and utilities (21.9%) and wholesale, retail, and hotel activities (14.2%). In nominal terms, the three sectors are expected to grow by 16.8%, 16.8%, and 16.4%, respectively, in 2023.

Three cities generated around 23.0% of Nigeria’s GDP and comprised 11.1% of the country’s population, as of 2022, according to GlobalData’s cities database

The NGSEINDX Index exhibited a rising trend over the past year. As of November 27, 2023, the index stood at 71,228.8, compared to 47,554.3 on November 27, 2022.

Scope

• In September 2023, the Minister of Works Nigeria revealed that the government requires approximately NGN217 billion ($512.6 million) for the construction of 269 roads across Nigeria. Following an inspection tour of various regions, including the Southwest, Southeast, Southsouth, and parts of the Northcentral and Northwest zones.

Reasons to Buy

• Macroeconomic Outlook Report identifies the potentials of the country as an investment destination by analyzing the political, economic, social, technological, legal and environmental (PESTLE) structure.
• PESTLE Insights provides 360 degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials and direction of operations
• Along with providing the country’s snapshot, the report captures the risk factors pertaining to the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure and natural and geographic aspects that might impact business.
• This report also highlights key clusters/cities which contribute significantly to the country GDP and population along with major companies’ presence in these areas.