NIGERIA 2015: The facts and figures in four keys
Nigeria, October 2015: A new infographic entitled “Nigeria: a post oil economy” produced by the global publishing, research and consultancy firm Oxford Business Group (OBG) illustrates the changing composition of Nigeria’s economy following the rebasing exercise of 2014. The overhaul to GDP data left Nigeria’s economy 89% larger than previously estimated, making it the biggest market across the continent.
Services to the fore: A new direction
With Nigeria reducing its reliance on oil, the services industry is moving centre stage. Figures from the Nigerian Bureau of Statistics show services now account for 52% of GDP, with information and communications technology (ICT) a key driver of growth.
Manufacturing: Another strong performer
Nigeria’s manufacturing sector has also expanded, increasing its contribution to GDP by five percentage points. A solid performance has prompted the government to set an ambitious target of boosting manufacturing’s role in the economy to 10% by 2020.
Turning a corner: Banking bounces back
West Africa’s largest banking sector has witnessed steady growth across both assets and lending in recent years, drawing a line under the 2008 crisis. Assets have increased by 53% in the five years from January 2009 to reach N24.38trn ($121.9bn).
Agriculture: Increasing domestic output
A raft of new initiatives is supporting Nigeria’s efforts to boost yields and processing activities in agriculture. Crop production rose by almost one third in the six years from 2007, reaching almost 184m tonnes in 2013.
OBG’s infographic is an essential, at-a-glance tool that provides investors with a facts-and-figures summary of Nigeria’s latest economic development. Brief and to the point, it complements the in-depth, sector-by-sector coverage found in OBG’s latest publication on the economy, The Report: Nigeria 2015.
More analysis can be found in OBG’s latest publication on the country’s economy, The Report: Nigeria 2015. The publication is a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. It also contains interviews with leading representatives, including heads of institutions and government. The Report: Nigeria 2015 is available in print or online.
About Oxford Business Group
Oxford Business Group (OBG) is a global publishing, research and consultancy firm, which publishes economic intelligence on the markets of the Africa, Middle East, Asia and Latin America and the Caribbean. Through its range of print and online products, OBG offers comprehensive and accurate analysis of macroeconomic and sectoral developments, including banking, capital markets, insurance, energy, transport, industry and telecoms.
The critically acclaimed economic and business reports have become the leading source of business intelligence on developing countries in the regions they cover. OBG’s online economic briefings provide up-to-date in-depth analysis on the issues that matter for tens of thousands of subscribers worldwide. OBG’s consultancy arm offers tailor-made market intelligence and advice to firms currently operating in these markets and those looking to enter them.
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