Macroeconomic Outlook Report: Nigeria

Macroeconomic Outlook Report: Nigeria

Summary

Agriculture contributed 23.0% to the gross value added (GVA) in 2024, followed by mining, manufacturing, and utilities (23.6%) and transport, storage, and communications (14.7%). In nominal terms, the three sectors are expected to grow by 15.4%, 16.3%, and 18.2%, respectively, in 2025.

Three cities generated around 24.0% of Nigeria’s GDP and comprised 8.9% of the country’s population in 2024, according to GlobalData’s cities database estimates

As of December 2024, the Nigerian Federal Government plans to commence the construction of a train track along the Lagos-Calabar Coastal Highway, specifically for Section 1, in 2025. This initiative is part of a broader effort to enhance transportation infrastructure across the country. The Lagos-Calabar Coastal Highway project, which spans approximately 1,400 kilometers, aims to facilitate better connectivity between major economic hubs and promote regional development. The government has allocated significant funding for this project, with an estimated budget of NGN1.2 trillion ($2.9 billion).

Scope

• Macroeconomic Country Outlook Reports evaluate a country's investment potential through its political, economic, social, technological, legal, and environmental (PESTLE) framework.
• This comprehensive analysis offers a holistic view of the economy, serving as a strategic tool to understand market dynamics, business potential, and operational direction.
• Each PESTLE factor is examined based on four parameters: current strengths, current challenges, future prospects, and future risks. These insights support strategic planning by highlighting opportunities and risks within the economy, helping businesses and investors make informed decisions.
• The report aims to provide a detailed understanding of the country's macroeconomic environment to facilitate effective decision-making and strategy development.

• 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.