In 2016, Nigeria’s economy slipped into recession for the first time in more than two decades reflecting adverse economic shocks, inconsistent economic policies, and deepening security problems in the north east and Delta regions. The outlook for 2017 is for a moderate economic recovery with real GDP projected to grow at 2.2% spurred by increased infrastructure spending and restoration of oil production to previous levels.
These ready-made tables and charts provide for snapshot of aid (Official Development Assistance) for all DAC Members as well as recipient countries and territories. Summary reports by regions (Africa, America, Asia, Europe, Oceania) and the world are also available.
The economy has enjoyed sustained economic growth for a decade, with annual real GDP increasing by around 7%; it was 6.3% in 2014. The non-oil sector has been the main driver of growth, with services contributing about 57%
With Africa’s population set to double by 2050, modernising local economies will be vital to make the continent more competitive and to increase people’s living standards, according to the African Economic Outlook 2015, released at the African Development Bank Group’s 50th Annual Meetings.
Since the return to democracy in 1999, Nigeria has embarked upon an ambitious reform programme towards greater economic openness and liberalisation. As a result, gross domestic product growth picked up consistently, never going below 5% since 2003. Nigeria has become a top recipient of foreign direct investment in Africa, with inflows having surpassed those to South Africa since 2009. The federal government’s Transformation Agenda recognises private sector development as the main engine for economic growth and includes bold investment reforms. Growth has however not yet been translated into inclusive development and the investment climate still suffers from severe challenges.
This Investment Policy Review examines Nigeria’s investment policies in light of the OECD Policy Framework for Investment (PFI), a tool to mobilise investment in support of economic growth and sustainable development. It provides an assessment and policy recommendations on different areas of the PFI: investment policy; investment promotion and facilitation; trade policy; infrastructure investment; competition; corporate governance and financial sector development. It also includes a special chapter analysing the PFI in Lagos State. The Review follows on the request addressed by the Minister of Industry, Trade and Investment of Nigeria to the OECD Secretary-General in December 2011. It has been prepared in close co-operation with the Federal Government of Nigeria and Lagos State Government.
On 28-29 March 2015, Africa’s most populous country and number 1 economy organised peaceful elections, which were internationally recognised as “free and fair” and led to the first democratic transition in Nigeria’s history. The election results seem to show that the role of ethnic, religious and geographic factors is gradually shrinking. Beyond Nigeria, West Africa is a winner too.
By participating more effectively in the global production of goods and services, Africa can transform its economy and achieve a development breakthrough, according to the latest African Economic Outlook, released at the African Development Bank Group’s Annual Meetings.
The 2011 African Economic Outlook was launched at the African Development Bank’s Annual Meetings in Lisbon, Portugal on 6 June, 2011.
The 2010 African Economic Outlook finds the continent reeling from the effects of the world’s deepest and most widespread recession in half a century. Just how hard was the region hit? What are the prospects for recovery? This edition features an in-depth study of Taxation and Aid in Africa.
The Development Centre's award-winning website keeping its finger on the economic pulse of Africa.