Africa Business Communities

[Nigeria Business Week] Andrea Ayemoba: 2022 statistics outline Nigeria's economic status quo

Despite all the setbacks plaguing economies the world over, Nigeria’s GDP for 2022 is projected to be north of $500billion, the largest in Africa. All eyes are now turned to what these next 12 months could bring Africa’s largest economy. 

Agriculture and Banking have already made a few headlines. Maize and soybean production has been awarded a half a billion naira boost and an agri-tech startup has secured miilions of dollars in funding.

Africa Import-Export (Afreximbank) is set to make an entry into the power and energy sector. At the same time, the premium trade bank has opened its first quality assurance center in Ogun State, Nigeria. Meanwhile, a commercial bank has been recognized for its modernized IT infrastructure, propelling its rating from 65th in the country to the number one position. 

Oil and Gas is an industry with much room for improvement. Dolphin Drilling has announced more work in Nigeria for the year 2023, and PGS has committed to supporting Nigeria with 3D coverage on a bid made in 2022. Despite these early developments, the World Bank has cited the oil sector's weakened state as a primary reason for lowering Nigeria’s economic growth projections.

In other industries, Healthcare is getting broader in its coverage, with mental healthcare and education getting more and more traction (it is well known that this has been a subject of shame and stigma, a situation that is steadily shifting to a more positive light). 

Statistics from last year show certain trends to take into account, such as the sharp increase in shipment of smartphones and the 19% rise in Nigerian bank deposits.

Andrea Ayemoba is a Senior Editor at Africa Business Communities


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