Nigeria has the largest economy in Africa (World Bank 2014).
Nigeria, a federal constitutional republic, is a key emerging market and a regional powerhouse on the African continent.
Lagos – 17 million • Kano – 11 million • Ibadan – 3.6 million • Port Harcourt 2.4 million • Abuja (Capital) 2.1 million
43.8% (0-14 years) • 53.2% (15-64 years) • 3% (65+ years)
World’s 6th largest producer & 8th largest exporter of crude oil • Top 5 cocoa bean producing country in the world
Nigeria has 36 states and a Federal Capital Territory, Abuja.
Nigeria is the most populous country in Africa (United Nations 2015).
McKinsey & Company
Extract from the McKinsey Global Institute (MGI) report:
Lions On The Move – Realizing the Potential of Africa’s Economies
Africa as a whole is projected by the International Monetary Fund (IMF) to be the world’s second fastest-growing economic region by 2020.
The region has robust long-term economic fundamentals. In an aging world, Africa has the advantage of a young and growing population, and will soon have the fastest urbanization rate in the world.
Strong growth in consumer and B2B spending makes Africa a very exciting market. Local and global firms that tailor their offerings to the continent’s diverse consumer segments and business clusters have a tremendous opportunity for profitable growth.
Africa could nearly double its manufacturing output from $500 billion today to $930 billion in 2025, provided countries take decisive action to create an improved environment for manufacturers.
The continent has 400 companies with revenue of more than $1 billion per year, and these companies are growing faster, and are more profitable in general than their global peers.