The Report: Nigeria 2013

The Report: Nigeria 2013

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As the single most populous nation in Africa, Nigeria recently overtook South Africa as the largest economy on the continent. Natural resources, oil and gas in particular, comprise the countrya€™s single largest revenue-earner but the 170m person economy also has seen significant activity in recent years into the industrial, financial, telecoms and a€“ as of 2013 a€“ power sectors. Hydrocarbons reserves have traditionally attracted the vast majority of domestic and foreign investment in Nigeria. Oil production capacity has remained at roughly 2.5m barrels per day (bpd) since the start of 2000, although output fell to 2.2m bpd on average in 2012. Still, the country has long operated below its true potential and government efforts in recent years have sought to increase local value addition, by boosting refining capacity and minimising theft and bunkering. The countrya€™s banking sector has been through a significant shake-up as well, resulting in a far healthier and more robust financial industry, while reforms in the telecoms and agricultural sectors have strengthened medium-term prospects.For example, five European countries were represented in the top 10 source markets with the highest new capital inflow to Nigeria in 2012, with the UK accounting for about 60% of the total. Moreover, non-oil ... More and more multinational companies are listing on the Nigerian Stock Exchange, using it as a litmus test to measure the competitiveness of the economy as a whole. ... This range of incentives ranges from land concessions to tax holidays and provision of infrastructure.

Title:The Report: Nigeria 2013
Author: Oxford Business Group
Publisher:Oxford Business Group - 2013-12-04

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