Nigeria is the largest economy and market in Africa . Nigeria’s annual growth rate averaged 7 percent over the past decade. Almost 40 million Nigerian live in consuming class households. As a result, the country is regarded as one of the fastest growing economies in the world with the GDP in 2015 US$510 billion. To sustain this annual growth rate, the GON is liberalizing Nigeria’s economy, promoting public-private partnership and encouraging strategic alliances with foreign firms, especially for infrastructure development and technology acquisition in critical sectors such as security, power generation, transportation, and healthcare.
The considerable strides that Nigeria have made in the recent decade have not been fully recognized outside the country, because Nigeria’s security challenges have gained more coverage in the media that its economic successes.
Nigeria is the key driver of international trade in all of West Africa, which consists of sixteen countries. Market analysts from the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) claim that Nigeria accounts for over 40 percent of imports in the sub-region and ranks among Africa’s largest consumer markets.
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