News & Events


May 2014

Investors show growing interest in Nigeria’s rebased economy

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The recent rebasing of Nigeria’s Gross Domestic Product (GDP), which makes Nigeria the largest economy in Africa and 26th in the world, has generated increased interest in trade in the country, the Lagos Chamber of Commerce and Industry (LCCI) has disclosed.

“We have been receiving requests for participation from both regular and new foreign exhibitors since the rebasing outcome was made public. The exhibitors expressed the desire to take advantage of the benefits offered by Africa’s biggest economy,’’ said Michael Olawale-Cole, vice president of the chamber and chairman, Trade Promotion Board, organiser of the Lagos trade fair.

Nigeria’s GDP was recently rebased by the National Bureau of Statistics (NBS), an exercise that increased GDP to $510 billion, from previous $263 billion. So far, there has not been official data on the number of recent investments or new entrants, but analysts say there will likely be new investments.

Olusegun Olutoyin Aganga, Nigeria's Minister of Industry, Trade and Investment

Olusegun Olutoyin Aganga, Nigeria’s Minister of Industry, Trade and Investment

Francisco Ferreira, World Bank chief economist, African region, said the rebasing of Nigerian economy would attract more investors into the country, stressing it had exposed sectors where Nigeria’s economy recorded dynamic growth. Analysts see further investments coming to manufacturing, agriculture, construction and insurance, among others.

On his part, Olawale-Cole said that currently investors were calling and were eager to enter into business relationship with prospective local partners.

“This becomes particularly germane with the reinforcement of the new status of Nigeria by her classification by Ernst and Young as one of the top three economies in Africa to invest in,” he affirmed, disclosing that everything was being put in place to ensure a successful outing.

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