Nigeria PESTLE Insights – A Macroeconomic Outlook Report
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Nigeria PESTLE Insights Report Overview
The GDP of Nigeria was $478 billion in 2022 and was ranked 129th out of 153 nations in the GCRI Q3 2023. The envisaged elimination of the Premium Motor Spirit (PMS) subsidy, coupled with increased revenue will bring down the fiscal deficit in 2023–24. Financing the deficit is expected through borrowing, particularly from concessional sources with extended maturities. Despite heightened oil exports, the current account is forecasted to register a deficit.
Nigeria Macroeconomic Key Sector’s Contribution to the Economy
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The Nigeria PESTLE insights report consists of the country’s snapshot, risk factors about the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
GDP 2022 | $478 Billion |
Key Landscape | · Political Landscape
· Economic Landscape · Social Landscape · Technological Landscape · Environmental Landscape · Legal Landscape |
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PESTLE Insights of the Nigeria Macroeconomic Outlook Report
Political Landscape: In September 2023, Nigerian President Bola Ahmed Tinubu approved a groundbreaking $1 billion defense deal with India, aiming to enhance the Defense Industries Corporation of Nigeria’s (DICON) self-sufficiency in defense production by 40% by 2027. The comprehensive collaboration covers modernizing DICON’s facilities, enabling the local production of firearms, ammunition, armored vehicles, and advanced communication systems. This strategic move not only addresses the Nigerian military’s immediate needs, but also signals a significant step toward reducing the country’s reliance on foreign arms imports, fostering indigenous innovation, and stimulating economic growth. The deal reflects a deepening partnership between Nigeria and India and aligns with Nigeria’s broader objectives of strengthening its defense industry and enhancing national security capabilities.
Economic Landscape: In President Bola Ahmed Tinubu’s 2024 budget proposal for Nigeria, a substantial amount has been allocated for the construction and rehabilitation of bridges, roads, and highways. The Ministry of Works is tasked with overseeing various road projects, such as the rehabilitation of the Kabba-Ayere-Isua-Ipele Road and the dualization of the Aba-Ikot Ekpene Road. The budget also provides for counterpart funding for projects like the Lafia bypass and 9th Mile Enugu-Makurdi Road. Additionally, provisions cover culverts, drainage, and emergency contingency funds, with NGN66.702 billion ($157.6 million) allocated to the Federal Road Maintenance Agency (FERMA) for road repairs. FERMA is also granted NGN1 billion ($2.4 million) for the construction of its corporate headquarters.
Nigeria PESTLE Landscapes
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Scope
In September 2023, the Minister of Works Nigeria revealed that the government requires approximately NGN217 billion ($512.6 million) for the construction of 269 roads across Nigeria. Following an inspection tour of various regions, including the Southwest, Southeast, Southsouth, and parts of the Northcentral and Northwest zones.
Key Highlights
The NGSEINDX Index exhibited a rising trend over the past year. As of November 27, 2023, the index stood at 71,228.8, compared to 47,554.3 on November 27, 2022.
Reasons to Buy
- Macroeconomic Outlook Report identifies the potential of the country as an investment destination by analyzing the political, economic, social, technological, legal, and environmental (PESTLE) structure.
- PESTLE Insights provides a 360-degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials, and direction of operations
- Along with providing the country’s snapshot, the report captures the risk factors about the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
- This report also highlights key clusters/cities which contribute significantly to the country’s GDP and population along with major companies’ presence in these areas.
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Frequently asked questions
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What was Nigeria's GDP in 2022?
Nigeria’s GDP was $478 billion in 2022.
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What was Nigeria’s rank in the GCRI Q3 2023?
Nigeria was ranked 129th out of 153 nations in the GCRI Q3 2023.
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Which are the key landscapes in the Nigeria PESTLE Insights report?
A few of the key landscapes in Nigeria’s PESTLE insights report are the political landscape, economic landscape, social landscape, technological landscape, legal landscape, and environmental landscape among others.
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