Nigeria is poised to become sub-Saharan Africa's largest economy in 2014. Driving its high and sustained economic growth is a mix of raw commodity exports and an expanding population that is rising in wealth and aspiration.
However, the historic structure of its economy and the configuration of its infrastructure mean that Nigeria's growth is not shared out evenly amongst its population. The country has a huge burden of poverty and unemployment and is heavily dependent on imports of manufactured goods.
As Nigeria prepares for a future in the upper echelons of global markets, it faces great challenges in turning its economic opportunity into sustainable, equitable development.
How can business tap into the opportunities that Nigeria presents, while also maximising its contribution to long-term economic growth and broad-based socio-economic impact?
Businesses have recognised that they have a social obligation and a commercial imperative to think about their impact on their host communities, leveraging their supply chains to ensure that they buy locally, sharing the benefits of their investment across a wider web of stakeholders. Brewers, banks and oil companies alike have seen the importance of making long-term investments in Nigeria’s human capital.
International, Nigerian and African businesses are opening up opportunities for local entrepreneurs to be the agents of transformation in their own economy. In doing so, they are taking the country’s growth beyond the headline numbers and creating meaningful change for both Nigerias.
