Coordinating innovation and industrial policy: Nigeria's experience

Nigeria is currently home to about a quarter of the population of sub-Saharan Africa and faces developmental challenges in ensuring that GDP growth translates into prosperity for all. Rising growth rates reflect the dynamism of the local economy, which is being increasingly acknowledged for its relatively open investment climate and improving infrastructure, both physical and institutional. In 2014, Nigeria conducted an exercise to rebase its GDP that resulted in the country being proclaimed the largest economy in Africa, surpassing South Africa by a wide margin. Despite these new optimistic figures, Nigeria aspires to have a mature economy with a diversified industrial base, and to reduce reliance oil-based exports, which currently account for over 90 per cent of its export earnings.

Related Subject(s): Economic and Social Development

Countries: Nigeria