Nigeria's uncertain economic future - Foundation Office Belarus
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Nigeria's uncertain economic future
by
Lukas Laible
Opportunities and risks for the country's economy following the opening of the new oil refinery
Nigeria's economy is facing a major upheaval. With the opening of the world's largest oil refinery and the new government's economic policy measures, the Nigerian state is creating new financial leeway. This will give Africa's largest economy greater scope for action. Whether this leads to economic diversification in the country is in the hands of the decision-makers: will the newly gained room for maneuver be used to invest further in the oil sector, which is profitable in the short term? Or will medium and long-term measures be taken to exploit the great potential of the Nigerian economy outside of the oil sector through a diversification strategy?