Nigeria is a multi-ethnic and culturally diverse federation of 36 autonomous states and the Federal Capital Territory. Its population is 211 Million (2021), with English as the official language.
In 2021 the Nigerian economy achieved a growth rate of 3.6% well above the IMF’s expectations, mainly due to the significant increase in oil prices and the ongoing recovery of the private sector. This marked a trend reversal after 6 years of economic growth that was consistently lower than population growth.
In December 2021, President Buhari presented the National Development Plan, a new initiative for the years 2021 to 2025. Targets include an average real economic growth of 4.6 % (as already in the ERGP), the creation of 21 million full-time jobs and the reduction of the absolute poor part of the population by 35 million people.
The plan, which envisages total investments worth Naira 348 trillion (USD 838.5 billion), is to be financed to the tune of over 85 % by the private sector due to the lack of state funds. (Austrian Chamber of Commerce)