The World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, has reaffirmed that Nigeria remains Africa’s largest economy by Gross Domestic Product (GDP), despite ongoing challenges facing its private sector.
Speaking at the Country Private Sector Diagnostic (CPSD) and Stakeholder Engagement in Abuja on Thursday, Dr. Diop highlighted that while Nigeria receives significantly less Foreign Direct Investment (FDI) than its potential—especially compared to countries like Indonesia and South Africa—it still holds its position as the continent’s biggest economy.
He revealed that the CPSD report, set for release in the coming weeks, would assess how private sector constraints impact economic growth. According to him, eliminating these obstacles through targeted reforms would unlock Nigeria’s full economic potential.
Dr. Diop pointed out that the country’s macroeconomic reforms, including exchange rate market adjustments and improved access to foreign exchange, have already begun creating a more favorable environment for investment.
He identified four key sectors where strategic reforms could drive massive investment and job creation. In the Information and Communication Technology (ICT) sector, investment opportunities worth up to $4 billion could be realized, potentially creating more than 200,000 jobs. In agribusiness, reforms could unlock $6 billion in investment and generate over 275,000 jobs.
The solar photovoltaic (PV) industry holds the potential for $8.5 billion in investment and more than 129,000 jobs, while the pharmaceutical sector could attract $1.6 billion and create more than 30,000 to 40,000 jobs.
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For the ICT sector, Dr. Diop noted that unpredictable and inconsistent right-of-way fees, levies, and informal charges—accounting for 30 to 70 percent of broadband rollout costs—are a major barrier. Addressing these regulatory inconsistencies, he argued, would significantly boost broadband expansion.
He also acknowledged that the National Economic Council has recognized these issues and that progress is underway through a World Bank-supported initiative.#World Bank
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