Irving, TX, January 19, 2014 --(PR.com
)-- The Nigerian economy is likely to be driven by growth in the telecommunications, building and construction, and hotel & restaurants industries during the forecast period. Recovery of the global economy, particularly European countries would positively impact the Nigerian economy. Oil and gas is one of the major sectors of the country, contributing significantly to total export.Increase in international oil prices would boost the oil and gas sector as well as the economy. The Nigerian economy is likely to grow to $384 billion at the current price by 2018 at a CAGR of 6.8% during 2013-2018.
Lucintel, a leading global management consulting and market research firm, has conducted a detailed analysis on this economy and presents its findings in “PESTLE Analysis of Nigeria 2013.”The study indicates the social challenges that Nigeria is facing in terms of high unemployment rate, high corruption rate, and high homicide rate (crime rate). The country does not witness much economic risk due to its moderate GDP growth rate, low government debt, and fiscal surplus. The report also highlights the major drivers of the economy.
The telecommunication industry is one of the emerging industries that grew at a CAGR of 34% over the period of 2007-2012, and the contribution surged from 0.02% to 0.8% to GDP over the same period. Construction is another emerging industry with high potential in Nigeria. Expanding population and government policy targeted at boosting the infrastructure aredriving the growth of this industry. Expanding urbanization and government plans to fill up the infrastructure gap with public private partnership are providing immense opportunities in this sector for domestic as well as foreign investors.
Lucintel highlights the key challenges that stifle the growth of the Nigerian economy. The country faces social challenges including high corruption rate, inequality of income distribution, and high crime rate. Major social concerns for the country include increasing unemployment rate which will affect the income levels and purchasing power.
This report includes an in-depth analysis of Nigeria including macro economy, political scenario, economic and business risks, and social and technological analysis. This report provides knowledge on Nigeria’s leading industries and emerging industries.
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