The UK-Nigeria Business Outlook Forum was held in London, 30th of March, 2023 at The Queen Elizabeth Center II in Westminster, London.
Nigeria and Africa’s leaders at large, are confronted by multiple challenges which are tied to challenges in attracting and retaining investments across their most important sectors.
Inflation in Nigeria hit a 17-year high of 20.5% in August, driven by soaring prices of food, diesel and a weakened currency. Nigeria has been experiencing double-digit inflation since 2016 and the situation has been exacerbated by a chronic shortage of dollars and global pressure on prices because of the war in Ukraine.
The big trends are population growth and urbanization. The key statistic to remember is the average age of the population in Nigeria: 18 !