Nigeria: Africa’s Economic Giant in Transition
Nigeria, Africa’s most populous country and one of its largest economies, is undergoing a profound economic transformation. Buoyed by an April 2025 Fitch Ratings upgrade, improved FX reserves, and bold structural reforms, the country is charting a new course toward resilience and long-term growth.
In our latest Newsletter, Pape Diagne, Country Manager (Senegal) at ICIEC, explores:
📌 Nigeria’s reformist agenda under President Bola Ahmed Tinubu, including subsidy removal, FX unification, and privatization.
📌 Strong growth prospects with IMF projecting 3.0% GDP growth in 2025 and CBN forecasting 4.17%.
📌 Expanding non-oil sectors—from agriculture to telecoms—and landmark infrastructure projects like the Lagos–Calabar Coastal Highway.
📌 Nigeria’s evolving partnership with ICIEC—from short-term trade finance to long-term investment guarantees and sovereign risk coverage.
ICIEC’s engagement in Nigeria includes Project Gazelle and Project Leopard, which provide innovative sovereign-backed SOE covers supporting NNPC’s financing needs; the USD 465.9M Lagos–Calabar Highway financing, a milestone in sovereign NHSFO cover; and a new strategic MoU with NEXIM Bank to enhance export credit insurance, reinsurance, and capacity-building, underscoring Nigeria’s story of resilience, reform, and renewal with ICIEC as a partner in unlocking its vast potential.
🔗 Read the full Nigeria Country Profile in the Newsletter
iciec.isdb.org/wp-content/up…
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