The stakes are unusually high: the economy is under intense pressure from inflation, unemployment and widening inequality; insecurity persists in multiple regions, from banditry and terrorism in the North to communal clashes and militancy in the South; and public institutions are grappling with questions about their credibility, autonomy and capacity.
Nigeria’s diaspora, over 17 million strong, contributes more than USD 20 billion annually—often surpassing oil revenues—while transferring skills, mentoring startups, and shaping Nigeria’s global image. Yet, despite their profound stake, they remain excluded from federal elections, creating a democratic deficit. With diaspora voting legislation gaining momentum, Nigeria faces a defining choice: act decisively to enfranchise its global citizens by 2027 or risk another cycle of exclusion. This moment offers a blueprint to strengthen democracy through its worldwide citizenry.
Nigeria’s private sector holds immense potential, but systemic frictions—regulatory inefficiencies, infrastructure gaps, and weak contract enforcement—continue to limit growth. This report offers a structural assessment of the business environment across five critical pillars, highlighting the urgent need for institutional reform. While recent policy efforts show intent, deeper, systemic change is required to unlock investment, drive innovation, and position the private sector as a key engine of national development. The time for coordinated, transformative reform is now.
One of the key drivers of this revolution is Data. It is critical to Africa’s economic growth and has become a new form of capital in the global economy. The continent's increasing connectivity and data generation, presents a unique opportunity to accelerate development, provided that adequate infrastructure, knowledge, entrepreneurship, capital, innovation and policies are in place.
Chinese investments have become a cornerstone of Africa’s economic growth, contributing to significant advancements in infrastructure and technology. However, these investments also raise critical questions about Africa’s long-term economic sovereignty and environmental sustainability.