Nigeria is still the richest country in Africa – World Bank

The World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, has confirmed that Nigeria remains the largest economy in Africa by Gross Domestic Product (GDP) despite the challenges faced by its private sector.

Speaking at the Country Private Sector Diagnostic (CPSD) and Stakeholder Engagement in Abuja on Thursday, Dr. Diop stated that while Nigeria receives far less Foreign Direct Investment (FDI) than its potential warrants—especially in comparison to countries like Indonesia and South Africa—it continues to hold its position as Africa’s biggest economy.

He stated that the CPSD report, set to be released in the coming weeks, will reveal the impact of private sector constraints on economic growth. He noted that if targeted actions were taken to remove these obstacles, Nigeria’s economic potential would be significantly enhanced.

The current macroeconomic reforms, he explained, have created a favorable environment for such changes.

He cited the country’s recent economic stabilisation measures, particularly exchange rate market adjustments and improved access to foreign exchange, as critical steps that have already enhanced investment conditions.

In the Information and Communication Technology (ICT) sector, investment opportunities worth up to $4 billion could be realised, potentially creating more than 200,000 jobs, he said..

He further stated in agribusiness, reforms could unlock $6 billion in investment and generate over 275,000 jobs.

The solar photovoltaic (PV) industry, according to him, 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.