Key View

• Strengthening public hydrocarbons revenues will support roads construction investment in Nigeria, as a positive road freight outlook and high urban population growth will keep demand for road infrastructure improvements elevated.
• Accordingly, we forecast sturdy real growth in Nigeria's roads & bridges infrastructure industry, with

Key View

• Nigeria will continue to provide incentives for its local pharmaceutical industry in support of the country’s efforts to diversify its economy.
• The ‘Five Plus Five-Year Validity (Migration to Local Production)’ policy will encourage domestic manufacturing of pharmaceutical products and support market growth.
• However, a poor

Key View

• We at Fitch Solutions expect the adoption of the Petroleum Industry Act (PIA) to provide mild tailwinds to Nigerian economic growth in the coming years, and have upwardly revised our average real GDP forecast for 2021-25 from 2.6% to 2.8%.
• However, while investment growth will likely accelerate – particularly in the hydrocarbon

Key View

• Coca-Cola Nigeria reported in its June 2021 quarterly update that e-Commerce sales had increased threefold. This came from the shift in consumer purchasing patterns amid the Covid-19 pandemic which accelerated online sales growth. We believe that this environment presents an opportunity for the company to develop its 'Direct-To

Key View

• Nigeria’s weak and volatile economy will continue to limit healthcare spending as incomes and government revenues remain constrained.
• Slow uptake of the national health insurance scheme in Nigeria limits market prospects, while low spending on healthcare means limited opportunities to innovative drugmakers.
• Generic drugs will offer

Key View

• We forecast real household spending growth in Nigeria to accelerate over 2021, growing by 1.4% y-o-y, accelerating from an estimated 0.9% y-o-y over 2020.
• In 2022, we forecast real household spending to growth to remain positive, expanding by 1.7% y-o-y. Nigeria’s Covid-19 vaccine rollout began in March 2021 after the country

Key View

• At Fitch Solutions, we expect the Nigerian current account deficit to narrow from an estimated 3.2% of GDP in 2020 to 2.4% in 2021 on the back of a robust rise in oil exports.
• Nigeria’s services and primary income balances will remain in deficit as services exports remain subdued, and payments to external service providers and

The Latest: Data published by the Nigerian National Bureau of Statistics (NBS) indicate that real GDP growth accelerated slightly to 0.5% y-o-y in Q121 from 0.1% in Q420.

Implications: The Q121 GDP data show that

Key View

• Nigeria will continue to rely on pharmaceutical imports to meet local demand
• Despite government aims to make Nigeria’s pharmaceutical market self-sufficient, there continues to be little local drug production.
• The current travel ban on flights from India could pose downside risks to Nigeria’s pharmaceutical market.
• Unregistered