The World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, has reaffirmed that Nigeria remains Africa’s largest economy by Gross Domestic Product (GDP) despite ongoing challenges in attracting Foreign Direct Investment (FDI).
Speaking at the Country Private Sector Diagnostic (CPSD) and Stakeholder Engagement in Abuja on Thursday, he noted that while Nigeria receives far less FDI than its potential warrants—especially compared to countries like Indonesia and South Africa—it continues to maintain its economic dominance on the continent.
Diop revealed that the upcoming CPSD report will highlight how private sector constraints have hindered economic growth.
However, he emphasized that targeted reforms could unlock Nigeria’s full economic potential. According to him, recent macroeconomic measures, including exchange rate adjustments and improved access to foreign exchange, have already begun creating a more favorable investment climate.
He further identified four key sectors—ICT, agribusiness, solar energy, and pharmaceuticals—where strategic reforms could drive massive investment and job creation.
In the ICT sector alone, he said, up to $4 billion in investment could be realized, generating over 200,000 jobs. Agribusiness, he noted, has the potential to attract $6 billion in investment and create more than 275,000 jobs, while the solar photovoltaic (PV) industry could unlock $8.5 billion in investments and over 129,000 jobs.
He also stated that the pharmaceutical sector has the capacity to attract $1.6 billion and generate between 30,000 to 40,000 jobs.
