Nigeria
Concluding remarks by the Chairperson of the Trade Policy Review Body
This fifth Trade Policy Review has offered a very useful opportunity for Members to deepen their understanding of the trade policies and practices of Nigeria and to collectively appreciate the challenges it currently faces in sustaining and improving its economic prosperity. I would like to thank the Nigerian delegation led by Ambassador Chiedu Osakwe Trade Adviser of the Federal Ministry of Trade Industry and Investment our discussant Ambassador Yee Woan Tan of Singapore and the more than 45 delegations that took the floor for their valuable contributions.
Report by the WTO Secretariat
Nigeria is the 26th largest economy in the world and the biggest in Africa where it is the leading oil exporter with the largest natural gas reserves. As a result of its 2014 rebasing exercise Nigeria’s GDP almost doubled from US$270 billion in 2013 to US$510 billion in 2014 and its economy has become more services driven (about 61% of GDP in 2016). This GDP increase by about 90% resulted from inter alia re-estimation of the contributions of certain sectors of the economy such as telecommunications entertainment and retail which were previously not captured or underreported; the informal sector was re-estimated to account for about 44% of GDP.