Report by Nigeria

Since the last trade policy review in 2011, there have been significant changes in Nigeria’s economic and trade policies and in the political environment also. The country recorded a successful transition from one civilian government administration to another through a peaceful democratic election. The economy was re-based in 2013, following which the country emerged as the number one economy in Africa. In 2014, commodity prices collapsed, ending the commodity super-cycle. With a 60% drop in revenue, the economy entered a recession in 2016. Overall, although there are challenges, the foundations for structural transformation of the economy have been set with the “Economic Recovery and Growth Plan” (ERGP), a medium-term plan for the period 2017 to 2020. This ERGP was launched by President Buhari on 5 April 2017.