Nigeria makes top 10 emerging markets of the future list
Nigeria has been named amongst the top 10 emerging markets from the Asia and Africa region.
The list was compiled by BMI Research, a financial market analysis firm.
Other countries on the list are Bangladesh, Ethiopia, Egypt, Kenya, Indonesia, Myanmar, Pakistan, Philippines, and Vietnam.
The report says that construction and manufacturing will play an important role in driving the economies of these countries.
Pakistan, Bangladesh, and Myanmar will specifically see a strong growth in the manufacturing industry.
All countries are set to see the construction sector thrive, particularly to assist urban growth and the manufacturing industry.
Mining and Gas industry will play a far smaller role than it has in the past years. While the commodity-driven model is not expected to make a comeback.
Real GDP growth in Nigeria will be weak in 2016 – BMI put a forecast at 3.1% expansion – as the naira peg and capital controls will continue to weigh on economic activity through the course of the year, exacerbating the global oil price slump’s effects on the Nigerian economy.
While 3.1% growth would mark an acceleration on 2015’s 2.8%, it is nevertheless a downward revision from our previous forecast of 3.6%.
This revision is due to delays to the planned expansionary budget and a recent data release, which has shown the extent to which businesses are being hampered by capital controls, BMI said in a statement..
