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The Nigerian economy has grown significantly over the last decade and it supplanted South Africa in 2014 as the largest economy in Africa following a rebasing of their gross domestic product (GDP). 2015 was however a challenging year for the Nigerian economy as it was negatively affected by the sharp fall in the oil price and a change in investment sentiment
towards emerging markets.
The oil and gas sector is an extremely important industry in Nigeria as it accounts for approximately 90% of government revenues. Therefore, with oil prices currently at 12 year lows and predicted to stay lower for the foreseeable future, the economic outlook for Nigeria in 2016 is uncertain if not negative.
The acute shortage of dollar inflows and the specter of currency devaluation, increasing inflation and rising interest rates are primary short-term concerns for domestic and foreign real estate investors alike.
That being said, the sheer size of the Lagos metropolitan population, its burgeoning consumer markets, rapid urbanisation and the renewed focus on developing its infrastructure underpins the significant long-term real estate potential of this dynamic city.
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24 February 2016