Diversity characterises Africa’s biggest economy
Home to over 200 million people, Nigeria is Africa’s most populated country and its economy is also the continent’s largest. Nevertheless, the country is marked by unemployment, poverty and violent conflicts – all of which have been exacerbated by the COVID-19 pandemic. Nigeria’s economic development is primarily based on oil production and is dependent on the development of oil prices. The country is also very diverse in terms of ethnicities, religions and local economies. The economic centre of Lagos and the rich oil fields are located in the south, the polar opposite to the north-east of the country where the terrorist group Boko Haram are active. KfW Development Bank has already been involved here for almost 20 years, helping to fight against polio. What’s more, it promotes economic development, employment opportunities, agriculture and food security across the whole country, and has also recently started supporting climate and energy projects.