In 2023, Nigeria’s business landscape grappled with formidable challenges and macroeconomic issues. Businesses and individuals faced rising costs, a scarcity of foreign exchange, and significant value erosion due to inflation.
The regulatory environment in Nigeria underwent rapid changes. The Corporate Affairs Commission (CAC) spearheaded a digitisation drive, and the Business Facilitation Act (BFA) 2023 emerged as a notable force shaping Nigeria’s corporate landscape and business dynamics.
Several foreign direct investments (FDI) responded by exiting the Nigerian business terrain, impacting the emigration of skilled workers to other regions. Our 2023 Wrap-up delves into these factors affecting business in Nigeria for the year and other relevant areas, including the current landscape for Sustainability and ESG in Nigeria.
Looking forward to 2024, our report shares our projections for the year. We approach the business landscape for Nigeria with cautious optimism, particularly in pursuing business amidst global conflicts and escalations. These conflicts impede the recovery of global supply chains, which have not fully recovered since the pandemic, continuing to impact businesses worldwide.