Nigeria Eyes Manufacturing-Driven Exports to Revitalize Non-Oil Economy Amid Economic Crisis

Nigeria's economy continues to struggle with severe economic challenges, including high inflation rates of around 33.88%, as of October 2024.

Nigeria's economy is facing severe challenges, with the country's inflation rate currently standing at approximately 33.88% as of October 2024. This surge in inflation is a result of persistent economic pressures and has sparked efforts to diversify the nation's revenue streams. In an attempt to revitalize the economy through manufacturing-driven non-oil exports, Nigeria is shifting its focus towards developing a more diversified export base. By promoting domestic production and exporting goods such as textiles, pharmaceuticals, and food products, the government hopes to reduce reliance on oil exports and stimulate economic growth.