Nigeria is the largest financial market in Africa.Nigeria's inflation rate rose to 15.63 per cent in December 2021 compared to 15.40 per cent in November, the National Bureau of Statistics announced on 17 January 2022. Nigeria has gained the crown as Africa’slargesteconomy, a status that could at last force its government to answer more for the country’s socioeconomic shortfalls than its new commercial success. Still, the outlook for Africa'slargesteconomy remains grim. The extremist group Boko Haram has created significant political and security challenges for the embattled government of Muhammadu Buhari, and raise risks that could hit oil production. Last year Nigeria briefly lost its place as Africa's leading oil producer to Angola, as its output fell to the lowest level in decades, largely due to theft from the country's pipelines. Nigeria has long been regarded as one of Africa’seconomicpowerhouses due to its abundant resources and diversified populace. As a developing nation, Nigeria grapples with several security challenges that directly impact its economy... In Nigeria's case, it illustrates the possibility that the next "tiger" economies could well be in Africa. But it is well to remember that the countries are only grouped together because they make a neat acronym. Nigeria is now Africa’slargesteconomy, pushing South Africa to a distant second place. The United Nations Statistical Commission recommends a statistical rebasing every five years, to. While Nigeria’seconomy has expanded 6 percent a year since 2006, according to the World Bank, the nation’spower supply is less than a 10th of South Africa’s. Nigeria’s benchmark stock index has dropped 12 percent since the beginning of the year, after surging 47 percent in 2013.
