Nigeria is set to overtake SA as biggest African market by 2022
With ongoing political and policy uncertainty, Nigeria is set to overtake SA as the biggest market in Africa by 2022. According to the 2017 African Business Outlook Survey, the top three markets were the sub-Saharan countries with the three largest economies, SA, Nigeria and Kenya, with 91% of respondents having business based there. While these markets were expected to remain the top three over the next six years, respondents expected Nigeria to emerge as their single most important market by 2022. The survey compiled by The Economist Corporate Network (ECN) is based on responses from 150 CEOs who have Africa-based commercial operations. The report looks at current sentiment in the region and future prospects. ECN Africa director Herman Warren, who authored the report, said: "Nigeria led in 2015 but the recession in 2016 knocked it. Nigeria is expected to make a big come-back and grow faster than SA."
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