• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Nigeria ranks 8 on the African Industrialization Index by the AfDB

3 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
70
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Nigeria ranks 8 on the African Industrialization Index by the AfDB

Nigeria ranks number 8 on the African Industrialization Index that was released by the African Development Bank (AfDB) Group in November 2022.

In the index, the top 10 countries are ranked as follows; South Africa, Morocco, Egypt, Tunisia, Mauritius, Eswatini, Senegal, Nigeria, Kenya, and Namibia.

Breakdown of Nigeria data: In 2010, Nigeria ranked number 10 at 0.5766. In 2011, Nigeria ranked number 10 at 0.5792. In 2012, Nigeria ranked number 11 at 0.5817. In 2013, the country ranked number 13 at 0.5901. In 2014, the country ranked number 7 at 0.6207. In 2015, the country ranked number 10 at 0.5991.

In 2016, Nigeria ranked number 17 at 0.5635. In 2017, the country ranked number 15 at 0.5734. In 2018, Nigeria ranked 12 at 0.5921. In 2019, Nigeria ranked number 9 at 0.6133. In 2020, Nigeria ranked number 9 at 0.6122. In 2021, Nigeria ranked number 8 at 0.6046.

West Africa performance: In West Africa, Senegal, Nigeria, Cote d’Ivoire, Ghana, and Benin are the advanced countries in industrial development. According to the index, out of the 15 countries in the region, Senegal and Nigeria rank among the top 10 countries. Côte d’Ivoire and Ghana are consistently good performers, benefitting from large coastal economies and steady growth. West Africa benefits from growing economic integration.

 Industrialization objectives: According to the AfDB index, the smart use of trade policy offers important tools for African countries to achieve their industrialization objectives. These are:

RelatedPosts

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

  • Special economic zones and industrial parks can promote linkages between trade and industry. Through incentives such as tax breaks, favourable customs regimes, government subsidies and targeted infrastructure, they can help support the establishment of new export-oriented industries.
  • Tariffs policy can help to boost domestic production. The index says the Nigerian government is using tariff policy to encourage the revival of the country’s automotive industry, by raising tariffs on fully assembled vehicles and lowering tariffs on component parts. Nigeria anticipates that the assembly industry could create as many as 70,000 direct jobs and another 200,000 indirect jobs.
  • Non-tariff barriers to trade directly correlate with barriers to industrialization. Action to address access to credit, infrastructure and skills enhance policy in other areas.
  • Intra-regional trade has the potential to facilitate increased economies of scale, diversification and value addition. The introduction of the AfCFTA has the potential to boost trade in goods among African countries by 52.3%, with industrial products leading the way.

In the report, the AfDB also notes some present conditions that could contribute to Africa’s industrialization. These are:

  • Africa has been increasingly stable and well-governed, which is reflected in the continent’s strong growth performance over the past two decades.
  • Africa has the youngest population of any continent, and by 2050 will be home to the world’s largest labour pool.
  • Africa is an increasingly attractive investment destination, for both foreign and domestic investors.
  • Africa is moving rapidly towards an integrated economic space because of the ratification of the Africa Continental Free Trade Agreement (AfCFTA).

For the record: The AfDB says it has approved a $100 million senior loan to a Nigerian fertilizer company, Indorama, to increase its productive capacity, create jobs and target export markets.

  • The loan has created 9,000 construction jobs and nearly 500 long-term jobs while benefitting over 330,000 farmers through out-grower schemes.
  • As well as boosting exports, the projects promote more use of fertilizer, addressing one of the major constraints on Nigeria’s agricultural development

Source: nairametrics
Via: norvanreports
Tags: AFCFTAAfrican Development Bank (AfDB)African Industrialization IndexNigeriaNigeria ranks 8 on the African Industrialization Index by the AfDB
No Result
View All Result

Highlights

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Tanzania Sink Burkina Faso to Delight Home Crowd In TotalEnergies CHAN 2024 Opener

Trending

Features

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

MTN Nigeria Now the Most Capitalized Stock in Nigeria MTN Nigeria has surged to become the most...

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

US Companies Cut Investments in China to Record Lows, Here’s Why

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.