ANALYSIS OF OIL CONTRIBUTION TO NIGERIA’S GDP

Nigeria is Africa's largest oil producer, with oil contributing 50–55% of the government revenue. Yet, it accounts for only about 4% of GDP.

In this edition of the Treasury Digest, we unpack the historical, structural, and fiscal realities behind Nigeria's oil sector. We examine the forces driving this paradox, its macroeconomic implications, and why the Dangote Refinery could represent the most significant structural shift in the sector in decades.

We also highlight recent developments across the money and foreign exchange markets in Nigeria, Ghana, and Kenya.