Some brief information on the two countries which are the main focus of our mission:
Nigeria is the largest economy in Africa and with around 200 million inhabitants also by far the most populous country on the continent. Thanks to the wealth of oil and natural gas - the country is also the largest exporter of oil and natural gas in Africa - there is an upper class with affluence and a middle class that is larger than all other countries in the West African region put together. Nigeria was hit hard economically by the COVID pandemic and the drop in oil prices. At the same time, the health effects of the COVID pandemic have so far been significantly less than originally feared.
A strong resurgence in economic growth is expected in the coming years. Topics such as the expansion of Nigerian industry and agriculture, to reduce import dependency for consumer goods and agricultural products, as well as the expansion of private health facilities, etc., will offer Austrian companies in Nigeria a number of additional opportunities in the short and medium term. Our trade mission should help to realise these.
With almost 30 million inhabitants, Ghana is the second largest economy in West Africa after Nigeria. Ghana is a traditional exporter of cocoa and gold but has during the last decade also become a major producer of oil and gas. In 2018 and 2019, the Ghanaian economy grew by 6.3 and 6.5% respectively. In 2020, GDP will shrink as a result of the COVID pandemic. But the contraction is expected to be much milder than in many other countries around the world. For 2021, Ghana's economy is forecast to grow again at the rate of around 2%.
The country is valued by foreign investors primarily for its political stability and the ease of doing business. It is the seventh largest recipient of foreign direct investment in Africa and for the last decade and a half has also been one of the most important recipient countries for Austrian soft loans for the expansion of infrastructure. After gold and before cocoa, crude oil is the second most important export product. Ghana tries to use its oil revenues for the development of infrastructure and agriculture and has committed itself to the “one factory per district” concept. This creates increased business opportunities for Austrian suppliers of machines and industrial plants.
