Nigeria’s economic progress is often measured against its own past, but this approach can create an illusion. The country’s size and potential may attract attention, but they cannot command investment. To become a viable option for investors, Nigeria must compare itself to countries that are competing for the same economic opportunities.
Strategic Peer Group
Nigeria is not competing with Britain or America for economic opportunities. Instead, it is competing with countries like Vietnam, Indonesia, and Morocco. These countries are not templates for Nigeria to copy, but they are competing for the same parts of the future that Nigeria believes should belong to it.
Indonesia, for example, has sustained growth around 5 per cent and built a substantial industrial base. Its merchandise exports reached about $282 billion in 2025, compared to Nigeria’s entire economy of approximately $291 billion. Vietnam, on the other hand, has become an extraordinary export platform, with goods exports reaching approximately $475 billion in 2025.
Competing for Investment
When electronics firms, apparel companies, or industrial manufacturers look for a place to produce reliably and sell into world markets, Vietnam is already part of the conversation. Morocco, with its strategic location and logistics infrastructure, is also a competitor. India, with its large population and global strength in software, business services, and pharmaceuticals, is another country that Nigeria should be aware of.
Nigeria’s strategic peer group is not a collection of countries, but a collection of challenges. Indonesia asks whether Nigeria can convert scale and resources into economic complexity. Vietnam asks whether Nigeria can become a place where the world actually produces things. Morocco asks whether Nigeria can convert geography into connectivity. India asks whether Nigeria can convert people into globally valuable capability.
Related: EQUIP AUTO Côte d’Ivoire boosts West Africa automotive market
Other countries, such as Estonia, Singapore, and South Korea, may offer lessons in specific areas, but benchmarking should be functional rather than fashionable. Nigeria should study countries that have solved problems that it must solve, rather than just celebrating their success stories.
Measuring Progress
Nigeria’s government measures progress against yesterday, but investors measure countries against one another. Capital has no sentimental attachment to Nigeria’s national story and simply asks whether electricity will be available, whether goods can move, whether skilled workers can be found, and whether regulations are predictable.
The task for Nigeria is not to imitate its peers or defeat them in some imaginary league table. It is to become the country that makes choosing Nigeria rational. This requires a change in how Nigeria thinks about progress and a focus on becoming a viable option for investors.
Nigeria must extend its strategic question to whether it is closing the distance between itself and the countries competing for the industries, investment, and technologies of tomorrow, including the power sector.