The Economy of Nigeria is a middle-income,

mixed economy A mixed economy is variously defined as an economic system blending elements of a market economy with elements of a planned economy, markets with state interventionism, or private enterprise with public enterprise. Common to all mixed economi ...

and

emerging market An emerging market (or an emerging country or an emerging economy) is a market that has some characteristics of a developed market, but does not fully meet its standards. This includes markets that may become developed markets in the future or were ...

with expanding manufacturing, financial, service, communications, technology, and entertainment sectors. It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 24th-largest in terms of purchasing power parity and the largest Sub Saharan Africa’s economy.

Nigeria Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...

has the largest economy in Africa. The country's re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the region of

West Africa West Africa or Western Africa is the westernmost region of Africa. The United Nations defines Western Africa as the 16 countries of Benin, Burkina Faso, Cape Verde, The Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Maurit ...

. In addition, the

debt-to-GDP ratio In economics, the debt-to-GDP ratio is the ratio between a country's government debt (measured in units of currency) and its gross domestic product (GDP) (measured in units of currency per year). While it is a "ratio", it is technically measured i ...

. Nigerian GDP at purchasing power parity (PPP) has almost tripled from $170 billion in 2000 to $451 billion in 2012 ,though estimates of the size of the

informal sector An informal economy (informal sector or grey economy) is the part of any economy that is neither taxed nor monitored by any form of government. Although the informal sector makes up a significant portion of the economies in developing countrie ...

(which is not included in official figures) put the actual numbers closer to $630 billion. Subsequently, the GDP per capita doubled from $1400 per person in 2000 to an estimated $2,800 per person in 2012. Again, with the inclusion of the informal sector, it is estimated that GDP per capita hovers around $3,900 per person. The country's population increased from 120 million in 2000 to 160 million in 2010. The GDP figures were to be revised upwards by as much as 80% when metrics were to be recalculated after the rebasing of its economy in April 2014. Although oil revenues contributed 2/3 of state revenues, oil only contributes about 9% to the GDP. Nigeria produces only about 2.7% of the world's oil supply. Although the petroleum sector is important, as

government A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a ...

revenues still heavily rely on this sector, it remains a small part of the country's overall economy. The largely subsistence agricultural sector has not kept up with the country's rapid population growth. Nigeria was once a large net exporter of food, but currently imports some of its food products. Mechanization has led to a resurgence in the manufacturing and exporting of food products, and there was consequently a move towards food sufficiency. In 2006, Nigeria came to an agreement with the

Paris Club The Paris Club (french: Club de Paris) is a group of officials from major creditor countries whose role is to find co-ordinated and sustainable solutions to the payment difficulties experienced by debtor countries. As debtor countries undertake ...

to buy back the bulk of its owed debts from them, in exchange for a cash payment of roughly US$12 billion. According to a

Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking ...

report published in February 2011, Nigeria would have the highest average GDP growth in the world between 2010 and 2050. Nigeria is one of two countries from Africa among the 11 Global Growth Generators countries.

Overview

In 2014, Nigeria changed its economic analysis to account for fast-growing contributors to its GDP, such as telecommunications, banking, and its film industry. Human capital is underdeveloped—Nigeria ranked 161 out of 189 countries in the United Nations Development Index in 2019—and non-energy-related infrastructure is inadequate. Nigeria had advanced efforts to provide universal primary education, protect the environment. A requirement for achieving many of objectives is reducing endemic corruption, which obstructs development and stains Nigeria's business environment. However, while broad-based progress has been slow, these efforts have begun to become visible in international surveys of corruption. Nigeria's ranking has mostly improved since 2001 ranking 154 out of 180 countries in

Transparency International Transparency International e.V. (TI) is a German registered association founded in 1993 by former employees of the World Bank. Based in Berlin, its nonprofit and non-governmental purpose is to take action to combat global corruption with civil ...

's 2021

Corruption Perceptions Index The Corruption Perceptions Index (CPI) is an index which ranks countries "by their perceived levels of public sector corruption, as determined by expert assessments and opinion surveys." The CPI generally defines corruption as an "abuse of entru ...

. The Nigerian economy suffers from an ongoing supply crisis in the power sector. Despite a rapidly growing economy, some of the world's largest deposits of coal, oil, and gas and the country's status as Africa's largest oil producer, power supply difficulties are frequently experienced by residents. Two-thirds of Nigerians expect living conditions to improve in the coming decades.

Economic history

The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation under 10% is in green. The annual unemployment rate from 1991 to 2009 (''in italic'') is extracted from the

World Bank The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Interna ...

, although the

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster globa ...

find them unreliable. NOTES: The US dollar exchange rate is an estimated average of the official rate throughout a year and does not reflect the parallel market rate at which the general population accesses foreign exchange. This rate ranged from a high of 520 in March 2017 to a low of 350 in August 2017, due to a scarcity of forex (oil earnings had dropped by half), and speculative activity as alleged by the Central Bank. All the while the official rate was pegged at 360. Per capita income (as % of USA) is calculated using data from estimates in the PPP link above, and census estimates, based on growth rates between census periods. For instance, 2017 GDPs were 1,125 billion (Nigeria) vs. 19,417 billion (USA) and populations were estimated at 320 million vs 190 million. The ratio is, therefore (1125/19417) / (190/320), which roughly comes to 0.0975. These are estimates and are intended to get a feel for the relative wealth and standard of living, as well as the market potential of its middle class. This is a chart of trends of the global ranking of the Nigerian economy, in comparison with other countries of the world, derived from the historical

List of countries by GDP (PPP) GDP (PPP) means gross domestic product based on purchasing power parity. This article includes a list of countries by their forecast estimated GDP (PPP). Countries are sorted by GDP (PPP) forecast estimates from financial and statistical ...

. This chart shows the variance in the parallel exchange rate at which the Dollar can be obtained with Naira in Lagos, with "Best" being cheaper for a Nigerian (i.e. stronger Naira). For purchasing power parity comparisons, the US dollar is exchanged at US$1 to 314.27

Nigerian naira The naira (currency sign, sign: ₦; ISO 4217, code: NGN) is the currency of Nigeria. One naira is divided into 100 ''kobo''. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federal Republic of Nigeria ...

(as of 2017). The current GDP per capita of Nigeria expanded 132% in the sixties reaching a peak growth of 283% in the seventies. But this proved unsustainable and it consequently shrank by 66% in the 1980s. In the 1990s, diversification initiatives finally took effect and decadal growth was restored to 10%. Although GDP on a PPP basis did not increase until the 2000s. In 2012, the GDP was composed of the following sectors: agriculture: 40%; services: 30%; manufacturing: 15%; oil: 14%. By 2015, the GDP was composed of the following sectors: agriculture: 18%; services: 55%; manufacturing: 16%; oil: 8% In 2005 Nigeria's

inflation In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reductio ...

rate was an estimated 15.6%. Nigeria's goal under the National Economic Empowerment Development Strategy (NEEDS) program is to reduce inflation to the single digits. By 2015, Nigeria's inflation stood at 9%. In 2005, the federal government had expenditures of US$13.54 billion but revenues of only US$12.86 billion, resulting in a budget deficit of 5%. By 2012, expenditures stood at $31.61 billion, while revenues was $54.48 billion.

Agriculture

The agricultural sector suffers from extremely low productivity, reflecting reliance on antiquated methods. Agriculture has failed to keep pace with Nigeria's rapid population growth, so the country, which once exported food, now imports a significant amount of food to sustain itself. However, efforts are being made towards making the country food sufficient again. Africa's most populous country has failed to grow more food for its fast-rising population who must be fed with staples ranging from rice, beans, maize etc.

Plant based agriculture

Nigeria ranks sixth worldwide and first in

Africa Africa is the world's second-largest and second-most populous continent, after Asia in both cases. At about 30.3 million km2 (11.7 million square miles) including adjacent islands, it covers 6% of Earth's total surface area ...

in farm output. The sector accounts for about 18% of GDP and almost one-third of employment. Though Nigeria is no longer a major exporter, due to local consumer boom, it is still a major producer of many agricultural products. Further agricultural products include palm oil and

rubber Rubber, also called India rubber, latex, Amazonian rubber, ''caucho'', or ''caoutchouc'', as initially produced, consists of polymers of the organic compound isoprene, with minor impurities of other organic compounds. Thailand, Malaysia, and ...

Roots and tubers

Counting by weight, this "underground food" is the largest group of food produced in Nigeria, with 118 million tonnes in 2020. This group includes yam,

cassava ''Manihot esculenta'', common name, commonly called cassava (), manioc, or yuca (among numerous regional names), is a woody shrub of the spurge family, Euphorbiaceae, native to South America. Although a perennial plant, cassava is extensively ...

potatoes The potato is a starchy food, a tuber of the plant ''Solanum tuberosum'' and is a root vegetable native to the Americas. The plant is a perennial in the nightshade family Solanaceae. Wild potato species can be found from the southern United ...

and

sweet potatoes The sweet potato or sweetpotato (''Ipomoea batatas'') is a dicotyledonous plant that belongs to the bindweed or morning glory family, Convolvulaceae. Its large, starchy, sweet-tasting tuberous roots are used as a root vegetable. The young sho ...

. These food products are cultivated mostly in the south of Nigeria ("Roots economy").

Cereals

The group of

sorghum ''Sorghum'' () is a genus of about 25 species of flowering plants in the grass family (Poaceae). Some of these species are grown as cereals for human consumption and some in pastures for animals. One species is grown for grain, while many othe ...

, pear millet etc. is the second-largest group of food produced in Nigeria, with 28.6 million tonnes in 2020. 50% or 14 million tonnes of this is sorghum. The

sugar cane Sugarcane or sugar cane is a species of (often hybrid) tall, perennial grass (in the genus ''Saccharum'', tribe Andropogoneae) that is used for sugar production. The plants are 2–6 m (6–20 ft) tall with stout, jointed, fibrous stalks t ...

production adds another 1.5 million tonnes to this. Cereals are mostly cultivated in the savannah zone of the country, and on the 23rd of June Nigeria's grain market report, the International Grains Council (IGC) placed Nigeria’s total 2022-23 grains production at 21.6 million tonnes, this specific figure was reviewed from the previous month’s forecast which was 21.1 million, It set the production in the year 2021-22 at 21.5 million which demonstrates and proves that there is an increase in the production of grains on the 23rd of June 2022-2023.

Rice and paddy

The third-largest group of food produced in Nigeria is rice and paddy. In 2020, 8.2 million tonnes were produced.

Oil crops

Nigeria produced a good 4 million tonnes of oil crops in 2020. These are e.g.

soy beans The soybean, soy bean, or soya bean (''Glycine max'') is a species of legume native to East Asia, widely grown for its edible bean, which has numerous uses. Traditional unfermented food uses of soybeans include soy milk, from which tofu and ...

sunflower seed The sunflower seed is the seed of the sunflower ('' Helianthus annuus''). There are three types of commonly used sunflower seeds: linoleic (most common), high oleic, and sunflower oil seeds. Each variety has its own unique levels of monounsat ...

canola Close-up of canola blooms Canola flower Rapeseed oil is one of the oldest known vegetable oils. There are both edible and industrial forms produced from rapeseed, the seed of several cultivars of the plant family Brassicaceae. Historically, i ...

and

peanuts ''Peanuts'' is a print syndication, syndicated daily strip, daily and Sunday strip, Sunday American comic strip written and illustrated by Charles M. Schulz. The strip's original run extended from 1950 to 2000, continuing in reruns afterward. ' ...

Citrus fruit

Nigeria produced close to 4 million tonnes of citrus fruit in 2020. Main Nigerian citrus fruits are

tangerine The tangerine is a type of citrus fruit that is orange in color. Its scientific name varies. It has been treated as a separate species under the name ''Citrus tangerina'' or ''Citrus'' × ''tangerina'', or treated as a variety of ''Citrus retic ...

grape A grape is a fruit, botanically a berry, of the deciduous woody vines of the flowering plant genus ''Vitis''. Grapes are a non- climacteric type of fruit, generally occurring in clusters. The cultivation of grapes began perhaps 8,000 years ago, ...

lemon The lemon (''Citrus limon'') is a species of small evergreen trees in the flowering plant family Rutaceae, native to Asia, primarily Northeast India (Assam), Northern Myanmar or China. The tree's ellipsoidal yellow fruit is used for culin ...

and lime.

Cocoa

Cocoa Cocoa may refer to: Chocolate * Chocolate * ''Theobroma cacao'', the cocoa tree * Cocoa bean, seed of ''Theobroma cacao'' * Chocolate liquor, or cocoa liquor, pure, liquid chocolate extracted from the cocoa bean, including both cocoa butter and ...

production, mostly from obsolete varieties and overage trees has increased from around 180,000 tons annually to 350,000 tons.

More products

Beans A bean is the seed of several plants in the family Fabaceae, which are used as vegetables for human or animal food. They can be cooked in many different ways, including boiling, frying, and baking, and are used in many traditional dishes th ...

melons A melon is any of various plants of the family Cucurbitaceae with sweet, edible, and fleshy fruit. The word "melon" can refer to either the plant or specifically to the fruit. Botanically, a melon is a kind of botanical berry, berry, specifical ...

, pepper and vegetables are grown on chopping fields. Oil palms, rubber and bananas are grown for export. Palm oil plays a major role in Nigeria's burgeoning personal care products industry.

Livestock

Cattle

In total, about 15 million head are kept. In addition, about five million pigs are kept. Small livestock such as sheep, goats and chickens are kept mainly for subsistence.

Poultry and Eggs

An estimated 42% of Nigerians own

chicken The chicken (''Gallus gallus domesticus'') is a domesticated junglefowl species, with attributes of wild species such as the grey and the Ceylon junglefowl that are originally from Southeastern Asia. Rooster or cock is a term for an adult m ...

. As a result,

poultry Poultry () are domesticated birds kept by humans for their eggs, their meat or their feathers. These birds are most typically members of the superorder Galloanserae (fowl), especially the order Galliformes (which includes chickens, quails, a ...

and

eggs Humans and human ancestors have scavenged and eaten animal eggs for millions of years. Humans in Southeast Asia had domesticated chickens and harvested their eggs for food by 1,500 BCE. The most widely consumed eggs are those of fowl, especial ...

represent a popular commodity within the food industry. 46% of the poultry is kept in a extensive /

free-range Free range denotes a method of farming husbandry where the animals, for at least part of the day, can roam freely outdoors, rather than being confined in an enclosure for 24 hours each day. On many farms, the outdoors ranging area is fenced, ...

system. 300 thousand tonnes of poultry meat and 650 thousand tonnes of eggs are produced annually in Nigeria (estimation).

Fishing

In the same year, the total fishing catch was 505.8 metric tons.

Timber

Roundwood removals totaled slightly less than 70 million cubic meters, and sawn wood production was estimated at 2 million cubic meters. Imota-rice-mill

Food processing

Peeling / Milling

Until now, Nigeria paradoxically exported unhusked rice but had to import husked rice, the country's staple food. - The rice mill in Imota, near Lagos, is expected to do the relevant processing domestically, improve the balance of trade and the labour market, and save unnecessary costs for transport and middlemen. When fully operational at the end of 2022, the plant, the largest south of the Sahara, is expected to employ 250,000 people and produce 2.5 million 50-kg bags of rice annually. The Imota mill will be opened in the first week of August, 2022.

Coconut oil milling and refining

A multi-billion Naira coconut oil refinery, first of its kind in Africa started business in

Akwa Ibom Akwa Ibom State is a state in the South-South geopolitical zone of Nigeria, bordered on the east by Cross River State, on the west by Rivers State and Abia State, and on the south by the Atlantic Ocean. The state takes its name from the Qua Iboe ...

State. The ''St.Gabriel Coconut Refinery'' in Mkpat Enin was inaugurated in May 2022. The governor of Akwa Ibom promised to commence immediate training of indigenous hands to man the refinery, said the facility has a daily capacity to crack 1,000,000 coconuts and will employ no fewer than 3,000 direct and indirect staff. Coconut oil goes for $1,326 per barrel, according to governor Emmanuel.

Dairy and meat

Nigeria has 19 million head of cattle, the largest number in Africa. Yet the dairy sector in Nigeria is only able to supply less than 10% of the country's demand for dairy products (as of June 2021), a gap expected to grow in line with population growth. Fan Milk, a

Danone Danone S.A. () is a French multinational corporation, multinational food-products corporation based in Paris. It was founded in Barcelona, Spain. It is listed on Euronext Paris where it is a component of the CAC 40 stock market index. Some of t ...

Group company, manufacturer of popular frozen dairy and ice cream brands, unveiled its newly completed model dairy in

Odeda Odeda (or Awdeda) is a Local Government Area and town in Ogun State, Nigeria. The headquarters of the LGA are at Odeda on the A5 highway. It has an area of 1,560 km and a population of 109,449 at the 2006 census. The local government is bo ...

, Ogun state, in June 2022. This dairy farm is Danone's first investment in dairy farming in sub-Saharan Africa to boost local milk production in Nigeria. Fan Milk will launch a world-class dairy farm and training institute, leveraging the expertise of parent company Danone. In Lekki's Free Trade Zone, the Dano Milk Factory (Arla) opened in 2022. - In 2021 farmer owned dairy co-operative

Arla Foods , industry = Dairy , predecessor = ArlaMD Foods , founded = , founder = , location_city = Viby , location_country = Denmark , area_served = Worldwide , key_people = Peder Tub ...

started to build a dairy farm in

Kaduna Kaduna is the capital city of Kaduna State, and the former political capital of Northern Region, Nigeria, Northern Nigeria. It is located in north-western Nigeria, on the Kaduna River. It is a trade Centre and a major transportation hub as the ...

state with 200 hectares. It will keep 400 dairy cows and will have modern milking parlors and technology, also grass lands and living facities for 25 employees.

Bakery, household cereals etc.

Nigeria’s bread sector is growing fastly, with 72 percent dominated by small- and medium-scale bakers, according to a 2016 KPMG report. The bakery market of Nigeria is a $621 million industry. ''"Fresh bread and miscellaneous bakery"'' is the bakery product group with the highest consumption (8.5M tonnes), which is 91% of total volume. ''"Fresh bread and miscellaneous bakery"'' exceeded the figures recorded for the second-largest product group "gingerbread, sweet biscuits and waffles" (689K tonnes), more than tenfold. The Nigerian bakery product market size is expected to show significant growth in the forecast period 2020-2026. Primera Food in cooperation with Michael Foods starts producing noodles on a big scale in

Ogun state Ogun State is a state in southwestern Nigeria. Created on 3 February 1976 from the former Western State. Ogun State borders Lagos State to the south, Oyo State and Osun State to the north, Ondo State to the east, and the Republic of Benin to the ...

in 2022.

Kellogg's The Kellogg Company, doing business as Kellogg's, is an American multinational food manufacturing company headquartered in Battle Creek, Michigan, United States. Kellogg's produces cereal and convenience foods, including crackers and toaste ...

opens a production plant for her products in the Lekki Free Trade Zone close to Lagos in 2022. It is the second factory Kellogg’s has built in Africa. In Jos NASCO Foods produces biscuits and corn flakes. In 2022 they expanded their Jos factory.

Mining and fossil fuel

Mining

The mining of minerals in Nigeria accounts for only 0.3% of its

gross domestic product Gross domestic product (GDP) is a money, monetary Measurement in economics, measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjec ...

, due to the influence of its vast

oil An oil is any nonpolar chemical substance that is composed primarily of hydrocarbons and is hydrophobic (does not mix with water) & lipophilic (mixes with other oils). Oils are usually flammable and surface active. Most oils are unsaturated ...

resources. The domestic mining industry is underdeveloped, leading to Nigeria having to import minerals that it could produce domestically, such as

salt Salt is a mineral composed primarily of sodium chloride (NaCl), a chemical compound belonging to the larger class of salts; salt in the form of a natural crystalline mineral is known as rock salt or halite. Salt is present in vast quantitie ...

iron ore Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, or deep purple to rusty red. The iron is usually found in the fo ...

. Rights to ownership of mineral resources is held by the Federal government of Nigeria, which grants titles to organizations to explore, mine, and sell mineral resources. Mining regulation is handled by the Ministry of Solid Minerals Development, which oversees the management of all mineral resources. Mining

law Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior,Robertson, ''Crimes against humanity'', 90. with its precise definition a matter of longstanding debate. It has been vario ...

is codified in the Federal Minerals and Mining Act of 1999.

Oil

Erection of Product Purge Column at Poly-Propylene Unit of DRPP, Nigeria

The types of

crude oil Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crude ...

exported by Nigeria are

Bonny light oil Bonny Light oil was found at Oloibiri in the Niger delta region of Nigeria in 1956 for its commercial use.. Due to its features of generating high profit, it is highly demanded by refiners. Bonny Light crude oil, light oil has an API of 32.9, clas ...

, Forcados crude oil, Qua Ibo crude oil and Brass River crude oil. The U.S. remains Nigeria's largest buyer of crude oil, accounting for 40% of the country's total oil exports; Nigeria provides about 10% of overall U.S. oil imports and ranks as the fifth-largest source of U.S. imported oil. The United Kingdom is Nigeria's largest trading partner followed by the United States. The stock of U.S. investment is nearly $7 billion, mostly in the energy sector.

ExxonMobil ExxonMobil Corporation (commonly shortened to Exxon) is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller's Standard Oil, and was formed on November 30, ...

and

Chevron Chevron (often relating to V-shaped patterns) may refer to: Science and technology * Chevron (aerospace), sawtooth patterns on some jet engines * Chevron (anatomy), a bone * '' Eulithis testata'', a moth * Chevron (geology), a fold in rock ...

are the two largest U.S. corporations in offshore oil and gas production.

Natural gas pipeline Nigeria–Morocco

The supply of natural gas to Europe, which is threatened by the Ukraine war, is pushing projects to transport Nigerian natural gas via pipelines to Morocco or Algeria. As of May 2022, however, there are still no results.

Process and Industrial Developments dispute

Process and Industrial Developments Ltd (P&ID) entered into a 20-year contract with the Nigerian government for natural gas supply and processing. Nigeria provided the gas, which PI&D refined so that it could be use to power the Nigerian electrical grid. PI&D could keep valuable byproducts for its own use. In 2012, PI&D demanded arbitration in London, alleging that Nigeria had not supplied the agreed quantity of gas or to construct the infrastructure it had agreed to build. The arbitral tribunal awarded damages of more than £4.8 billion. The compensation was valued £8.15 billion with interest when the case was heard in London High Court in December 2022.

Industry

Cement

Dangote and BUA are the dominating companies in the

cement A cement is a binder, a chemical substance used for construction that sets, hardens, and adheres to other materials to bind them together. Cement is seldom used on its own, but rather to bind sand and gravel ( aggregate) together. Cement mix ...

market of Nigeria. In May 2022 BUA opened a new, large scale cement plant in Sokoto including its own 50 MW power station.

Oil based products

Paradoxically, Nigeria currently exports crude oil but has to import petroleum products such as petrol or polypropylene (plastic). In the fourth quarter of 2022, the much-talked-about Dangote oil refinery will come on stream, which will produce 50 million litres of petrol per day, among other things. This would turn Nigeria from a net importer into a net exporter of petroleum products. Even before it is fully operational, the Dangote refinery claims to a number of world records, including the world's largest distillation column and, with the RFCC regenerator, both the heaviest continuous piece of steel (made by a Korean forge) and the heaviest object ever transported on a public African road.

Fertiliser and paint

On 3 May 2022, after years of construction, a fertiliser production plant was commissioned near Lagos that will produce 3 million tonnes of fertiliser a year. With no more Russian fertiliser coming onto the world market in 2022 due to the Ukraine war, Nigeria is filling a gap in the market. "The fertiliser market is a seller's market," enthused company boss Dangote at the plant's opening. "People are begging for us to sell and we are choosy about who we sell to." A stone's throw away from the Dangote refinery

BASF BASF Societas Europaea, SE () is a German multinational corporation, multinational chemical company and the List of largest chemical producers, largest chemical producer in the world. Its headquarters is located in Ludwigshafen, Germany. The ...

opened a factory in

Lekki Lekki is a city in Lagos State, Nigeria. It is located to the south-east of Lagos, Lagos city. Lekki is a naturally formed peninsula, adjoining to its west Victoria Island (Lagos), Victoria Island and Ikoyi districts of Lagos, with the Atlantic O ...

. BASF is mostly known for fertilizers, paints and lacquers.

Bodycare products, cleaning detergents

The Colgate factory in the Lekki Free Trade Zone close to Lagos started to produce body care products in 2022.

Pharmaceutical industry

Nigeria hosts about 60 percent of the pharmaceutical production capacity in Africa (status 2022) and is projected to grow between $60 billion to $70 billion after COVID-19, experts say. The

pharmaceutical industry in Nigeria The pharmaceutical industry in Nigeria is oligopoly, being a multi-product industry. It is characterized by a combination of Stackelberg equilibrium (Leadership/Followership), Cournot (classical) model, quasi-competitive model, for various grou ...

has headroom for growth and can potentially reach $4 billion over the next 10 years. Goldstein Market Intelligence analyst forecast the Nigeria pharmaceuticals market size is set to grow at a CAGR of 9.1% over the forecast years of 2017–2030. Most larger pharmaceutical companies in Nigeria are located in

Lagos Lagos (Nigerian English: ; ) is the largest city in Nigeria and the List of cities in Africa by population, second most populous city in Africa, with a population of 15.4 million as of 2015 within the city proper. Lagos was the national ca ...

. The pharmaceutical producer with the most employees in Nigeria appears to be ''Emzor Pharmaceutical Industries Ltd''. They produce more than 140 pharmaceutical products, including painkillers, vitamins, haematinics, antimalarials, tussives, antibiotics, anthelmintics, antihistamines, antacids and cardioprotectants. ''Fidson Healthcare Plc'' produces painkillers, anti-allergics, blood pressure medicines, digestive aids, sleeping pills and cough syrup. ''May & Baker Nig. Plc'' produces remedis against malaria, hypertension, diabetes, depressions and pain. ''Swiss Pharma Nigeria'' produces pharmaceutical products of

BAYER Bayer AG (, commonly pronounced ; ) is a German multinational corporation, multinational pharmaceutical and biotechnology company and one of the largest pharmaceutical companies in the world. Headquartered in Leverkusen, Bayer's areas of busi ...

Vehicle industry

Nigerians buy 720,000 cars per year, but less than 20% of these are produced in Nigeria itself. ''Indigenous manufacturers'' ''

Innoson Vehicle Manufacturing Innoson Vehicle Manufacturing Co. Ltd. (commonly shortened to IVM) is a Nigerian automobile manufacturer headquartered in Nnewi, Anambra, Nigeria. It was founded by Chief Innocent Chukwuma Nwala. Innoson Vehicle Manufacturing is nicknamed Pride O ...

'' is located in Nnewi. It produces buses, SUVs and since May 2022 "kekes". ''Nord Automobiles Ltd'' has two assembly plants: one in Sangotedo, where all eight models are currently assembled; a plant in Epe is still under construction. The company currently manufactures its own plastic parts and plans to add steel stamping in the future. 30 km north-east of

''Proforce Ltd.'' produces armoured vehicles. Proforce sold an unknown number of armoured vehicles to

Belarus Belarus,, , ; alternatively and formerly known as Byelorussia (from Russian ). officially the Republic of Belarus,; rus, Республика Беларусь, Respublika Belarus. is a landlocked country in Eastern Europe. It is bordered by R ...

in March 2022. This is the first time that vehicles manufactured in Nigeria have been supplied to a European country. ''Jet Motor Company'' in Epe,

Lagos State Lagos State ( yo, Ìpínlẹ̀ Èkó) is a States of Nigeria, state in South West (Nigeria), southwestern Nigeria. Of the 36 States of Nigeria, states, it is both the List of Nigerian states by population, most populous and List of Nigerian state ...

, is producing Nigeria's first electric-powered delivery trucks in partnership with GIG Logistics. In

Idah Idah is a town in Kogi State, Nigeria, on the eastern bank of the Niger River in the middle belt region of Nigeria. It is the headquarter of the Igala Kingdom, and also a Local Government Area with an area of 36 km. Idah had a population o ...

Kogi Kogi State is a state in the North Central region of Nigeria, bordered to the west by the states of Ekiti and Kwara, to the north by the Federal Capital Territory, to the northeast by Nasarawa State, to the northwest by Niger State, to th ...

State, ''Electric Motor Vehicle Company'' manufactures electrically powered vehicles. The company is owned by Prince Mustapha Mona Audu, a

Glasgow Glasgow ( ; sco, Glesca or ; gd, Glaschu ) is the most populous city in Scotland and the fourth-most populous city in the United Kingdom, as well as being the 27th largest city by population in Europe. In 2020, it had an estimated popul ...

-educated computer specialist and son of a former governor. In May 2022, Audu unveiled the four-seater ''Adoja'', which he claims is the most environmentally friendly vehicle in Nigeria. ''Foreign manufacturers'' The ''

Stallion Group Stallion Group is a conglomerate founded in 1969 with headquarters in Dubai. The group is one of the largest in Sub-Saharan Africa. The group has an extensive international presence in 18 countries (As of 2010) with 72 locations and more than 10 ...

'' assembles 45,000

Volkswagen Volkswagen (),English: , . abbreviated as VW (), is a German Automotive industry, motor vehicle manufacturer headquartered in Wolfsburg, Lower Saxony, Germany. Founded in 1937 by the German Labour Front under the Nazi Party and revived into a ...

models in

per annum. ''Peugeot Automobiles Nigeria (PAN)'' operates in

. In April 2022,

Peugeot Peugeot (, , ) is a French brand of automobiles owned by Stellantis. The family business that preceded the current Peugeot companies was founded in 1810, with a steel foundry that soon started making hand tools and kitchen equipment, and the ...

left the conglomerate and

Aliko Dangote ''For people with the given name, see Aliko (given name).'' Aliko ( sq-definite, Alikoi; ) is a village and a former commune in Vlorë County, southern Albania. At the 2015 local government reform it became a subdivision of the municipality Fini ...

bought its shares. The company name was changed to DPAN. DPAN will assemble mainly the Chinese brands

Chery Chery Automobile Co. Ltd., trading as Chery and sometimes known by the pinyin transcription of its Chinese name, ''Qirui'' (), is a Chinese state-owned automobile manufacturer headquartered in Wuhu, Anhui, China. Founded in 1997, it is curre ...

and

Higer Higer Bus Company Limited, also known as Higer Bus, is a Chinese bus manufacturer based in Suzhou, Jiangsu province. It was established at the end of 1998. HIGER is China's leading exporter of buses and Coach (bus), coaches, whose units are av ...

using pre-produced parts. A new production line, Greenfield, will increase the output to 120 cars per day.

Toolmaking industry

Oshogbo Osogbo (also ''Oṣogbo'', rarely ''Oshogbo'') is a city in Nigeria. It became the capital city of Osun State in 1991. Osogbo city seats the Headquarters of both Osogbo Local Government Area (situated at Oke Baale Area of the city) and Olorund ...

, there is a modest toolmaking industry. Products are e.g. CNC turning machines and industrial

drilling Drilling is a cutting process where a drill bit is spun to cut a hole of circular cross-section in solid materials. The drill bit is usually a rotary cutting tool, often multi-point. The bit is pressed against the work-piece and rotated at ra ...

machines, but also stud bolts and

flanges A flange is a protruded ridge, lip or rim (wheel), rim, either external or internal, that serves to increase shear strength, strength (as the flange of an iron beam (structure), beam such as an I-beam or a T-beam); for easy attachment/transfer of ...

. Target market is the oil industry in the Niger delta.

Electronics

The most successful manufacturer of laptops in Nigeria is, by their own admission, the indigenous Zinox Technologies in Lagos.

Steel production

According to its website, Ajaokuta Steel Company Limited produces 1.3 million tonnes of steel per year. This would be equivalent to one-sixth of the UK's steel production in 2021. Steel plants in Katsina, Jos and Osogbo no longer appear to be active.

Services

Nigeria ranks 27th worldwide and first in Africa in services output. 2010 Lagos Nigeria 5284107494

Finance sector

Nigeria is the largest financial market in Africa. As of November 2018, 21 commercial banks were licensed by the Central Bank of Nigeria (CBN). Nigeria has a relatively well-developed banking sector by regional standards, with regionally high level of banking penetration (44.2% vs. regional average of 17.8% for West Africa) and robust use of advanced financial instruments in the local economy. The country is also well connected to international financial markets and following the 2016–17 oil crisis, the country has seen an increasing influx of foreign capital over the past 12–18 months – capital importation in Nigeria jumped to US$6.3 bln in Q1–18 (594% yoy growth) vs. $12.3 bln for full year 2017 and $5.1 bln in 2016). However, the country is weighed down by high lending rates, which limits access to credit for smaller firms, particularly in the non-oil economy.

Telecommunication

The Nigerian Communications Commissions (NCC) said on January 14, 2022, the telecommunications sector contributed 12.45per cent to Nigeria's Gross Domestic Product (GDP). The commission through its chief executive officer (CEO), Prof Umar Garba Danbatta, during his convocation lecture, titled, “Empowering the Nigeria Youth Through Information and Communications Technology (ICT)” held at Fountain University, Osogbo, made this known. Prof Garba disclosed that the ICT sector has been consistently contributing above 10% of Nigeria's GDP for over 10 years. He noted, “Nigeria is Africa’s largest ICT market with 82per cent of the continent’s telecoms subscribers and 29per cent of internet usage." Nigeria ranks 11th in the world in the absolute number of internet users and 7th in the absolute number of mobile phones.

Transport sector, forwarding, shipment

Due to Nigeria's location in the centre of Africa, transport plays a major role in the national service sector. The Buhari administration made improvements to the infrastructure after 2015. Extensive road repairs and new construction have been carried out gradually as states in particular spend their share of increased government allocations. Representative of these improvements is the Second Niger Bridge at Onitsha, which is nearly completed in May 2022. Since 2009, Nigeria has been laying new railway tracks. These are operated by the state-owned

Nigerian Railway Corporation Nigerian Railway Corporation (commonly abbreviated as NRC) is the state-owned enterprise with exclusive rights to operate railways in Nigeria. History and legislative background The Nigerian Railway Corporation traces its history to the year ...

. This has apparently generated a surplus since 2019, despite the covid epidemic. Principal ports are at

(

Apapa Apapa is a Local Government Area in Lagos, located to the west of Lagos Island. Apapa contains a number of ports and terminals operated by the Nigerian Ports Authority (NPA), including the major port of Lagos State and Lagos Port Complex (LPC ...

and Tin Can Island), Port Harcourt (Onne), and

Calabar Calabar (also referred to as Callabar, Calabari, Calbari and Kalabar) is the capital city of Cross River State, Nigeria. It was originally named Akwa Akpa, in the Efik language. The city is adjacent to the Calabar and Great Kwa rivers and cre ...

. A deep sea port in Lekki, 50 km east of Lagos, is about to open in 2022. Five of Nigeria's airports (Lagos,

Kano Kano may refer to: Places *Kano State, a state in Northern Nigeria * Kano (city), a city in Nigeria, and the capital of Kano State **Kingdom of Kano, a Hausa kingdom between the 10th and 14th centuries **Sultanate of Kano, a Hausa kingdom between ...

, Port Harcourt,

Enugu Enugu ( ; ) is the capital city of Enugu State in Nigeria. It is located in southeastern part of Nigeria. The city had a population of 820,000 according to the 2022 Nigerian census. The name ''Enugu'' is derived from the two Igbo words ''Énú ...

and

Abuja Abuja () is the capital and eighth most populous city of Nigeria. Situated at the centre of the country within the Federal Capital Territory (FCT), it is a planned city built mainly in the 1980s based on a master plan by International Plann ...

) currently fly to international destinations. The new national airline, "Nigeria Air", is scheduled to start operations in mid-2022.

Entertainment

Movie industry, Television, Streaming

From

Nollywood Nollywood is a sobriquet that originally referred to the Nigerian film industry. The origin of the term dates back to the early 2000s, traced to an article in ''The New York Times''. Due to the history of evolving meanings and contexts, there ...

, films and soaps are broadcast to the whole of Africa. Nigeria is the second largest film nation in the world after India and ahead of the US.

Music industry

Perhaps Nigeria's most famous musician is the inventor of

Afrobeat Afrobeat is a Nigerian music genre that involves the combination of West African musical styles (such as traditional Yoruba music and highlife) and American funk, jazz, and soul influences, with a focus on chanted vocals, complex intersecting ...

Fela Anikulapo Kuti Fela Aníkúlápó Kuti (born Olufela Olusegun Oludotun Ransome-Kuti; 15 October 1938 – 2 August 1997), also known as Abami Eda, was a Nigerian musician, bandleader, composer, political activist, and Pan-Africanist. He is regarded as the p ...

, who gave legendary concerts with his band "Africa 70" at the "Shrine" in Lagos. Other characteristic musical styles include Jùjú, Apala, Fuji and Sakara. In the field of pop music, Nigerian musicians living in Europe such as

Sade Adu Helen Folasade Adu ( yo, Fọláṣadé Adú ; born 16 January 1959), known professionally as Sade Adu or simply Sade ( ), is a Nigerian-born British singer, known as the lead singer of her eponymous band. One of the most successful British fe ...

Dr. Alban Alban Uzoma Nwapa (born 26 August 1957), better known by his stage name Dr. Alban, is a Nigerian- Swedish recording artist and producer with his own record label, Dr. Records. His music can best be described as Eurodance/ hip-hop reggae in a d ...

were very successful in the 1980s and 1990s. In Europe, Nneka is one of the best-known Nigerian pop musicians. One of the very few Nigerian artists living in Nigeria who has had commercial success in Europe is

D'Banj Oladapo Daniel Oyebanjo (born 9 June 1980), better known by his stage name D'banj, is a Nigerian singer and rapper and the founder of Mo' Hits Records with producer Don Jazzy. He has won several music awards, including the awards for ''Best Af ...

. He even reached the European singles charts in summer 2012 with Oliver Twist.

Wizkid Ayodeji Ibrahim Balogun (born 16 July 1990), known professionally as Wizkid, is a Nigerian singer and songwriter. A prominent figure in the modern-day Afrobeats music scene, Wizkid is regarded as one of the biggest and most influential Afri ...

reached number 1 in 2016 alongside

Drake Drake may refer to: Animals * A male duck People and fictional characters * Drake (surname), a list of people and fictional characters with the family name * Drake (given name), a list of people and fictional characters with the given name * ...

Social media

Nigerians are passionate users of social media. In 2021 Nigerians spent 3 hours and 41 minutes on social media in average every day. This is much higher than the global average of 2 hours 22 minutes. The number of active social media users in Nigeria increased in 2021 by 22 percent, compared with a global average increase of 13 per cent. WhatsApp and Facebook are the most used social media platforms in Nigeria.

Tourism

Data

Electricity – production: 18.89 billion kWh (2009) Electricity – production by source:
''fossil fuel:'' 61.69%
''hydro:'' 38.31%
''nuclear:'' 0%
''other:'' <.1% (1998) Electricity - consumption: 17.66 billion kWh (2009) Electricity - exports: 40 million kWh (2003) Electricity - imports: 0 kWh (1998) Oil - production: (July 2006 est.) Oil - consumption: (2003 est.)

Overseas remittances

A major source of foreign exchange earnings for Nigeria are remittances sent home by Nigerians living abroad."Remittances from diaspora Nigerians as lubricant for the economy"

Nigerian Tribune The ''Nigerian Tribune'' is an English-language newspaper published in Ibadan, Nigeria. It was established in 1949 by Obafemi Awolowo and is the oldest running private Nigerian newspaper. In the colonial era, the newspaper served as the mouthpie ...

, 8 September 2014. In 2014, 17.5 million Nigerians lived in foreign countries, with the UK and the USA having more than 2 million Nigerians each. According to the

International Organization for Migration The International Organization for Migration (IOM) is a United Nations agency that provides services and advice concerning migration to governments and migrants, including internally displaced persons, refugees, and migrant workers. The IOM was ...

, Nigeria witnessed a dramatic increase in remittances sent home from overseas Nigerians, going from US$2.3 billion in 2004 to $17.9 billion in 2007, representing 6.7% of GDP. The United States accounts for the largest portion of official remittances, followed by the United Kingdom, Italy, Canada, Spain and France. On the African continent, Egypt, Equatorial Guinea, Chad, Libya, and South Africa are important source countries of remittance flows to Nigeria, while China is the biggest remittance-sending country in Asia.

Labour force

In 2015, Nigeria had a labour force of 74 million. In 2003, the unemployment rate was 10.8% overall; by 2015, unemployment stood at 6.4%. Since 1999, the Nigerian Labor Congress (NLC) a union umbrella organization, has called six general strikes to protest domestic fuel price increases. However, in March 2005 the government introduced legislation ending the NLC's monopoly over union organizing. In December 2005, the

Nigerian Labour Congress The Nigeria Labour Congress (NLC) is an umbrella organization for trade unions in Nigeria. History The Nigerian Labour Congress was founded in December 1978, as a merger of four different organisations: the Nigeria Trade Union Congress (NTUC), ...

(NLC) was lobbying for an increase in the minimum wage for federal workers. The existing minimum wage, which was introduced six years earlier but has not been adjusted since, has been whittled away by inflation to only US$42.80 per month. According to the

, the number of

immigrants Immigration is the international movement of people to a destination country of which they are not natives or where they do not possess citizenship in order to settle as permanent residents or naturalized citizens. Commuters, tourists, and ...

residing in Nigeria has more than doubled in recent decades – from 477,135 in 1991 to 971,450 in 2005. The majority of immigrants in Nigeria (74%) are from neighbouring

Economic Community of West African States The Economic Community of West African States (ECOWAS; also known as in French and Portuguese) is a regional political union, political and economic union of fifteen countries located in West Africa. Collectively, these countries comprise an ...

(ECOWAS), and that this number has increased considerably over the last decade, from 63% in 2001 to 97% in 2005. The government has to pay a high interest rate on bonds in part because of the high fertility rate; there are many children and less savings.

Human capital

As of 2019, Nigeria's

HDI The Human Development Index (HDI) is a statistic composite index of life expectancy, education (mean years of schooling completed and expected years of schooling upon entering the education system), and per capita income indicators, wh ...

(Human Development Index) is ranked 161st at 0.539. The comparative value for

Sub-Saharan Africa Sub-Saharan Africa is, geographically, the area and regions of the continent of Africa that lies south of the Sahara. These include West Africa, East Africa, Central Africa, and Southern Africa. Geopolitically, in addition to the List of sov ...

is 0.547, 0.926 for the US, and 0.737 for the world average. The value for the education index is 0.499, compared to the average in the US of 0.900. The expected years of schooling in Nigeria is 10.0 (16.3 in the US), while the mean years of schooling for adults over 25 years is 6.7 years (13.4 years in the US). Additionally, Nigeria is also facing a relatively high inequality, worsening the problem regarding the formation of human capital.

Government policy

Inflation

In 2016, the black market exchange rate of the Naira was about 60% above the official rate. The central bank releases about $200 million each week at the official exchange rate. However, some companies cite that budgets now include a 30% "premium" to be paid to central bank officials to get dollars. Nigeria's inflation rate rose to 15.63 per cent in December 2021 compared to 15.40 per cent in November, the National Bureau of Statistics announced on January 17, 2022. The statistics office said the prices of goods and services, measured by the Consumer Price Index, increased by 15.63 per cent in December 2021 when compared to December 2020. According to the NBS, this rise in the food index was caused by increases in prices of bread and cereals, food products, meat, fish, potatoes, yam and other tubers, soft drinks and fruits.

Foreign economic relations

Nigeria's foreign economic relations revolve around its role in supplying the world economy with oil and natural gas, even as the country seeks to diversify its exports, harmonize tariffs in line with a potential

customs union A customs union is generally defined as a type of trade bloc which is composed of a free trade area with a common external tariff.GATTArticle 24 s. 8 (a) Customs unions are established through trade pacts where the participant countries set up ...

sought by the

(ECOWAS), and encourage inflows of foreign portfolio and direct investment. In October 2005, Nigeria implemented the ECOWAS

common external tariff A common external tariff (CET) must be introduced when a group of countries forms a customs union. The same customs duties, import quotas, preferences or other non-tariff barriers to trade apply to all goods entering the area, regardless of which ...

, which reduced the number of tariff bands. Prior to this revision, tariffs constituted Nigeria's second largest source of revenue after oil exports. In 2005 Nigeria achieved a major breakthrough when it reached an agreement with the Paris Club to eliminate its bilateral debt through a combination of write-downs and buybacks. Nigeria joined the

Organization of the Petroleum Exporting Countries The Organization of the Petroleum Exporting Countries (OPEC, ) is a cartel of countries. Founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), it has, since 1965, been headquart ...

in July 1971 and the

World Trade Organization The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade. With effective cooperation in the United Nations System, governments use the organization to establish, revise, and e ...

in January 1995. If the global transition to renewable energy is completed and international demand for Nigeria's petroleum resources ceases, Nigeria will be significantly weakened. It is ranked 149 out of 156 countries in the index of Geopolitical Gains and Losses after energy transition (GeGaLo).

External trade

In 2017, Nigeria imported about US$34.2 billion of goods. In 2017 the leading sources of imports were China (28%), the Belgium-Luxembourg (8.9%), the Netherlands (8.3%), South Korea (6.4%), the United States (6.0%) and the India (4.6%). Principal imports were manufactured goods, machinery and transport equipment, chemicals, and food and live animals. In 2017, Nigeria exported about US$46.68 billion of goods. In 2017, the leading destinations for exports were India (18%), the United States (14%), Spain (9.7%), France (6.0%) and the Netherlands (4.9%). In 2017 oil accounted for 83% of merchandise exports. Natural rubber and cocoa are the country's major agricultural exports. In 2005, Nigeria posted a US$26 billion trade surplus, corresponding to almost 20% of gross domestic product. In 2005, Nigeria achieved a positive current account balance of US$9.6 billion. The Nigerian currency is the

naira The naira (sign: ₦; code: NGN) is the currency of Nigeria. One naira is divided into 100 ''kobo''. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. It controls the volume ...

(NGN). As of June 2006, the

exchange rate In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of ...

was about US$1=NGN128.4. As of June 2019, it stands at US$1 =NGN357. In recent years, Nigeria has expanded its trade relations with other developing countries such as India. Nigeria is the largest African crude oil supplier to India – it annually exports to India valued at US$10 billion annually. India is the largest purchaser of Nigeria's oil which fulfills 20% to 25% of India's domestic oil demand. Indian oil companies are also involved in oil drilling operations in Nigeria and have plans to set up refineries there. The trade volume between Nigeria and the United Kingdom rose by 35% from

USD The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...

6.3 billion in 2010 to

8.5 billion in 2011.

External debt

In 2012, Nigeria's external debt was an estimated $5.9 billion and N5.6 trillion domestic, putting total debt at $44 billion. In April 2006, Nigeria became the first African country to fully pay off its debt owed to the

. This was structured as a debt write off of approximately $18 billion and a cash payment of approximately $12 billion.

Foreign investment

In 2012, Nigeria received a net inflow of US$85.73 billion of

foreign direct investment A foreign direct investment (FDI) is an investment in the form of a controlling ownership in a business in one country by an entity based in another country. It is thus distinguished from a foreign portfolio investment by a notion of direct co ...

(FDI), much of which came from Nigerians in the diaspora. Most FDI is directed toward the energy and banking sectors. Any public designed to encourage inflow of foreign capital is capable of generating employment opportunities within the domestic economy. The Nigerian Enterprises Promotion (NEP) Decree of 1972 (revised in 1977) was intended to reduce foreign investment in the Nigerian economy. The stock

market capitalisation Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders. Market capitalization is equal to the market price per common share multiplied by t ...

of listed companies in Nigeria was valued at $97.75 billion on 15 February 2008 by the

Nigerian Stock Exchange The Nigerian Stock Exchange (NSE) now Nigerian Exchange Group is a Nigerian stock exchange founded in 1961 in Lagos. As of November 2019, it has a total of 161 listed companies, with 8 domestic companies on the premium board, 144 companies on the ...

Swiss Banks to return Abacha Stolen Funds

The Swiss foreign ministry says it has done all it can to ensure that funds stolen by the late Nigerian dictator

Sani Abacha Sani Abacha (20 September 1943 – 8 June 1998) was a Nigerian military officer and politician who ruled as the military head of state of Nigeria from 1993 until his death in 1998. He seized power on 17 November 1993 in the last successful c ...

were used properly in his homeland. The authorities were responding to allegations that $200 million (SFr240 million) of $700 million handed back by the

Swiss Banks Banking in Switzerland dates to the early eighteenth century through Switzerland's merchant trade and has, over the centuries, grown into a complex, regulated, and international industry. Banking is seen as emblematic of Switzerland, along with ...

to Nigeria had been misappropriated.

References

Sources

*
Nigerian Federal government Recruitment
careerwatch.ng 23 February 2020

External links

*
World Bank Summary Trade Statistics NigeriaNigeria latest trade data on ITC Trade MapInvest In Knowledge Based Economy In Nigeria
*Tariffs applied by Nigeria as provided by ITC'
ITC Market Access Map
an online database of customs tariffs and market requirements {{World Trade Organization