Introducing Nigeria

The Federal Republic of Nigeria, is a federal constitutional republic comprising thirty-six states and it’s Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in the north. Its coast in the south lies on the Gulf of Guinea on the Atlantic Ocean.

Nigeria is the most populous country in Africa and accounts for over half of West Africa’s population. It is the eighth most populous country in the world and is a member of the Commonwealth of Nations. The economy of Nigeria is one of the fastest growing in the world and is listed among the “Next Eleven” economies.

 Coordinate 10º00´ N 8º00´ E
Land Area 923.768 sq. km.
Population 156 million (approximate)
Population Growth Rate 2.0%
Federal Capital Abuja
Central Bank Central Bank of Nigeria
GDP US$ 273.042 billion (2011 estimate)
Real GDP Growth Rate 7.2% (2011)
Per capita GDP $2,300 (2009)
Main Cities Lagos, Kano, Port Harcourt, Benin City, Enugu, Warri, Zaria, Ibadan, Katsina, Jos, Calabar
Main Sea Ports Lagos, Port Harcourt, Onne, Calabar
International Airports Lagos, Abuja, Kano, Port Harcourt
Literacy Total population 68%
Legal System Based on English common law, Islamic law (in 12 northern states)
Language English (Official), Hausa, Igbo, Yoruba, Fulani, Kanuri, others.
Climate Equatorial in the south, tropical in the centre and arid in the north
Time GMT +1
Fiscal Year Calendar year
Country Code 00234
Currency (N) (NGN)

Why Invest in Nigeria

Today the rate of return on foreign investment in Africa is higher than in any other developing regions. Early entry into African economies provides opportunities to create markets, establish brands, shape industry structure, influence customer preferences, and establish long-term relationships. Source McKinsey Global Institute

The start of the 21st century has seen an emphasis on economic reforms which make regional African economies more attractive to foreign investors. Nigeria, Africa’s foremost business destination second only to SA is one of these economies.

The 7 Point road map put in place by the government highlights some of the many opportunities for global business operators in Nigeria.

Below is a summary of why Nigeria is ripe for foreign investment:

Abundant Resources: Nigeria has enormous resources, most of which are yet to be fully exploited. They include mineral, agricultural and human resources.

Large Market: A huge population of 150 million people and a market potential that stretches into the growing West African region. A population which is also seeing their spending power increase gradually.

Political Stability: Nigeria offers stable political environment.

Free Market Economy: Policies and programmes that guarantee a free market economy have been put in place, creating a favourable climate for business and industrial ventures. Administrative and bureaucratic procedures have been greatly streamlined.

Robust Private Sector: A dynamic private sector, which has assumed greater responsibilities under the new economic environment.

Free Flow of Investment: An unrestricted movement of investment capital thanks to new exchange control regulations.

Attractive Incentives: A comprehensive package of incentives across the states

Fast Growing Financial Sector: A well-developed banking and financial sector with easy access to working capital and other credit facilities.

Skilled and Low Cost Labour: An abundance of skilled labour at low economic cost, resulting in production costs which are among the lowest in Africa.

Infrastructure: Rapid development of physical and industrial infrastructure, in terms of transportation, communications, electricity and water supply.

All indications suggest Nigeria’s long term growth prospects are strong, thanks to external trends in the global economy (such as demand for natural resources) and internal changes in the country.

Doing Business in Nigeria

A major focus of the present administration is to emulate investor friendly policies that will revitalise social-economic development in the country and strengthen its infrastructure towards the goal of making Nigeria one of the world’s top economies.

The Nigerian government also recognizes the role of the private sector as the engine room to fast-track Nigeria’s growth and development hence it has taken appropriate measures to remove all impediments on the path of private sector investments in the country.

Doing business in Nigeria is no longer a daunting experience if one follows the various channels set up by the government to facilitate business and investment.

The first point of call for any company considering doing business in Nigeria should be the Nigerian Investment Promotion Council (NIPC).

The NIPC is a division of the Federal Ministry of Industries and was established to promote, co-ordinate and monitor investments in the country. The NIPC has One Stop Investment Centres in almost every Nigerian city and they are empowered to provide fast track business entry services to both domestic and foreign investors, devoid of red tape.

Please visit the NIPC Webiste for more information: http://www.nipc.gov.ng

Useful Links

Country Research

www.doingbusiness.org

www.gfmag.com

www.oecd.org

www.moibrahimfoundation.org

 

Nigeria

www.nigeria.gov.ng Official website of the Nigerian Government

www.nafdacnigeria.net National Food and Drug Administration and Control (NAFDAC)

www.nipc.gov.ng Nigeria Investment Promotion Council (NIPC)

www.nepza.gov.ng Nigerian Export Processing Zone Authority

www.cac.gov.ng Corporate Affairs Commission (CAC)

www.customs.gov.ng Nigeria Custom Service (NCS)

www.immigration.gov.ng Nigerian Immigration

www.nigerianports.org Nigeria Ports Authority

www.firs.gov.ng Federal Inland Revenue Service

www.nigerianstat.gov.ng  National Bureau of Statistics

www.sononline.org Standards Organisation of Nigeria

 

Some Nigerian State Government Sites

www.fct.gov.ng Federal Capital Territory Abuja

www.lagosstate.gov.ng Lagos State

www.riversstate.gov.ng Rivers State

www.kadunastate.gov.ng Kaduna State

www.crossriverstate.gov.ng Cross River State

www.ondostate.gov.ng Ondo State

www.anambrastate.gov.ng Anambra State

www.sokotostate.gov.ng Sokoto State

www.oyostate.gov.ng Oyo State

 

Greece

www.primeminister.gov.gr Prime Minister

www.investingreece.gov.gr Invest in Greece

www.mfa.gr Ministry of Foreign Affairs

www.mnec.gr Ministry of Finance