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.
Facts & Figures
|Coordinate||10º00´ N 8º00´ E|
|Land Area||923.768 sq. km.|
|Population||156 million (approximate)|
|Population Growth Rate||2.0%|
|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|
|Fiscal Year||Calendar year|
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 Website for more information: http://www.nipc.gov.ng
Please also find useful information about Nigeria in the following documents