Referred to as the “Giant of Africa”, the Federal Republic of Nigeria is the largest economy and the most populous country in Africa.
One in every four Africans is believed to be Nigerian, and the UN projects it to be the world’s third-largest country by 2050, overtaking the US with an estimated population of over 400 million.
KEY FACTS
Location: West Africa
Economy: Largest in Africa by GDP
Population: 204 million
Income category: Lower middle income
Official Language: English
Capital: Abuja
Currency: Naira (NGN)
Time zone: GMT+1 (WAT)
Calling code: +234
Internet domain: .ng
Region: Economic Community of West African States (ECOWAS)
KEY SECTORS
Nigeria is rich in natural resources. It has the world’s 10th largest proven oil reserves and 9th largest proven gas reserves, as well as large deposits of iron ore, tin, columbite, coal, niobium, lead, zinc, bauxite and more. There is also a huge service sector supporting the oil and gas value chain and a significant market and population for goods and services. Industries showing significant growth opportunities include:
- Consumer goods and the retail industry (including online shopping);
- Real estate due to high population, urban migration, and a rising middle class;
- Information and Communication Technology;
- Food and Agriculture; and
- Infrastructure (especially Power and Transportation).
The Nigerian Government has declared its intention to diversify its economy away from oil and minimise imports in order to enable the economy to be self-sufficient, by offering greater investment incentives within agriculture and the development of the manufacturing sector.
GOVERNMENT PRIORITIES
Nigerian government depends largely on revenue from oil and gas. Changes have been proposed to drive economic growth, attract investment and diversify the economy with more focus on the non-oil sector including Agriculture, Manufacturing and Services, including goals to:
- significantly reduce food imports and become a net exporter of key agricultural products (becoming completely self-sufficient in tomato paste, rice, and wheat);
- accelerate the expansion of the manufacturing sector, becoming the preferred manufacturing hub in West Africa for items such as cement, textiles and food processing and brewing; and
- promote the establishment of chain stores, banking and insurance services and telecommunications services.
The Nigerian Investment Promotion Commission (NIPC) is an agency of the Federal Government established to. encourage, promote and coordinate investments in Nigeria. Visit NIPC here https://nipc.gov.ng.
