Nigeria
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Capital
Abuja
Largest city
Lagos
Administrative divisions
36 states
Currency
Naira (NGN)
Area
923,768km2
Population
170,123,74 (2012)
Calling code
+234
Official language
English
Latest Business Opportunities
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Ease of trading across borders
Importing a standard container of goods into Nigeria requires:
Introduction
Nigeria is a middle income, mixed economy and emerging market, with expanding financial, service, communications, and entertainment sectors. As of 2012 Nigeria is the second largest within Africa and is on track to becoming one of the 20 largest economies in the world by 2020. Since 2008 the government has begun to implement the market-oriented reforms urged by the IMF, such as modernising the banking system, removing subsidies, and resolving regional disputes over the distribution of earnings from the oil industry. The government is working toward developing stronger public-private partnerships for roads, agriculture, and power.
Economic snapshot (% annual growth rate)
| 2011 | 2012 | 2013-16 | |
|---|---|---|---|
| GDP | 7.4 | 6.5 | 5.8 |
| Export of goods and services | 29.1 | -5 | 4 |
| Import of goods and services | 20.3 | -2.1 | 9.5 |
| Inflation | - | - | - |
| Short-term interest rates (%) | - | - | - |
| Exchange rate (per £) | - | - | - |
| Population | 2.7 | 2.6 | 2.5 |
| Unit labour cost | - | - | - |
| Source: Oxford Economics |
Economic outlook
Nigeria will continue to experience growth rates of roughly 6% in the foreseeable future. This economic growth, however, is only benefiting certain segments of the population, a dynamic which could pose a long-term structural problem.
Trade outlook
Nigeria’s intra-regional trade within Africa will be Nigeria’s fastest growing source of growth. Exports to the Middle East and North Africa region are also expected to witness solid growth. Nigeria’s import needs will rise rapidly, both in terms of capital goods for infrastructure and consumer products for the domestic market. India has overtaken the US to become Nigeria’s major export trading partner and will become Nigeria’s fastest growing import partners, followed by Brazil.
SWOT analysis
| Strengths Major oil producer in sub-Saharan Africa |
Weaknesses Poor governance Corruption |
| Opportunities Nigerian government has been undertaking several key investment-related reforms |
Threats Weak regulatory environment Inadequate infrastructure |
Nigeria's trade with the UK
Sector segmentation growth
Sectors to watch:
- (data not available)
Manufacturing
- (data not available)
Fastest-growing exporters into Nigeria
| Rank | 2012 |
|---|---|
| 1 | Ghana |
| 2 | South Africa |
| 3 | Brazil |
| 4 | India |
| 5 | Spain |
| 6 | Netherlands |
| 7 | Peru |
| 8 | Portugal |
| 9 | Indonesia |
| 10 | Australia |
Total merchandise trade - Leading import partners
Opportunities for UK businesses
African countries need to invest in infrastructure, both human and physical. Without these investments their growth will not be sustainable. Prospects for UK businesses in Nigeria are especially promising in the following sectors: oil and gas equipment, healthcare services and medical equipment, electrical power generating equipment, computer hardware/software, telecommunications equipment, automobile parts and accessories and construction.
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