- Abundant Resources: Nigeria has enormous resources, most of which are yet to be fully exploited. They include mineral, agricultural and human resources.
- Large Market: Nigeria offers the market in sub-Saharan Africa, with a population of about 120 million people. The Nigerian market potential also stretches into the growing West African sub-region.
- Political Stability: Nigeria offers stable political environment.
- Free Market Economy: The Government has created a favorable climate for business and industrial ventures. Administrative and bureaucratic procedures have been greatly streamlined. The Government has put in place policies and programmes that guarantee a free market economy.
- Robust Private Sector: The country has a dynamic private sector, which has assured greater responsibilities under the new economic environment.
- Free Flow of Investment: Exchange control regulations have been liberalized to ensure free flow of international finance. There is now unrestricted movement of investment capital.
- Attractive Incentives: A comprehensive package of incentives has been put in place to attract investment.
- Fast Growing Financial Sector: There is well-developed banking and financial sector. The investor has easy access to working capital and other credit facilities.
- Skilled and Low Cost Labour: There is an abundance of skilled labour at an 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.
Nigeria is Africa’s foremost business destination second only to South Africa. Its currency is the Naira. $1.00USD is approximately N156. The country operates a market economy dominated by crude oil exports with the revenue earnings from the sector accounting for 90% of forex earnings and 65% of budgetary revenues. Other exports are cocoa, palm oil, groundnuts, cotton, timber and rubber.
Nigeria’s imports are in the region of $14.54billion USD. Import commodities include machinery, chemicals, transport, equipment, manufactured goods and live animals.
In recent times, focus is being directed at non oil exports and agriculture, which presently accounts for 30% of the GDP, to diversify the economic base. Opportunities exist for the exploitation and export of natural gas, bitumen, limestone, coal, tin, columbite, gold, silver, lead-zinc, gypsum, glass sands, clays, asbestos, graphite, and iron ore, among others.
The Government has been pursuing economic reforms marked by the privatization and deregulation which seek to transfer state ownership of institutions to the private sector and so engender efficiency n the productive sectors of the economy .These are well articulated in The NEEDS programme. The reforms have led to an explosive growth in the telecoms sector after years of stagnation. The GSM has transformed the economic terrain creating employment and oiling the operations of businesses in Nigeria. The country is traversed by a network of primary and secondary roads, and has 4 international airports, and 6 seaports. It also boasts 12 Television stations and 25 National newspapers. Its internet country code is .ng Nigeria, officially the Federal Republic of Nigeria, is a country in West Africa and the most populous country on the African continent.
Nigeria shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, Niger in the north, and borders the Gulf of Guinea in the south. Since 1991, its capital has been the centrally located city of Abuja; previously, the Nigerian government was headquartered in Lagos.
The people of Nigeria have an extensive history, and based on archaeological evidence, human habitation of the area dates back to at least 9000 BC. The Benue Cross River area is thought to be the original homeland of the Bantu migrants who spread across most of central and southern Africa in waves between the 1st millennium BC and the 2nd millennium AD. However, the Nigerian state came into being on October 1, 1960 when Nigeria declared its independence from the British and at present consists of 36 states and the federal capital territory.
Nigeria re-achieved democracy in 1999 after a sixteen year interruption by a series of military rulers. From 1966 until 1999, Nigeria had been ruled (except the short lived second republic, 1979 1983) by military rulers who seized power in coup d’Ã©tats and counter coups. Today Nigeria is a democratic country with tremendous market and investment opportunities.
Geography: Nigeria Lies within three climatic and geographic types equatorial in the southern reaches, tropical in the central area and arid in the north fringe giving rise to rainforest, savannah and desert vegetation respectively. Nigeria is bisected by rivers Niger and Benue which merge at Lokoja, then cascade southwards to form the tributaries and creeks of the Niger Delta.