NIGERIAN BUSINESS ENVIRONMENT

Nigerian Business Environment
Ayeni Adewunmi Hannah
&
Chikwendu David
Outline
General Facts
Culture & Religion
Political System
Economic System
Industrial Structure
Business & Investment Opportunities

GENERAL FACTS
Location
West-Africa.
Capital
Abuja
Population:
2013 Estimate - 174,507,539
2006 Census - 140,431,790
7th Most Populous country in the world
Area:
923,768km2
356,667 sq mi
Languages
Yoruba
Igbo
Hausa
English is widely understood among the educated and the upper and middle classes. CULTURE & RELIGION
Religion
Islam ~ 48.8%
Christianity with different denominations ~ 49.3%
Others ~ 1.9%
Demographics & Ethnic Groups
400 native languages
Over 300 ethnic groups
Three major ethnic groups that comprise of 70% of the population
Yoruba
Igbo
Hausa
Immigrants and refugees: over 1,000,000 Iraqis, Syrians, Lebanese, Libyan, etc..

POLITICAL SYSTEM
“Democracy”
Executive
Legislative
Judiciary
Political Stability
Regional Stability with instability at the Northern Nigeria.
Corruption
33rd most corrupt country in the world (Star Africa Report , 2013).
Nepotism, favouritism, and bribery.

ECONOMIC SYSTEM
Natural resources:
12th largest Crude oil Producer in World
GDP
$US 273.042 billion
$US1,657 per capita
Growth rate ~ 6.8 %
United States' largest trading partner in sub-Saharan Africa and 13th-largest trading partner worldwide in 2010.
Trade Partners: Germany, France, the Netherlands, Canada, Japan, Italy, and Spain.
Power and Energy are the biggest challenges.

INDUSTRIAL STRUCTURE
Services ~ 70 % of GDP, 77.5 % of labour force
Banking
Insurance
Tourism including medical tourism (10-15%)
Real estate
Telecom
IT (top 10 list of best places to launch a tech. start-up)
Top industries:
Pharmaceuticals
Mining (potash and phosphates)
Clothes
Defence
Cement
BUSINESS & INVESTMENT OPPORTUNITIES
Strength
Economic Freedom country
Abundant Resources
Large Market
Infrastructure