![]() Lagos, the financial centre of Nigeria | |
Currency | Nigerian naira (NGN, ₦) |
---|---|
1 April – 31 March[1] | |
Trade organisations | AU, AfCFTA, ECOWAS, WTO |
Country group |
|
Statistics | |
Population | ![]() |
GDP | |
GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
22.4% (2021 est.)[6] | |
Population below poverty line | 40% (2020)[9] |
![]() | |
Labour force |
|
Labour force by occupation |
|
Unemployment | 32.1% (Q1 2021)[14] |
Main industries | cement, oil refining, construction and construction materials, food processing and food products, beverages and tobacco, textiles, apparel and footwear, pharmaceutical products, wood products, pulp paper products, chemicals, ceramic products, plastic and rubber products, electrical and electronic products, base metals: iron and steel, information technology, automobile manufacturing, and other manufacturing (2015)[15] |
![]() | |
External | |
Exports | ![]() |
Export goods | petroleum and petroleum products, chemicals, vehicles, aircraft parts, vessels, vegetable products, processed food, beverages, spirits and vinegar, cashew nuts, processed leather, cocoa, tobacco, aluminum alloys (2015)[19] |
Main export partners |
|
Imports | ![]() |
Import goods | industry supplies, machinery, appliances, vehicles, aircraft parts, chemicals, base metals (2015)[19] |
Main import partners |
|
FDI stock | |
![]() | |
Gross external debt | ![]() |
Public finances | |
![]() | |
$5.2 billion; 1% of GDP (2014)[22] | |
Revenues | $54.48 billion |
Expenses | $31.61 billion (2012 est.) |
| |
Foreign reserves | ![]() |
The Economy of Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology, and entertainment sectors.[25][26] It is ranked as the 27th-largest economy in the world in terms of nominal gross domestic product (GDP), and the 24th-largest in terms of purchasing power parity.[27] Nigeria has the largest economy in Africa. The country's re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the region of West Africa.[28] In addition, the debt-to-GDP ratio was 16.075% as of 2019.[29]
Nigerian GDP at purchasing power parity (PPP) has almost tripled from $170 billion in 2000 to $451 billion in 2012,[30] though estimates of the size of the informal sector (which is not included in official figures) put the actual numbers closer to $630 billion. Subsequently, the GDP per capita doubled from $1400 per person in 2000 to an estimated $2,800 per person in 2012. Again, with the inclusion of the informal sector, it is estimated that GDP per capita hovers around $3,900 per person.[31] The country's population increased from 120 million in 2000 to 160 million in 2010. The GDP figures were to be revised upwards by as much as 80% (percent) when metrics were to be recalculated after the rebasing of its economy in April 2014.[32]
Although oil revenues contributed 2/3 of state revenues,[33] oil only contributes about 9% to the GDP. Nigeria produces only about 2.7%(percent) of the world's oil supply. Although the petroleum sector is important, as government revenues still heavily rely on this sector, it remains a small part of the country's overall economy.
The largely subsistence agricultural sector has not kept up with the country's rapid population growth. Nigeria was once a large net exporter of food, but currently imports some of its food products. Mechanization has led to a resurgence in the manufacturing and exporting of food products, and there was consequently a move towards food sufficiency.[34] In 2006, Nigeria came to an agreement with the Paris Club to buy back the bulk of its owed debts from them, in exchange for a cash payment of roughly US$12 billion.[35]
According to a Citigroup report published in February 2011, Nigeria would have the highest average GDP growth in the world between 2010 and 2050.[36] Nigeria is one of two countries from Africa among the 11 Global Growth Generators countries.[37]
Overview
In 2014, Nigeria changed its economic analysis to account for fast-growing contributors to its GDP, such as telecommunications, banking, and its film industry.[38]
Human capital is underdeveloped—Nigeria ranked 161 out of 189 countries in the United Nations Development Index in 2019[39]—and non-energy-related infrastructure is inadequate.
Nigeria had advanced efforts to provide universal primary education, protect the environment.[40][41]
A requirement for achieving many of objectives is reducing endemic corruption, which obstructs development and stains Nigeria's business environment. However, while broad-based progress has been slow, these efforts have begun to become visible in international surveys of corruption.[42] Nigeria's ranking has mostly improved since 2001 ranking 154 out of 180 countries in Transparency International's 2021 Corruption Perceptions Index.[43]
The Nigerian economy suffers from an ongoing supply crisis in the power sector. Despite a rapidly growing economy, some of the world's largest deposits of coal, oil, and gas and the country's status as Africa's largest oil producer, power supply difficulties are frequently experienced by residents.[44]
Two-thirds of Nigerians expect living conditions to improve in the coming decades.[45]
Economic history
This is a chart of the trend of the gross domestic product of Nigeria at market prices estimated[46] by the International Monetary Fund with figures in USD billions. Figures before 2000 are backward projections from the 2000–2012 numbers, based on historical growth rates, and should be replaced when data becomes available. The figure for 2014 is derived from a rebasing of economical activity earlier in the year.
Year | Gross domestic product, (PPP, in billions) |
US dollar exchange | Inflation index (2000=100) |
Per capita income (as % of USA) |
---|---|---|---|---|
1980 | *58 | 1 Naira | 1.30 | 7% |
1985 | *82 | 3 Naira | 3.20 | 5% |
1990 | *118 | 9 Naira | 8.10 | 2.5% |
1995 | *155 | 50 Naira | 56 | 3% |
2000 | 170 | 100 Naira | 100 | 3.5% |
2005 | 291 | 130 Naira | 207 | 4% |
2010 | 392 | 150 Naira | 108 | 5% |
2012 | 451 | 158 Naira | 121 | 7% |
2014 | 972 | 180 Naira | 10 | 11% |
2015 | 1,089 | 220 Naira | 10 | 10% |
2016 | 1,093 | 280 Naira | 17 | 10% |
2017 | 1,125 | 360 Naira | 5 (est) | 10% |
NOTES:
The US dollar exchange rate is an estimated average of the official rate throughout a year and does not reflect the parallel market rate at which the general population accesses foreign exchange. This rate ranged from a high of 520 in March 2017 to a low of 350 in August 2017, due to a scarcity of forex (oil earnings had dropped by half), and speculative activity as alleged by the Central Bank. All the while the official rate was pegged at 360.
Per capita income (as % of USA) is calculated using data from estimates in the PPP link above, and census estimates, based on growth rates between census periods. For instance, 2017 GDPs were 1,125 billion (Nigeria) vs. 19,417 billion (USA) and populations were estimated at 320 million vs 190 million. The ratio is, therefore (1125/19417) / (190/320), which roughly comes to 0.0975. These are estimates and are intended to get a feel for the relative wealth and standard of living, as well as the market potential of its middle class.[47]
This is a chart of trends of the global ranking of the Nigerian economy, in comparison with other countries of the world, derived from the historical List of countries by GDP (PPP).
Year | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 (est.) |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ranking | 52 | 47 | 38 | 37 | 34 | 31 | 31 | 30 | 23 | 20 | 21 | 22 | 23 |
This chart shows the variance in the parallel exchange rate at which the Dollar can be obtained with Naira in Lagos, with "Best" being cheaper for a Nigerian (i.e. stronger Naira).[48] [49][50]
Year | 2015 | 2016 | 2017 | 2018 | 2019 |
---|---|---|---|---|---|
Best | 195 | 345 | 350 | 370 | 380 |
Worst | 237 | 490 | 520 | 430 | 490 |
For purchasing power parity comparisons, the US dollar is exchanged at US$1 to 314.27 Nigerian naira (as of 2017).[51]
The current GDP per capita of Nigeria expanded 132% in the sixties reaching a peak growth of 283% in the seventies. But this proved unsustainable and it consequently shrank by 66% in the 1980s.[52] In the 1990s, diversification initiatives finally took effect and decadal growth was restored to 10%. Although GDP on a PPP basis did not increase until the 2000s.[53]
In 2012, the GDP was composed of the following sectors: agriculture: 40%; services: 30%; manufacturing: 15%; oil: 14%.[54] By 2015, the GDP was composed of the following sectors: agriculture: 18%; services: 55%; manufacturing: 16%; oil: 8%[15]
In 2005 Nigeria's inflation rate was an estimated 15.6%. Nigeria's goal under the National Economic Empowerment Development Strategy (NEEDS) program is to reduce inflation to the single digits.[55] By 2015, Nigeria's inflation stood at 9%. In 2005, the federal government had expenditures of US$13.54 billion but revenues of only US$12.86 billion, resulting in a budget deficit of 5%. By 2012, expenditures stood at $31.61 billion, while revenues was $54.48 billion.[56]
Agriculture
The agricultural sector suffers from extremely low productivity, reflecting reliance on antiquated methods. Agriculture has failed to keep pace with Nigeria's rapid population growth, so the country, which once exported food, now imports a significant amount of food to sustain itself.[57] However, efforts are being made towards making the country food sufficient again.
Plant based agriculture
Nigeria ranks sixth worldwide and first in Africa in farm output.[58] The sector accounts for about 18% of GDP and almost one-third of employment. Though Nigeria is no longer a major exporter, due to local consumer boom, it is still a major producer of many agricultural products.[59] Further agricultural products include palm oil and rubber.
Roots and tubers
Counting by weight, this "underground food" is the largest group of food produced in Nigeria, with 118 million tonnes in 2020.[60] This group includes yam, cassava, potatoes and sweet potatoes. These food products are cultivated motly in the south of Nigeria ("Roots economy").
Cereals
The group of sorghum, pear millet etc. is the second-largest group of food produced in Nigeria, with 28.6 million tonnes in 2020.[60] 50% or 14 million tonnes of this is sorghum.[61] The sugar cane production adds another 1.5 million tonnes to this. Cereals are mostly cultivated in the savannah zone of the country.[61]
Rice and paddy
The third-largest group of food produced in Nigeria is rice and paddy. In 2020, 8.2 million tonnes were produced.[60]
Oil crops
Nigeria produced a good 4 million tonnes of oil crops in 2020. These are e.g. soy beans, sunflower seed, canola and peanuts.[60]
Citrus fruit
Nigeria produced close to 4 million tonnes of citrus fruit in 2020. Main Nigerian citrus fruits are tangerine, grape, lemon and lime.[60]
Cocoa
Cocoa production, mostly from obsolete varieties and overage trees has increased from around 180,000 tons annually to 350,000 tons.[59]
More products
Beans, melons, pepper and vegetables are grown on chopping fields. Oil palms, rubber and bananas are grown for export. Palm oil plays a major role in Nigeria's burgeoning personal care products industry.
Livestock
![](https://web.archive.org/web/20221009113424im_/https://upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Shonga_farm.jpg/220px-Shonga_farm.jpg)
Cattle, pigs, goats
In total, about 15 million head are kept. In addition, about five million pigs are kept. Small livestock such as sheep, goats and chickens are kept mainly for subsistence.
Poultry and Eggs
An estimated 42% of Nigerians own chicken. As a result, poultry and eggs represent a popular commodity within the food industry. 46% of the poultry is kept in an extensive / free-range system. 300 thousand tonnes of poultry meat and 650 thousand tonnes of eggs are produced annually in Nigeria (estimation).[62]
Shonga farms: state attempts at modernisation
In 2005, the social democratic government of Kwara state subsidised the settlement of white farmers from Zimbabwe in 13 comparatively modern farms, the so-called Shonga farms, with billions of Naira as part of the Back-to-Farm project. There is controversy (as of 2022) about whether the government subsidy actually benefited Kwara State and its people. It also caused bitterness among the current - neoliberal - state government that 9 of these 13 farms were sold again, but Kwara state had to take over liabilities of 1.7 billion Naira.[63] At times, the 13 Shonga farms had been able to significantly increase the state's agricultural output. No reliable information can be found about the long-term consequences however.[64][65][66] A documentary by Catbol Media from April 2022 paints an exclusively positive picture: thanks to farmers from Zimbabwe, Kwara has risen to become the main agricultural producer among Nigeria's 37 states. Local agriculture has been modernised through the introduction of electricity, transport links, irrigation and fertilisation, and new jobs have been created for local workers. Former Zimbabwean farmers Reid, DuToit and Hunter express enthusiasm about the cooperation with local forces and the agricultural potential.[67]
Fishing
In the same year, the total fishing catch was 505.8 metric tons.[68]
Timber
Nigeria's permanent forest estate (PFE) covers 4.11 million hectares, of which 2.72 million hectares are natural production forest, 1.01 million hectares are protection forest and 375,000 hectares are planted forest. Less than 5 % of Nigeria's total land area is PFE. There is insufficient information to estimate the area of sustainable forest management (SFM).
Nigeria's timber production has declined in recent decades, leading to an imbalance between supply and demand. Nigeria has thus gone from being a major exporter of forest products to a net importer. Roundwood removals totaled slightly less than 70 million cubic meters, and sawn wood production was estimated at 2 million cubic meters. The main species of wood from Nigeria are red canwood, kosso wood, mahogany, iroko and obeche.[69]
The wood processing industry is characterised by outdated technology, poor recovery and inefficiency.[70] However, Lagos State is building "Timberville", a modern complex of sawmill and timber yard, including briquetting plant of 1,500 tonnes/hour, fire station, police station, 160 terraced houses for employees, etc.[71]
Food processing
Peeling / Milling
Until now, Nigeria paradoxically exported unhusked rice but had to import husked rice, the country's staple food. - The rice mill in Imota, near Lagos, is expected to do the relevant processing domestically, improve the balance of trade and the labour market, and save unnecessary costs for transport and middlemen. When fully operational at the end of 2022, the plant, the largest south of the Sahara, is expected to employ 250,000 people and produce 2.5 million 50-kg bags of rice annually.[72] The Imota mill will be opened in the first week of August, 2022.
Coconut oil milling and refining
A multi-billion Naira coconut oil refinery, first of its kind in Africa started business in Akwa Ibom State. The St.Gabriel Coconut Refinery in Mkpat Enin was inaugurated in May 2022. The governor of Akwa Ibom promised to commence immediate training of indigenous hands to man the refinery, said the facility has a daily capacity to crack 1,000,000 coconuts and will employ no fewer than 3,000 direct and indirect staff.[73] Coconut oil goes for $1,326 per barrel, according to governor Emmanuel.[73]
Dairy and meat
Nigeria has 19 million head of cattle, the largest number in Africa.[74] Yet the dairy sector in Nigeria is only able to supply less than 10% of the country's demand for dairy products (as of June 2021), a gap expected to grow in line with population growth.[75]
Fan Milk, a Danone Group company, manufacturer of popular frozen dairy and ice cream brands, unveiled its newly completed model dairy in Odeda, Ogun state, in June 2022. This dairy farm is Danone's first investment in dairy farming in sub-Saharan Africa to boost local milk production in Nigeria. Fan Milk will launch a world-class dairy farm and training institute, leveraging the expertise of parent company Danone.[76][77]
In Lekki's Free Trade Zone, the Dano Milk Factory (Arla) opened in 2022.[78] - In 2021 farmer owned dairy co-operative Arla Foods started to build a dairy farm in Kaduna state with 200 hectares. It will keep 400 dairy cows and will have modern milking parlors and technology, also grass lands and living facilities for 25 employees.[75]
Bakery, household cereals etc.
Nigeria's bread sector is growing fastly, with 72 percent dominated by small- and medium-scale bakers, according to a 2016 KPMG report. The bakery market of Nigeria is a $621 million industry.[79]
"Fresh bread and miscellaneous bakery" is the bakery product group with the highest consumption (8.5M tonnes), which is 91% of total volume. "Fresh bread and miscellaneous bakery" exceeded the figures recorded for the second-largest product group "gingerbread, sweet biscuits and waffles" (689K tonnes), more than tenfold. The Nigerian bakery product market size is expected to show significant growth in the forecast period 2020–2026.[80]
Primera Food in cooperation with Michael Foods starts producing noodles on a big scale in Ogun state in 2022.[76]
Kellogg's opens a production plant for her products in the Lekki Free Trade Zone close to Lagos in 2022.[76] It is the second factory Kellogg's has built in Africa.[78]
In Jos NASCO Foods produces biscuits and corn flakes. In 2022 they expanded their Jos factory.[76][81]
Malt beer / malt beverages
Nigeria is a leading exporter of malt beer and other malt drinks,[82] but also the main consumer market of this beverage. This is probably explained by the fact that 55% of the population is Muslim and barred from consuming alcoholic beverages.[83]
A few years ago, the Maltina and Amstel Malta drinks from beverage producers Nigerian Breweries (NB) Plc and Malta Guinness from Diageo's Guinness dominated the malt beverage market. However, the two market leaders have recently faced competition. This includes brands like Dubic Malt and Malta Guinness herbs, both produced by Guinness Plc, Grand Malt by Intafact Beverages Ltd and Betamalt, produced by International Breweries Plc. Dubic Malt and Malta Guinness seem to focus on the higher-end section of the market.[84] All breweries mentioned above are located in Lagos, except for Intafact, which is based in Onitsha.
Other malt brands such as Malta Gold, Hi-Malt, Maltex, Vitamalt and Maltonic further tighten the malt beverage market.[83]
Mining and fossil fuel
Mining
The mining of minerals in Nigeria accounts for only 0.3% of its gross domestic product, due to the influence of its vast oil resources. The domestic mining industry is underdeveloped, leading to Nigeria having to import minerals that it could produce domestically, such as salt or iron ore. Rights to ownership of mineral resources is held by the Federal government of Nigeria, which grants titles to organizations to explore, mine, and sell mineral resources.[85]
Mining regulation is handled by the Ministry of Solid Minerals Development, which oversees the management of all mineral resources. Mining law is codified in the Federal Minerals and Mining Act of 1999.
Zinc mining
In Bauchi State, Symbol Mining's Macy mine was the first Nigerian zinc mining operation to start up on an industrial scale after years of hiatus in November 2018.[86][87][88] A zinc deposit of 114,000 tonnes at 23% zinc is believed to exist at the site. Zinc was Nigeria's highest earning mineral export product at USD 258.8 million in 2021, ahead of aluminium and lead.[89]
Oil
The types of crude oil exported by Nigeria are Bonny light oil, Forcados crude oil, Qua Ibo crude oil and Brass River crude oil.[90] The U.S. remains Nigeria's largest buyer of crude oil, accounting for 40% of the country's total oil exports; Nigeria provides about 10% of overall U.S. oil imports and ranks as the fifth-largest source of U.S. imported oil.[91]
The United Kingdom is Nigeria's largest trading partner followed by the United States. The stock of U.S. investment is nearly $7 billion, mostly in the energy sector. ExxonMobil and Chevron are the two largest U.S. corporations in offshore oil and gas production.
Natural gas
Bonny Island
NLNG train 7, an ambitious construction project, in Nigeria second only to the Dangote refinery, will increase the NLNG terminal production capacity on Bonny Island by 35% from the current 22mtpa to 30mtpa. According to managing director Tony Attah, the Train 7 project will create 52,000 jobs.[92]
Natural gas pipeline Nigeria - Morocco
The supply of natural gas to Europe, which is threatened by the Ukraine war, is pushing projects to transport Nigerian natural gas via pipelines to Morocco or Algeria.[93][94][95] As of May 2022, however, there are still no results.
Industry
Cement and fibre cement boards
Dangote and BUA are the dominating companies in the cement market of Nigeria. In May 2022 BUA opened a new, large scale cement plant in Sokoto including its own 50 MW power station.[76]
In Kuje, southwest of Abuja, New Material Nigeria Limited opened a fibre cement board manufacturing plant in May 2022. USD 50 million were invested and 120 jobs were created. Managing Director Jackie Dai Hui emphasised that raw materials are sourced locally. The demand for building materials such as fibre cement panels is high in Nigeria. Strength, sound insulation and fire resistance of the material are important. Therefore, another production plant is planned near Lagos. The aim is to position Nigeria as a production centre for the export of fibre cement panels.[96][97]
Oil based products
Paradoxically, Nigeria currently exports crude oil but has to import petroleum products such as petrol or polypropylene (plastic). - In the fourth quarter of 2022, the much-talked-about Dangote oil refinery will come on stream, which will produce 50 million litres of petrol per day, among other things.[98] This would turn Nigeria from a net importer into a net exporter of petroleum products. Even before it is fully operational, the Dangote refinery claims to a number of world records, including the world's largest distillation column[99] and, with the RFCC regenerator, both the heaviest continuous piece of steel (made by a Korean forge) and the heaviest object ever transported on a public African road.[100]
Plastic products
In Enugu, Innoson Technical & Industrial Ltd. produces products from polypropylene, like furniture, mannequins, parts for vehicles, etc. According to its spokesperson it is "the biggest plastic manufacturing plant in West Africa, possibly in Africa".[101] The factory employs 4.500 workers in three shift operation.
Fertiliser and paint
On 3 May 2022, after years of construction, a fertiliser production plant was commissioned near Lagos that will produce 3 million tonnes of fertiliser a year.[102][103] With no more Russian fertiliser coming onto the world market in 2022 due to the Ukraine war, Nigeria is filling a gap in the market. "The fertiliser market is a seller's market," enthused company boss Dangote at the plant's opening. "People are begging for us to sell and we are choosy about who we sell to."[103]
A stone's throw away from the Dangote refinery BASF opened a factory in Lekki. BASF is mostly known for fertilizers, paints and lacquers.[76]
In Enugu, Enugu State, Paint Roxettes produces premium paint and is the leading brand on the paint market. Paint Roxettes has been founded in 2013 by architect Kaycee Orji and received several awards, like "Most reliable paint company of the year" by the Jasmin Africa magazine.[104] At the end of 2021 the company received its SON MANCAP certificate, which means that product and working procedures are on a top level.[105] Earlier, in 2020, actor Yul Edochie became brand ambassador in the same year.[106]
Shipyards, special ship leasing and scrap vessels
Due to the production of crude oil, there is an industry in Nigeria for leasing of special ships, technical service and repair for ships and preparation of scrapping ships.[107] Several shipyards with dry docks exist in Onne, a town near Port Harcourt.
Decommissioned vessels that are fully scrapped in other African countries (e.g. neighbouring Cameroon) contributed USD 2.26 billion to Nigeria's foreign trade in 2019. Nigeria was the global leader in this sector in 2019, accounting for 75% of this - albeit highly volatile - market, followed by Japan with USD 0.26 billion.[108]
Bodycare products, cleaning detergents
The sector for household chemicals, including bodycare products, seems to center in the south of Nigeria.[109] This could be due to the fact that ingredients such as palm oil and coconut oil are mainly obtained in southern Nigeria and are therefore more readily available.
In Lagos, Glomajos mainly produces cleaning products (Loryma). Fresh Dew in Port Harcourt produces cleaning products and soaps.[110] Kriswell in Awka manufactures cosmetics.
The Colgate factory in the Lekki Free Trade Zone close to Lagos started to produce body care products in 2022.[76]
An important export product of Nigeria is "black soap", called ose-dudu in the Yoruba language. Black soap is obtained from the leaves of the redwood tree and is said to have a bleaching effect on pigment-rich skin.
Pharmaceutical industry
Nigeria hosts about 60 percent of the pharmaceutical production capacity in Africa (status 2022) and is projected to grow between $60 billion to $70 billion after COVID-19, experts say.[111] The pharmaceutical industry in Nigeria has headroom for growth and can potentially reach $4 billion over the next 10 years.[112] Goldstein Market Intelligence analyst forecast the Nigeria pharmaceuticals market size is set to grow at a CAGR of 9.1% over the forecast years of 2017–2030.[113]
Most larger pharmaceutical companies in Nigeria are located in Lagos.[114]
The pharmaceutical producer with the most employees in Nigeria appears to be Emzor Pharmaceutical Industries Ltd. They produce more than 260 pharmaceutical products, including painkillers, vitamins, haematinics, antimalarials, tussives, antibiotics, anthelmintics, antihistamines, antacids and cardioprotectants.[115] In 2021 Emzor opened a new factory in Shagamu (only a few kilometers north of the Lekki Free Trade Zone of Lagos), which has been described as "ultra modern" and lauded by Nigeria's National Assembly Health Committee.[116][117]
Fidson Healthcare Plc produces painkillers, anti-allergics, blood pressure medicines, digestive aids, sleeping pills and cough syrup.[118] May & Baker Nig. Plc produces remedis against malaria, hypertension, diabetes, depressions and pain.[119] Swiss Pharma Nigeria produces pharmaceutical products of BAYER.[120]
Vehicle industry
Nigerians buy 720,000 cars per year, but less than 20% of these are produced in Nigeria itself.[121]
Indigenous manufacturers
Innoson Vehicle Manufacturing[122] is located in Nnewi. It produces buses, SUVs and since May 2022 "kekes".[123][124] On his channel, Wode Maya calls the Innoson factory in Nnewi the "Africa´s biggest car manufacturing plant".[125]
Nord Automobiles Ltd has two assembly plants: one in Sangotedo, where all eight models are currently assembled; a plant in Epe is still under construction. The company currently manufactures its own plastic parts and plans to add steel stamping in the future.[126] Influencers praise the NORD A5 model as the "safest car in the world".[127]
30 km north-east of Lagos Proforce Ltd. is a specialized manufacturer of armoured vehicles and supplies a wide spectrum of defence solutions since 2008.[128] The Nigerian Army through its investment arm, Nigerian Army Welfare Limited by Guarantee NAWLG, acquired 15% shareholding of Proforce Limited. Proforce has exported its Mine Resistance Armoured Protected Vehicles (MRAPs) and other products to other nations in Africa like Republic of Chad, Rwanda, Ghana, Niger and many others. It was widely reported that Proforce sold an unknown number of armoured vehicles to Belarus in March 2022.[129] This is the first time that vehicles manufactured in Nigeria have been supplied to a European country.
In Ijero-Ekiti, Ekiti State, Obasa Specialty Vehicles (OSV) produces armoured vehicles as well, albeit not for military purposes. The company has been founded in 1980 as a Peugeot dealership by High Chief Joe Oluware Obasa and is managed now by his sons Johnson and Victor who started to manufacture own models. 2019 OSV introduced its new model Tekowi ("sandals" in the Ekiti dialect), which aims at security transportation, e.g. for banks.[130]
Jet Motor Company in Epe, Lagos State, is producing Nigeria's first electric-powered delivery trucks in partnership with GIG Logistics.[131]
In Idah, Kogi State, Electric Motor Vehicle Company manufactures electrically powered vehicles. The company is owned by Prince Mustapha Mona Audu,[132] a Glasgow-educated computer specialist and son of a former governor. In May 2022, Audu unveiled the four-seater Adoja,[133] which he claims is the most environmentally friendly vehicle in Nigeria.[134]
In Bokkos, Plateau State, Bennie Technologies introduced Nigerias first sports car, the Bennie Purrie, also being the first Nigerian to use carbon fibres for car manufacturing.[135]
Foreign manufacturers
The Stallion Group assembles 45,000 Volkswagen models in Lagos per annum.[121]
Peugeot Automobiles Nigeria (PAN) operates in Kaduna. In April 2022, Peugeot left the conglomerate and Aliko Dangote bought its shares.[136] The company name was changed to DPAN. DPAN will assemble mainly the Chinese brands Chery and Higer using pre-produced parts.[137] A new production line, Greenfield, will increase the output to 120 cars per day.[121][138]
Toolmaking industry
In Oshogbo, there is a modest toolmaking industry. Products are e.g. CNC turning machines and industrial drilling machines, but also stud bolts and flanges.[139] Target market is the oil industry in the Niger delta.
Electronics
The most successful manufacturer of laptops in Nigeria is, by their own admission, the indigenous Zinox Technologies in Lagos.[140]
Steel production
According to its website, Ajaokuta Steel Company Limited produces 1.3 million tonnes of steel per year.[141] This would be equivalent to one-sixth of the UK's steel production in 2021.[142] Steel plants in Katsina, Jos and Osogbo no longer appear to be active.[143]
Services
Nigeria ranks 27th worldwide and first in Africa in services output.[144]
Finance sector
Nigeria is the largest financial market in Africa. As of November 2018, 21 commercial banks were licensed by the Central Bank of Nigeria (CBN). Nigeria has a relatively well-developed banking sector by regional standards, with regionally high level of banking penetration (44.2% vs. regional average of 17.8% for West Africa) and robust use of advanced financial instruments in the local economy. The country is also well connected to international financial markets and following the 2016-17 oil crisis, the country has seen an increasing influx of foreign capital over the past 12–18 months – capital importation in Nigeria jumped to US$6.3 bln in Q1-18 (594% yoy growth) vs. $12.3 bln for full year 2017 and $5.1 bln in 2016). However, the country is weighed down by high lending rates, which limits access to credit for smaller firms, particularly in the non-oil economy.[145]
Telecommunication
The Nigerian Communications Commissions (NCC) said on January 14, 2022, the telecommunications sector contributed 12.45per cent to Nigeria's Gross Domestic Product (GDP). The commission through its chief executive officer (CEO), Prof Umar Garba Danbatta, during his convocation lecture, titled, “Empowering the Nigeria Youth Through Information and Communications Technology (ICT)” held at Fountain University, Osogbo, made this known. Prof Garba disclosed that the ICT sector has been consistently contributing above 10% of Nigeria's GDP for over 10 years. He noted, “Nigeria is Africa’s largest ICT market with 82per cent of the continent’s telecoms subscribers and 29per cent of internet usage."[146]
Nigeria ranks 11th in the world in the absolute number of internet users and 7th in the absolute number of mobile phones.[147][148]
Transport sector, forwarding, shipment
Due to Nigeria's location in the centre of Africa, transport plays a major role in the national service sector.
The Buhari administration made improvements to the infrastructure after 2015. Extensive road repairs and new construction have been carried out gradually as states in particular spend their share of increased government allocations. Representative of these improvements is the Second Niger Bridge at Onitsha, which is nearly completed in May 2022.[149]
Since 2009, Nigeria has been laying new railway tracks. These are operated by the state-owned Nigerian Railway Corporation. This has apparently generated a surplus since 2019, despite the covid epidemic.
Principal ports are at Lagos (Apapa and Tin Can Island), Port Harcourt (Onne), and Calabar. A deep sea port in Lekki, 50 km east of Lagos, is about to open in 2022.[150][151]
Five of Nigeria's airports (Lagos, Kano, Port Harcourt, Enugu and Abuja) currently fly to international destinations. The new national airline, "Nigeria Air", is scheduled to start operations in mid-2022.[152] In August 2022, details about the wet-lease of 3 aircraft for Air Nigeria became public and were critizised.[153]
The privately owned Nigerian airline company Air Peace, founded in 2013, soon became allegdly "Africa's biggest airline" with 33 aircraft.[154]
Since August 2022 Lagos State builds the biggest logistics hub for food in Sub-Saharan Africa. Expected completion year is 2024.
Entertainment
Movie industry, Television, Streaming
From Nollywood, films and soaps are broadcast to the whole of Africa. Nigeria is the second largest film nation in the world after India and ahead of the US.[155][156]
Music industry
Perhaps Nigeria's most famous musician is the inventor of Afrobeat Fela Anikulapo Kuti, who gave legendary concerts with his band "Africa 70" at the "Shrine" in Lagos. Other characteristic musical styles include Jùjú, Apala, Fuji and Sakara. In the field of pop music, Nigerian musicians living in Europe such as Sade Adu or Dr. Alban were very successful in the 1980s and 1990s. In Europe, Nneka is one of the best-known Nigerian pop musicians. One of the very few Nigerian artists living in Nigeria who has had commercial success in Europe is D'Banj. He even reached the European singles charts in summer 2012 with Oliver Twist. Wizkid reached number 1 in 2016 alongside Drake.
Social media
Nigerians are passionate users of social media. In 2021 Nigerians spent 3 hours and 41 minutes on social media in average every day. This is much higher than the global average of 2 hours 22 minutes. The number of active social media users in Nigeria increased in 2021 by 22 percent, compared with a global average increase of 13 per cent. WhatsApp and Facebook are the most used social media platforms in Nigeria.[157]
Tourism
Data
Electricity – production: 18.89 billion kWh (2009)
Electricity – production by source:
fossil fuel:
61.69%
hydro:
38.31%
nuclear:
0%
other:
<.1% (1998)
Electricity - consumption: 17.66 billion kWh (2009)
Electricity - exports: 40 million kWh (2003)
Electricity - imports: 0 kWh (1998)
Oil - production: 2.35 million barrels per day (374×10 3 m3/d) (July 2006 est.)
Oil - consumption: 310,000 bbl/d (49,000 m3/d) (2003 est.)
Overseas remittances
A major source of foreign exchange earnings for Nigeria are remittances sent home by Nigerians living abroad.[160] In 2014, 17.5 million Nigerians lived in foreign countries, with the UK and the USA having more than 2 million Nigerians each.[160]
According to the International Organization for Migration, Nigeria witnessed a dramatic increase in remittances sent home from overseas Nigerians, going from US$2.3 billion in 2004 to $17.9 billion in 2007, representing 6.7% of GDP. The United States accounts for the largest portion of official remittances, followed by the United Kingdom, Italy, Canada, Spain and France. On the African continent, Egypt, Equatorial Guinea, Chad, Libya, and South Africa are important source countries of remittance flows to Nigeria, while China is the biggest remittance-sending country in Asia.[161]
Labour force
In 2015, Nigeria had a labour force of 74 million. In 2003, the unemployment rate was 10.8% overall; by 2015, unemployment stood at 6.4%.[162]
Since 1999, the Nigerian Labor Congress (NLC) a union umbrella organization, has called six general strikes to protest domestic fuel price increases. However, in March 2005 the government introduced legislation ending the NLC's monopoly over union organizing. In December 2005, the Nigerian Labour Congress (NLC) was lobbying for an increase in the minimum wage for federal workers. The existing minimum wage, which was introduced six years earlier but has not been adjusted since, has been whittled away by inflation to only US$42.80 per month.[163]
According to the International Organization for Migration, the number of immigrants residing in Nigeria has more than doubled in recent decades – from 477,135 in 1991 to 971,450 in 2005. The majority of immigrants in Nigeria (74%) are from neighbouring Economic Community of West African States (ECOWAS), and that this number has increased considerably over the last decade, from 63% in 2001 to 97% in 2005.[164]
The government has to pay a high interest rate on bonds in part because of the high fertility rate; there are many children and less savings.[165]
Human capital
As of 2019, Nigeria's HDI (Human Development Index) is ranked 161st at 0.539. The comparative value for Sub-Saharan Africa is 0.547, 0.926 for the US, and 0.737 for the world average.[39]
The value for the education index is 0.499, compared to the average in the US of 0.900. The expected years of schooling in Nigeria is 10.0 (16.3 in the US), while the mean years of schooling for adults over 25 years is 6.7 years (13.4 years in the US).[39] Additionally, Nigeria is also facing a relatively high inequality, worsening the problem regarding the formation of human capital.[166][167][168]
Government policy
Inflation
In 2016, the black market exchange rate of the Naira was about 60% above the official rate. The central bank releases about $200 million each week at the official exchange rate. However, some companies cite that budgets now include a 30% "premium" to be paid to central bank officials to get dollars.[169]
Nigeria's inflation rate rose to 15.63 per cent in December 2021 compared to 15.40 per cent in November, the National Bureau of Statistics announced on January 17, 2022. The statistics office said the prices of goods and services, measured by the Consumer Price Index, increased by 15.63 per cent in December 2021 when compared to December 2020. According to the NBS, this rise in the food index was caused by increases in prices of bread and cereals, food products, meat, fish, potatoes, yam and other tubers, soft drinks and fruits.[170]
Foreign economic relations
Nigeria's foreign economic relations revolve around its role in supplying the world economy with oil and natural gas, even as the country seeks to diversify its exports, harmonize tariffs in line with a potential customs union sought by the Economic Community of West African States (ECOWAS), and encourage inflows of foreign portfolio and direct investment. In October 2005, Nigeria implemented the ECOWAS common external tariff, which reduced the number of tariff bands.[171]
Prior to this revision, tariffs constituted Nigeria's second largest source of revenue after oil exports. In 2005 Nigeria achieved a major breakthrough when it reached an agreement with the Paris Club to eliminate its bilateral debt through a combination of write-downs and buybacks.[172] Nigeria joined the Organization of the Petroleum Exporting Countries in July 1971 and the World Trade Organization in January 1995.
If the global transition to renewable energy is completed and international demand for Nigeria's petroleum resources ceases, Nigeria will be significantly weakened. It is ranked 149 out of 156 countries in the index of Geopolitical Gains and Losses after energy transition (GeGaLo).[173]
External trade
In 2017, Nigeria imported about US$34.2 billion of goods.[174] In 2017 the leading sources of imports were China (28%), the Belgium-Luxembourg (8.9%), the Netherlands (8.3%), South Korea (6.4%), the United States (6.0%) and the India (4.6%).[18] Principal imports were manufactured goods, machinery and transport equipment, chemicals, and food and live animals.
In 2017, Nigeria exported about US$46.68 billion of goods.[17] In 2017, the leading destinations for exports were India (18%), the United States (14%), Spain (9.7%), France (6.0%) and the Netherlands (4.9%).[18] In 2017 oil accounted for 83% of merchandise exports.[17] Natural rubber and cocoa are the country's major agricultural exports.[20]
In 2005, Nigeria posted a US$26 billion trade surplus, corresponding to almost 20% of gross domestic product. In 2005, Nigeria achieved a positive current account balance of US$9.6 billion. The Nigerian currency is the naira (NGN). As of June 2006, the exchange rate was about US$1=NGN128.4. As of June 2019, it stands at US$1 =NGN357. In recent years, Nigeria has expanded its trade relations with other developing countries such as India. Nigeria is the largest African crude oil supplier to India – it annually exports 400,000 barrels per day (64,000 m3/d) to India valued at US$10 billion annually.[175]
India is the largest purchaser of Nigeria's oil which fulfills 20% to 25% of India's domestic oil demand. Indian oil companies are also involved in oil drilling operations in Nigeria and have plans to set up refineries there.[176]
The trade volume between Nigeria and the United Kingdom rose by 35% from USD6.3 billion in 2010 to USD8.5 billion in 2011.[177]
External debt
In 2012, Nigeria's external debt was an estimated $5.9 billion and N5.6 trillion domestic - putting total debt at $44 billion.[178]
In April 2006, Nigeria became the first African country to fully pay off its debt owed to the Paris Club.[179] This was structured as a debt write off of approximately $18 billion and a cash payment of approximately $12 billion.
Foreign investment
In 2012, Nigeria received a net inflow of US$85.73 billion of foreign direct investment (FDI), much of which came from Nigerians in the diaspora. Most FDI is directed toward the energy and banking sectors. Any public designed to encourage inflow of foreign capital is capable of generating employment opportunities within the domestic economy. The Nigerian Enterprises Promotion (NEP) Decree of 1972 (revised in 1977) was intended to reduce foreign investment in the Nigerian economy.
The stock market capitalisation of listed companies in Nigeria was valued at $97.75 billion on 15 February 2008 by the Nigerian Stock Exchange.
Swiss Banks to return Abacha Stolen Funds
The Swiss foreign ministry says it has done all it can to ensure that funds stolen by the late Nigerian dictator Sani Abacha were used properly in his homeland. The authorities were responding to allegations that $200 million (SFr240 million) of $700 million handed back by the Swiss Banks to Nigeria had been misappropriated.[180]
See also
References
- ^ "2020 Appropriation Act - Budget Office of the Federation - Federal Republic of Nigeria".
- ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
- ^ "World Bank Country and Lending Groups". World Bank. Retrieved 29 September 2019.
- ^ "Population, total". World Bank. Retrieved 24 June 2021.
- ^ a b c "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 26 December 2019.
- ^ a b "World Economic Outlook Database, April 2020". IMF.org. International Monetary Fund. Retrieved 17 April 2020.
- ^ a b c "International Monetary Fund World Economic Outlook Database April 2021: Nigeria; Gross domestic product, constant prices; Percent change". imf.org.
- ^ "Nigeria's GDP Grew By 1.87% YoY in Real Terms in Q1 2020". Proshareng. Retrieved 24 August 2020.
- ^ "NBS puts Nigeria's poverty rate at 40%". Businessamlive. 4 May 2020. Retrieved 8 June 2020.
- ^ "Poverty and Inequality Index". National Bureau of Statistics. Retrieved 8 June 2020.
- ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
- ^ "Labour Force and Unemployment Report". National Bureau of Statistics. Third Quarter 2018.
- ^ "Labour Force Statistics, 2010". Nigerian Bureau of Statistics. 2010. Archived from the original on 24 April 2015. Retrieved 22 June 2015.
- ^ "Nigeria's unemployment rate rises to 23.1% – NBS". Premium Times. 19 December 2018. Retrieved 14 February 2019.
- ^ a b "Nigerian Gross Domestic Product Report Q2 2015". National Bureau of Statistics. Archived from the original on 15 September 2015. Retrieved 22 September 2015.
- ^ "Doing Business in Nigeria 2012". Doing Business, org. Archived from the original on 6 February 2017. Retrieved 31 January 2017.
- ^ a b c "Nigeria facts and figures". opec.org. OPEC. Retrieved 30 March 2019.
- ^ a b c d e f "Nigeria". The Observatory of Economic Complexity. Archived from the original on 18 October 2017. Retrieved 30 March 2019.
- ^ a b "Foreign Trade Statistics". National Bureau of Statistics. 2015. Archived from the original on 15 September 2015. Retrieved 22 September 2015.
- ^ a b c d e f "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 8 February 2019.
- ^ "DEBT - EXTERNAL". CIA.gov. Central Intelligence Agency. Archived from the original on 16 October 2020. Retrieved 28 December 2018.
- ^ "Nigeria's budget deficit now 1% after rebasing". News 24. 27 May 2014. Archived from the original on 22 June 2015. Retrieved 22 June 2015.
- ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
- ^ a b Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's, and S&P rate each country's credit rating". The Guardian. London. Retrieved 31 May 2011.
- ^ "Nigeria Economy". nigeria-consulate-frankfurt.de. Retrieved 28 May 2020.
- ^ "Economic Growth and Trade". www.usaid.gov. 19 April 2017. Retrieved 6 April 2021.
- ^ "Nigeria | Data". data.worldbank.org. Retrieved 25 May 2020.
- ^ "Manufacturing Sector Report, 2015: Manufacturing in Africa" (PDF). KPMG. 2015. Archived from the original (PDF) on 27 September 2016. Retrieved 18 November 2016.
- ^ "UPDATE Nigeria Government Debt: % of GDP". Retrieved 9 September 2019.
- ^ "Page 13 - one_africa18". sunmediaonline.com. Retrieved 25 May 2020.
- ^ "Investing in Nigeria". Dibida.com.ng. Archived from the original on 26 June 2020. Retrieved 25 May 2020.
- ^ Inc, IBP (3 March 2008). Nigeria Investment and Trade Laws and Regulations Handbook Volume 1 Strategic Information and Basic Laws. Lulu.com. ISBN 978-1-4330-7643-5.
- ^ "Low oil price and currency controls hit Nigeria hard". Financial Times. Retrieved 2 June 2017.
- ^ "Nigeria at a glance | FAO in Nigeria | Food and Agriculture Organization of the United Nations". fao.org. Retrieved 25 May 2020.
- ^ "Resolving Nigeria's Debt Through a Discounted Buyback". Center For Global Development. Archived from the original on 22 January 2013. Retrieved 11 June 2015.
- ^ "The Economic Development of Nigeria from 1914 to 2014". CASADE. 20 January 2015. Archived from the original on 19 June 2020. Retrieved 25 May 2020.
- ^ "FORGET THE BRICs: Citi's Willem Buiter Presents The 11 "3G" Countries That Will Win The Future". Business Insider. 22 February 2011. Retrieved 31 May 2011.
- ^ "Africa's new Number One". The Economist. 12 April 2014. Retrieved 9 April 2017.
- ^ a b c "2020 Human Development Report" (PDF). UNDP. Archived (PDF) from the original on 15 December 2020. Retrieved 17 August 2021.
- ^ "Why innovation must be the new development strategy". Christensen Institute. 19 January 2017. Retrieved 22 January 2020.
- ^ ""Nigeria's challenge – universal primary education"". yourcommonwealth.org. May 2013. Retrieved 22 January 2020.
- ^ "The economic context of Nigeria - Economic and Political Overview - Nordea Trade Portal". www.nordeatrade.com. Retrieved 6 April 2021.
- ^ "Report corruption in Nigeria". Transparency.org. Retrieved 25 May 2020.
- ^ "Finding Lasting Solution to Nigeria's Power Problem". ThisDayLive. 29 September 2019. Retrieved 25 May 2020.
- ^ The Economist, 28 March 2020, page 4.
- ^ "estimated".
- ^ "GDP per capita (current US$) - Nigeria | Data". data.worldbank.org. Retrieved 25 May 2020.
- ^ "Your daily Naira exchange rate". abokifx.com. Retrieved 23 August 2017.
- ^ "Daily Parallel Market Exchange Rate". nairametrics.com. Retrieved 23 August 2017.
- ^ "Dollar to Naira Exchange Rates Today". tradenaira.com. Retrieved 23 August 2017.
- ^ "XE: Convert USD/NGN. United States Dollar to Nigeria Naira". xe.com. Retrieved 2 June 2017.
- ^ "Nigeria GDP 1960-2020". macrotrends.net. Retrieved 25 May 2020.
- ^ "factfish Gross domestic product per capita, constant 2005 US $ for Nigeria". factfish.com. Retrieved 10 April 2018.
- ^ "News 2012". Nigerian National Bureau of Statistics. Retrieved 26 March 2012.
- ^ Bodedandyin #africa • 2 Years Ago (12 January 2018). "Africa Economy and Crypto-Currency; How Crypto-Currency Can Help To Boost Africa Economy". Steemit. Retrieved 30 May 2020.
- ^ "Nigeria's 2012 t0 2014 Revenue and expenditure framwork". businessnewsreport.com.ng. 2 October 2012. Retrieved 25 May 2020.
- ^ Iloani, Francis Arinze (15 August 2019). "Nigeria spent N40trn on food imports in 21yrs – Data". Daily Trust. Archived from the original on 30 July 2020. Retrieved 25 May 2020.
- ^ "Countries ranked by Agriculture, value added (current US$) - Africa". www.indexmundi.com. Retrieved 13 April 2021.
- ^ a b "Reviving the Cocoa Industry in Nigeria". Reviving the Cocoa Industry in Nigeria. Retrieved 25 May 2020.
- ^ a b c d e "Nigeria Vegetables primary production, 1961-2021 - knoema.com". Knoema. Retrieved 2 July 2022.
- ^ a b Extquest (1 June 2019). "Cereals production in Nigeria: Problems, constraints and opportunities for betterment". Retrieved 2 July 2022.
- ^ "Food and Beverage Industry in Nigeria" (PDF). www.flandersinvestmentandtrade.com. Flanders Investment and Trade Office. 30 October 2020.
- ^ Online, Tribune (10 February 2022). "Kwara govt explains take-over of Shonga farms by AMCON". Tribune Online. Retrieved 21 August 2022.
- ^ Olesin, Abdullahi (11 February 2022). "Nigeria: Shonga Farms Sold With No Trace of Remittance - Kwara Govt". allAfrica.com. Retrieved 21 August 2022.
- ^ "Kwara, PDP disagree on takeover of state buildings over debt". Punch Newspapers. 11 February 2022. Retrieved 21 August 2022.
- ^ Indebtedness: AMCON Takes Over SHONGA Farms, retrieved 21 August 2022
- ^ Agriculture in Nigeria | Acres of Green Gold | Documentary on Shonga Farms, Kwara State, retrieved 21 August 2022
- ^ "Nigeria: ECONOMY". data.mongabay.com. Retrieved 24 May 2020.
- ^ Shasanya, O.S. (2015). "Some Useful Nigerian Timbers, Their Destroying Agents and Measures for Their Prevention" (PDF). Journal of Natural Sciences Research.
- ^ "Nigeria". ITTO International Tropical Timber Organization. Retrieved 17 September 2022.
- ^ The New Oko Baba Sawmill | The Lagos State Timberville Project, retrieved 17 September 2022
- ^ "Lagos today: Like Tinubu like Sanwo-Olu". TheCable. 4 May 2022. Retrieved 22 May 2022.
- ^ a b "First Multi-billion Naira Coconut Oil Refinery in Africa Inaugurated in A'Ibom – THISDAYLIVE". www.thisdaylive.com. Retrieved 30 June 2022.
- ^ "Nigeria to Increase Beef Consumption to 1.3 Million Tonnes By 2050 - Adesina". 16 May 2014. Retrieved 9 April 2017 – via AllAfrica.
- ^ a b dairyreporter.com. "Arla builds dairy farm in Nigeria to support local milk production". dairyreporter.com. Retrieved 2 July 2022.
- ^ a b c d e f g Massive New Factories As Investors Scramble For Nigeria's Market, retrieved 30 June 2022
- ^ "Fan Milk Danone model dairy farm ready for commissioning". The Guardian Nigeria News - Nigeria and World News. 20 June 2022. Retrieved 30 June 2022.
- ^ a b "Nigeria: The Lagos Free Zone - complete with port - aims to transform industrial growth". The Africa Report.com. 26 July 2021. Retrieved 2 July 2022.
- ^ "72% of Nigeria's $621m bread industry dominated by small-scale bakers". Businessday NG. 26 March 2017. Retrieved 2 July 2022.
- ^ Ajansı, Newclick Dijital Reklam. "Bread and bakery market overview in Nigeria". magazinebbm.com. Retrieved 2 July 2022.
- ^ "NASCO FOODS - Food manufacturer in Jos, Nigeria". www.top-rated.online. Retrieved 30 June 2022.
- ^ "Made-in-Nigeria products in hot demand in Morocco - P.M. News". Retrieved 5 September 2022.
- ^ a b Owoeye, Fikayo (1 November 2018). "Nigerian brewers continue to battle for supremacy in the Malt market". Nairametrics. Retrieved 5 September 2022.
- ^ "We Ranked Nigerian Malt Drinks From Worst To Best". Zikoko!. 17 April 2020. Retrieved 5 September 2022.
- ^ "Investment and Mining Opportunities" (PDF). Ministry of Solid Minerals Development. Retrieved 12 April 2008.[permanent dead link]
- ^ "Symbol exports first zinc from Nigeria mine". www.mining-journal.com. 28 November 2018. Retrieved 7 September 2022.
- ^ "Symbol Mining begins mining at Macy Project in Nigeria - NS Energy". Retrieved 7 September 2022.
- ^ Kotze, Chantelle (10 October 2018). "Symbol Mining: Macy lead and zinc project sets development pace". Miningreview.com. Retrieved 7 September 2022.
- ^ "Nigeria's Top 10 Exports 2021". www.worldstopexports.com. Retrieved 7 September 2022.
- ^ "Qua Iboe, Brass crude up by $5, trades at $21 per barrel". TheCable Petrobarometer. 23 April 2020. Retrieved 25 May 2020.
- ^ "International - U.S. Energy Information Administration (EIA)". eia.gov. Retrieved 25 May 2020.
- ^ "'NLNG Train-7 to generate 52,000 jobs'". NaYourNews Website. Retrieved 9 September 2022.
- ^ "Morocco closer to activating the gas pipeline with Nigeria". Atalayar. Retrieved 22 May 2022.
- ^ "Nigeria's president launches new gas pipeline project". www.aa.com.tr. Retrieved 22 May 2022.
- ^ "Nigeria-Morocco Gas Pipeline (NMGP) Project Updates". Construction Review Online. 9 May 2022. Retrieved 22 May 2022.
- ^ Odoh, Innocent (31 July 2022). "Chinese Firm Invests $50m In Fibre Cement Board Factory In Abuja". Leadership.ng. Retrieved 17 August 2022.
- ^ Agba, David (26 July 2022). "Chinese firm invests $50m in Fibre Cement Board Factory in Abuja". Blueprint Newspapers Limited: Breaking news happening now in Nigeria and todays latest newspaper headlines. Retrieved 17 August 2022.
- ^ Weekly, eBusiness. "Africa's richest man betting $21bn on oil and fertiliser". eBusiness Weekly. Retrieved 22 May 2022.
- ^ Monumental Milestone at Dangote, retrieved 30 June 2022
- ^ Odeleye, Femi. "Dangote Refinery's RFCC Unit Gets Installation Of World's Heaviest Regenerator". www.plat4om.com. Retrieved 30 June 2022.
- ^ Inside West Africa's Biggest Plastic Manufacturing Factory In Nigeria, retrieved 21 August 2022
- ^ Abiodun, Eromosele (28 April 2022). "Nigeria's Path to Irreversible Industrial Revolution". THISDAYLIVE. Retrieved 22 May 2022.
- ^ a b "Dangote's timely fertiliser plant pays off as prices soar". African Business. 5 May 2022. Retrieved 22 May 2022.
- ^ Inside A Paint Manufacturing Factory In Nigeria!, retrieved 21 August 2022
- ^ Journalist101 (12 December 2021). "Roxettes Paint Gets SON MANCAP Certification - Journalist101.com". Retrieved 21 August 2022.
- ^ David (21 November 2020). "Yul Edochie signs brand ambassador deal with Paint Roxettes". The Sun Nigeria. Retrieved 21 August 2022.
- ^ "List of Shipyards and Docks in Nigeria - Finelib.com". www.finelib.com. Retrieved 7 September 2022.
- ^ "Scrap Vessels in Nigeria". The Observatory of Economic Complexity. Retrieved 7 September 2022.
- ^ "Soap Nigeria - List of Nigeria Soap companies". www.businesslist.com.ng. Retrieved 5 September 2022.
- ^ "Fresh dew cosmetics". fresh-dew-cosmetics.business.site. Retrieved 5 September 2022.
- ^ Onyesi, Chika (6 October 2021). "'Nigeria's pharmaceutical sector dwindling despite 60 percent production capacity'". Daily Post Nigeria. Retrieved 5 June 2022.
- ^ "The Prospects of Nigeria's Pharma Industry". Lagos Business School. Retrieved 5 June 2022.
- ^ Goldstein Market Intelligence. "Nigeria Pharmaceutical Market Outlook: Market Segmentation By Type, & By Region With Forecast 2017-2030".
- ^ Yahaya, Abdulwali (19 September 2019). "Top 10 Best Pharmaceutical Companies in Nigeria & Their Products". Nigerian Infopedia. Retrieved 2 June 2022.
- ^ "About Emzor Pharmaceutical Industries Limited". Emzor. Retrieved 2 June 2022.
- ^ EMZOR MULTI BILLION PHARMACEUTICAL ULTRA MODERN FACTORY, SAGAMU, OGUN STATE, retrieved 21 August 2022
- ^ Ogwu, Sunday Michael (11 February 2022). "National Assembly health committees lauds Emzor on Sagamu factory". Daily Trust. Retrieved 21 August 2022.
- ^ Fidson. "Our Company".
- ^ "May and Baker Plc. – Supporting your Health for Life". Retrieved 2 June 2022.
- ^ "Welcome to swiss pharma nigeria limited". www.swiphanigeria.com. Retrieved 2 June 2022.
- ^ a b c "A new car assembly plant begins operation in Nigeria". NTU-SBF Centre for African Studies (CAS). Retrieved 30 May 2022.
- ^ "5 Advantages Of Driving An Innoson Vehicle". Innoson Vehicle Manufacturing. 18 December 2018. Retrieved 22 January 2020.
- ^ Obafemee80. "Innoson Introduces IVM-branded Tricycles 'Keke Marwa' Into The Nigerian Market". AUTOJOSH. Retrieved 30 May 2022.
- ^ "Innoson Sets Unit Price of its IVM Keke". Business Compiler. Retrieved 30 May 2022.
- ^ Inside Africa's Biggest Car Manufacturing Plant!-Made In Nigeria(Innoson Motors), retrieved 21 August 2022
- ^ "How this entrepreneur started a Nigerian car brand". How we made it in Africa. 7 March 2021. Retrieved 28 May 2022.
- ^ Is the Made In Nigeria Nord A5 the Safest Car in the World Yet?, retrieved 21 August 2022
- ^ "Proforce Limited armored vehicles manufacturer Nigeria". www.armyrecognition.com. Retrieved 30 May 2022.
- ^ Nigeria's Proforce to Supply Armored Vehicles to Belarus, retrieved 30 May 2022
- ^ AutoJosh. "Tekowi: Made-In-Nigeria Armoured Vehicle Designed In Ekiti". AUTOJOSH. Retrieved 21 August 2022.
- ^ Brand Spur (30 July 2021). "GIGL Partners JET Motor To Launch First Electric Vehicle For Deliveries In Nigeria". Retrieved 12 July 2022.
- ^ Reporters, Emporium. "A GLANCE AT PRINCE MUSTAPHA MONA AUDU (PMMA)". Emporium Reporters. Retrieved 12 July 2022.
- ^ admin (7 May 2022). "History Made as Prince Mustapha Mona Audu Unveils ADOJA - An". Global Times Nigeria News. Retrieved 12 July 2022.
- ^ Prince Mustapha Mona Audu inventor of Electric powered Engines in Nigeria..., retrieved 12 July 2022
- ^ Ekekwe, Ndubuisi (30 November 2019). "Move Over Alfa Romeo, Nigeria's Bennie Purrie Is Here". Tekedia. Retrieved 21 August 2022.
- ^ "PAN Nigeria parts ways with Peugeot, settles for Higer, Chery". Vanguard News. 29 April 2022. Retrieved 30 May 2022.
- ^ Odunewu, Segun (18 February 2022). "We're ready to roll out Chery and Higer vehicles – PAN Nigeria". Blueprint Newspapers Limited. Retrieved 30 May 2022.
- ^ AutoReportAfrica (7 February 2022). "Dangote Peugeot Begins Operations at New Green Field Ultima Assembly Plant in Kaduna". ..:: AUTO REPORT AFRICA ::.. Retrieved 30 May 2022.
- ^ "CNC/Conventional Machine Manufacturing". Nigeria Machine Tools. Retrieved 6 July 2022.
- ^ "Zinox Technologies". zinoxtechnologies.com. Retrieved 22 May 2022.
- ^ "Products : Ajaokuta Steel Company: ...the Bedrock of Nigeria's Industrialization". www.ajaokutasteel.com. Retrieved 26 May 2022.
- ^ "Steel Production by Country 2022". worldpopulationreview.com. Retrieved 26 May 2022.
- ^ "Nigeria to revive steel rolling mills". Premium Times Nigeria. 28 April 2014. Retrieved 26 May 2022.
- ^ "Nigeria Tops South Africa as the Continent's Biggest Economy". bloomberg.com. 3 March 2020. Retrieved 25 May 2020.
- ^ "Sustainability In The Nigerian Financial Sector – ESRM Africa". Retrieved 23 May 2022.
- ^ "'Telecoms add 12.45% to Nigeria's GDP' - The Nation Newspaper". 14 January 2022. Retrieved 23 May 2022.
- ^ "Nigeria", The World Factbook, Central Intelligence Agency, 15 May 2022, retrieved 26 May 2022
- ^ "Cell Phones by Country 2022". worldpopulationreview.com. Retrieved 26 May 2022.
- ^ 2nd Niger Bridge Section Completed Ahead Of Schedule, Open To Traffic In July, retrieved 23 May 2022
- ^ "Lekki deep seaport to create 170,000 jobs – Minister - The Nation Newspaper". 4 May 2022. Retrieved 23 May 2022.
- ^ "FG says Lekki deep seaport to generate $201 billion revenue, to create 170,000 jobs". Nairametrics. 4 May 2022. Retrieved 23 May 2022.
- ^ Peters, Luke (30 March 2022). "Nigeria Air: Everything About The Planned National Carrier". Simple Flying. Retrieved 23 May 2022.
- ^ Aliyu, Abdullateef (3 August 2022). "Nigeria Air: Mixed reactions over planned aircraft lease". Daily Trust. Retrieved 21 August 2022.
- ^ How A Nigerian Established West Africa's Biggest Airline(Airpeace), retrieved 21 August 2022
- ^ Liston, Enjoli (10 April 2014). "Hello Nollywood: how Nigeria became Africa's biggest economy overnight". The Guardian Newspaper. Retrieved 12 April 2014.
- ^ Hazlewood, Phil (7 April 2014). "Nollywood helps Nigeria kick South Africa's economic butt". Sowetan Live. Archived from the original on 27 October 2014. Retrieved 12 April 2014.
- ^ "Uses and Abuses: How increased Social Media usage threatens Nigeria's democracy - Premium Times Nigeria". 6 December 2021. Retrieved 30 June 2022.
- ^ Archibong, Maurice (18 March 2004). "Nigeria: Gold mine waiting to be tapped". The Sun Online. The Sun Publishing Ltd. Archived from the original on 26 April 2007. Retrieved 21 June 2007.
- ^ "Nigeria Tourism Statistics 1995-2022". www.macrotrends.net. Retrieved 31 January 2022.
- ^ a b "Remittances from diaspora Nigerians as lubricant for the economy", Nigerian Tribune, 8 September 2014. Archived 17 March 2015 at the Wayback Machine
- ^ Cuevas-Mohr, Hugo. "Nigerian Diaspora and Remittances: Transparency and Market Development - IMTC". Retrieved 25 May 2020.
- ^ Onuba, Ifeanyi (15 May 2015). "Only 4.67 million Nigerians are unemployed —NBS". The Punch Newspaper. Archived from the original on 26 May 2015. Retrieved 17 May 2015.
- ^ "The struggle for a minimum wage in Nigeria". africasacountry.com. Retrieved 25 May 2020.
- ^ "Nigeria | OIM". iomdakar.org. Archived from the original on 30 July 2020. Retrieved 25 May 2020.
- ^ The Economist, 28 March 2020, page 5.
- ^ Elliott, Larry (21 January 2019). "World's 26 richest people own as much as poorest 50%, says Oxfam". The Guardian. ISSN 0261-3077. Retrieved 3 February 2020.
- ^ "World Poverty Clock". worldpoverty.io. Retrieved 22 January 2020.
- ^ "Human capital development as key to solving Nigeria's economic challenges". Businessday NG. 22 January 2020. Retrieved 25 May 2020.
- ^ "Can you spare a dollar?". The Economist. ISSN 0013-0613. Retrieved 20 March 2016.
- ^ "Nigeria's annual inflation rate up after eight-month decline". 17 January 2022. Retrieved 31 January 2022.
- ^ "Nigeria implements ECOWAS common external tariff - Africa - Angola Press - ANGOP". angop.ao. Archived from the original on 30 July 2020. Retrieved 26 May 2020.
- ^ "Debt Relief Development: 2005 Debt Relief Agreement Nigeria". ECDPM. Retrieved 26 May 2020.
- ^ Overland, Indra; Bazilian, Morgan; Ilimbek Uulu, Talgat; Vakulchuk, Roman; Westphal, Kirsten (2019). "The GeGaLo index: Geopolitical gains and losses after energy transition". Energy Strategy Reviews. 26: 100406. doi:10.1016/j.esr.2019.100406.
- ^ "OEC - Nigeria (NGA) Exports, Imports, and Trade Partners". oec.world. Retrieved 26 May 2020.
- ^ "India largest importer of Nigeria's crude oil in 2017 – NNPC". 23 May 2018. Retrieved 26 May 2020.
- ^ "India now Nigeria's biggest crude oil buyer". The Hindu. Chennai, India. 15 July 2013.
- ^ Nigeria, UK Trade Hits U.S.$9 Billion in 2011, Africa: AllAfrica.com, 2012, retrieved 27 September 2012
- ^ "Nigeria's Domestic, External Debts Now $44bn, Articles - THISDAY LIVE". Archived from the original on 13 June 2015. Retrieved 11 June 2015.
- ^ "Nigeria settles Paris Club debt". 21 April 2006. Retrieved 26 May 2020.
- ^ swissinfo.ch, S. W. I.; Corporation, a branch of the Swiss Broadcasting. "Swiss respond to Abacha funds allegation". SWI swissinfo.ch. Retrieved 26 May 2020.
Sources
This article incorporates text from this source, which is in the public domain. Nigeria: A Country Study. Federal Research Division.
- Nigerian Federal government Recruitment Archived 23 February 2020 at the Wayback Machine careerwatch.ng 23 February 2020
Further reading
External links
- World Bank Summary Trade Statistics Nigeria
- Nigeria latest trade data on ITC Trade Map
- Invest In Knowledge Based Economy In Nigeria Archived 2 June 2021 at the Wayback Machine
- Tariffs applied by Nigeria as provided by ITC's ITC Market Access Map[permanent dead link], an online database of customs tariffs and market requirements