Doing Business in Nigeria 2016

An Overview of Nigeria

Nigeria is located in the gulf of Guinea between the Republic of Benin and Cameroon. It shares its land borders with Cameroon in the east, Niger in the north, Republic of Benin in the west, and Chad in the northeast. Its coast in the south lies on the Gulf of Guinea on the Atlantic Ocean.

The country became an independent State on 1st October, 1960, having been colonized by Britain in 1861. It is a multilingual state with over 250 languages. The 3 major languages spoken in Nigeria are Hausa, Igbo and Yoruba, while the official language is English. The main religions are Christianity, Islam, and indigenous beliefs. The UN estimates the population of Nigeria to be about 182,000,000 at 2015 and about 398,000,000 in 2050. According to the UN projections, Nigeria's population is expected to surpass that of the United States by 2050, making it the world's third most populous by the end of this century.

The largest population concentration is in Lagos with at least 21,000,000 inhabitants. It is the commercial hub of Nigeria with a thriving financial district in Victoria Island and Lagos Island, a major port in Apapa and several corporate headquarters and breweries located within the city and its outskirts. Other major Nigerian cities and industrial centers include Port Harcourt, Onitsha, Kano, and Aba. The capital of Nigeria is Abuja.

The country's natural resources include natural gas, petroleum, tin, iron, ore, coal, clay, limestone, niobium, lead, zinc, bitumen, bauxite and a large expanse of fertile arable land. Agriculture is an important component of the economy and the cultivation of cash crops like cocoa, peanut, palm oil, rubber, is under-exploited.

The country's monetary unit is the Naira (N). The current official exchange rate published by the Central Bank of Nigeria as of 10th March 2016 is N 197 to $1.00, N 280 to GBP £1.00 and N 216 to €1.00. The World Bank estimated the Gross Domestic Product (GDP) of Nigeria to be worth $568.51 billion dollars (USD) as at 2014. This represents about 0.92 percent of the world economy.

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