Nigeria

Africa’s most populous state is also rich in resources.

Capital: Abuja Other towns/cities: Lagos, Port Harcourt, Ibadan, Kano, Benin City, Jos, Ilorin Population: 203.4-million GDP: $397-billion (2018) GDP per capita (PPP): $5 990 (2018) Currency: Naira

Regional Economic Communities:

Economic Community of West African States (ECOWAS), Community of Sahel-Saharan States (CEN-SAD) Landmass: 910 768km² Coastline: 853km Resources: Natural gas, petroleum, tin, iron ore, coal, limestone, niobium, lead, zinc. Main economic sectors: Services, agriculture, industry, crude oil. Other sectors: Fertiliser, food products, chemicals, ceramics, rubber, textiles, wood, hides and skins.

New sectors for investment:

Agri-processing is boosted by processing zones for staple crops. Services sector is growing fast and mining, quarrying and manufacturing are showing promise (African Development Bank).

Key projects: Economic Recovery and Growth Plan (industrialisation), Power Sector Reform Programme. Secured Transactions in Movable Assets Act 2017 has stimulated lending to small, medium and microenterprises (SMMEs). Chief exports: Petroleum and petroleum products, cocoa, rubber. Top export destinations: India, US, Spain, China, France. Top import sources: China, Belgium, US, South Korea, UK. Main imports: Machinery, chemicals, transport equipment, manufactured goods, food. Infrastructure: 40 paved airports; railways 3 798km (2014); highways 195 000km, of which 60 000km paved (2017); waterways 8 600km (Niger and Benue Rivers and other waterways); pipelines for oil, refined products, gas, LPG and condensate; seaports at Calabar, Lagos and Bonny Inshore Terminal; LNG export terminal, Bonny Island. ICT: Internet percent of population: 25.7% (2016). Mobile subscriptions per 100 inhabitants: 76 (2017). Ranked 143 in world, ICT Development Index 2017 (ITU). Climate: Coastal areas experience equatorial conditions and mountainous south-east is cooler. Central plateau is tropical while northern areas are dry and arid. Religion: Muslim about 51%, Christian about 47%. Modern history: Africa’s most populous country comprises more than 250 ethnic groups. Nigeria is a federal state with 36 states and one territory (to govern the capital city). The 2007 elections were the first where a civilian government handed over to a civilian government. In 2015, Muhammadu Buhari won as an opposition candidate, another electoral first for Nigeria. Buhari, who himself had previously led the country as a major-general, also won the 2019 election. Depressed oil prices have constrained economic growth, but there are plans to improve electricity generation and to diversify the economy.

Security concerns include religious clashes in the central districts, attacks by Boko Haram in the northeast and activists campaigning for a greater share of oil revenues. Despite these challenges, Nigeria accounts for about 70% of regional GDP.