STATISTICS AND ECONOMIC INDICATORS

Nigeria’s developing economy and political system, abundant resources and the growing ease of doing business make it an attractive place to invest.


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.


Nigeria is Africa’s foremost business destination second only to SA. 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 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.


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 vegetations 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.


WHY INVEST IN NIGERIA?
  • 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.

Source: Nigerian Investment Promotion Council


The constantly improving statistics demonstrate Nigeria is well on track to fast becoming a world-class economy with plenty of opportunity for foreign investment. Get in touch with Kunech to discuss how you can benefit from these opportunities.


Last updated: December 2013

        Without the tremendous support we received working with the team at Kunech, our Nigerian operation would still be on the drawing board. However, thanks to Kunech we already have a thriving local business bringing international standards of automotive care to the people of Nigeria, and together with Kunech we'll be expanding in the region in no time.
CEO  INTERNATIONAL AUTOMOTIVE BRAND