Officially the Federal Republic of Nigeria is a country in West Africa. It is the most populous country in Africa; geographically situated between the Sahel to the north, and the Gulf of Guinea to the south in the Atlantic Ocean; covering an area of 923,769 square kilometers (356,669 sq mi), with a population of over 221 million. Nigeria borders Niger in the north, Chad in the northeast, Cameroon in the east, and Benin in the west. Nigeria is a federal republic comprising 36 states and the Federal Capital Territory, where the capital, Abuja, is located. The largest city in Nigeria is Lagos, one of the largest metropolitan areas in the world and the second-largest in Africa.
Bola Tinubu was sworn in as the 16th President of the Federal Republic of Nigeria on May 29, 2023.
Nigeria has the largest market in Africa with a population of over 221 million. It is one of Africa’s key oil producers, producing high-value, low-sulfur crude oil. The economy is heavily dependent on oil.
In the first quarter of 2021, oil accounted for about 9.25% of Nigeria’s gross domestic product (GDP), up from 5.8% recorded in the fourth quarter of 2020, and contributed approximately 85% of export earnings and around 50% of total government revenues. Nigeria’s economy and commercial activities were severely affected by the COVID-19 pandemic and associated declining oil prices due to the country’s heavy reliance on oil.
Nigeria’s agricultural sector employs nearly 70% of the population and comprises nearly 22% of GDP. Nigeria possesses an abundance of arable land and a favorable climate for the production of nuts, fruits, tubers, and grains.
The economy is projected to grow by 1.5% in 2021 and 2.9% in 2022, based on an expected recovery in crude oil prices and production
Nigeria is the most populous country in Africa with one of the largest populations of youth in the world, comprising 211,400,708 members. The major problem of Nigerian youth is excessive mortality levels from HIV/AIDS and unemployment. In 1981, Nigeria’s first National Youth Policy was developed and Nigeria’s youth have become among the government’s priority.
Business opportunities in Nigeria
Nigeria has the potential to be one of the richest nations as it is endowed with oil and gas, solid minerals, precious stones, gold, and iron ore which can attract investors. It has also other opportunities for investment such as agriculture, tourism, the power sector, construction, telecommunication, and transportation.
