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Doing business in Nigeria - What it really means!

  • Population of over 120 million, the largest single country market in Africa and the most populous black nation in the world.The 10th most populous country in the world.
  • Almost $10 billion worth of Foreign Direct Investment (FDI) was invested in Nigeria in 2005, a lot of it from the USA. Nigeria is one of the top FDI destinations in Africa.
  • The second largest African economy according to the World Bank is Nigeria.
  • The third largest GDP is Nigeria according to the World Bank.
  • In January 2006, the country received its first credit rating (BB-) from Fitch and Standard and Poor’s.
  • Nigeria is the International Finance Corporation’s (IFC) largest country portfolio in Sub-Saharan Africa
  • Nigeria accounts for 47 percent of West Africa's population and 41 percent of the region's GDP.
  • 1st African country to pay off it's external debt (primarily to the Paris Club).
  • Nigeria is Africa's leading oil producer and 10th largest oil producer in the world.
  • US exports to Nigeria was second in all of Sub-Saharan African in 2003, 2004 & 2005 according to the US Dept of Commerce.
  • US imports to Nigeria was number one in all of sub-Saharan Africa in 2003, 2004 & 2005 according to the US Dept of Commerce.
  • The US is the major export and import partner of Nigeria.
  • A lot of US and International Companies have subsidiaries or partners in Nigeria such as Citibank, Deloitte & Touche, PricewaterhouseCoopers, General Motors, Nestle, Glaxo, Cadbury, Dunlop, Guinness, Coca Cola, Mobil, Texaco, etc.
  • Nigeria has a very vibrant film industry called Nollywood.
  • More than 60% of the population is involved in Agriculture.
  • Nigeria is the fifth-largest oil exporter to the United States. Nearly half of Nigeria's oil exports go to the United States.
  • In 1996 and 1997, IFC and Standard & Poor rated the NSE second among the world's stock markets in terms of dividend yield
  • In 1997, the International Finance Corporation (IFC) rated the NSE second in the world, based on its ROI.
  • In 1999, IFC rated NSE number one in the world on its ROI.
  • In 2001, Standard & Poor rated the NSE number one among upcoming markets and number three in the world.


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