Business in Nigeria

EENI- School of International Business

Subject: Doing Business in Nigeria. The Nigerian Economy. Syllabus:

Introduction to the Federal Republic of Nigeria (West Africa)
The Nigerian Economy
The main sectors of the Nigerian Economy:
1. Petrol and gas
2. Minerals
3. Agriculture
4. Information and telecommunications
5. Tourism
6. Manufacturing
7. Infrastructures
International Trade of Nigeria
1. Import/Export formalities
2. Export processing (Free trade zones)
The Nigerian Ports. The Port of Lagos
Doing Business and invest in Lagos and Abuja
Foreign Direct Investment (FDI) in Nigeria
Case Study
1. Transnational corporation
2. Nigerian breweries
3. Churchgate Group
4. Starcomms
5. Online Nigerian retail sites
Access to the Nigerian Market
Business Plan for Nigeria

Nigerian Businessman:

The objectives of the subject “Foreign Trade and Doing Business in the Federal Republic of Nigeria” are the following:

To analyse the Nigerian economy and foreign trade
To evaluate the business opportunities in Nigeria
To explore Nigeria's trade relations with the student's country
To know Nigeria's Free Trade Agreements
To examine the profile of Nigerian Businessman
To develop a business plan for the Nigerian Market

The subject “Doing Business in Nigeria” is studied...

Doctorates: Africa, Islamic Countries
Masters (e-learning): International Business, Sub-Saharan Africa, BRICS-Nigeria, Frontier Markets, and Muslims Countries
Course: West Africa

Recommendations for Nigerian students

Course learning materials in or Nigeria Nigeria Nigeria

Credits of the subject “Foreign Trade and Doing Business in Nigeria”: 3
Duration: three weeks

Area of Knowledge: Africa

Sample of the subject - Doing Business in Nigeria:
Alhaji Aliko Dangote Nigerian Businessman

We Trust in Africa

Description of the Subject (Doing Business in Nigeria).

Folorunsho Alakija Nigerian Businesswoman

Nigeria: The largest African economy.

The first market frontier in the World.

In 2050, 20% of African children under eighteen will live in Nigeria.

Nigerian population in 2100: 1,000 millions of people.

The Federal Republic of Nigeria is the most populous African country (eleventh in the World), with a population of 176 million Nigerians (annual growth: 2.3%).

40% of the population are Hausa, Ibo, and Yoruba, the three major ethnic groups in Nigeria
Nigeria borders of the Federal Republic of Nigeria: Benin, Chad, Cameroon, and Niger
Languages: English (official), Hausa, Yoruba, Igbo (Ibo), and Fulani.
The capital of Nigeria is Abuja; the largest city is Lagos

Religions in Nigeria:

Islam (50% of the population, 64 million)
Christianity: Catholicism (3 million) and Protestants (34 million, 26% of the population; Methodists: 3 million; Baptists: 2.5 million)

Approximately between 64 and 88 million of Nigerians are Sunni Muslims, representing roughly half of the population. The most followed school of law is the Maliki, about 12% of Muslims are Shiites. The rest of the population is Christian and/or animist. As a general rule; we could say that northern Nigeria tends to be Muslim, while the south is Christian.

In Nigeria, the Sharia has been established as the main body of civil and criminal law in nine states with a Muslim-majority.

Nigeria belongs to the West African Economic Area of the African Civilisation.

Nigerian Economy.

Nigeria the largest economy in Africa (GDP of 522 billion dollars), followed by South Africa
Nigeria is the first frontier market
Nigeria is the dominant economy in West Africa, with more than 76.5 percent of the population and 85.6 percent of GDP of the region
It is a petroleum-based economy, a sector that contributes about 20.0 percent of GDP, to 80.0 percent of the total revenues and 90.0 percent of foreign exchange earnings
Petroleum revenues constitute about 60% of GDP and 90% of its exports
The Federal Republic of Nigeria is rich in natural resources (huge deposit of petrol and gas, bitumen), has had the unpleasant experience of political unsteadiness, corruption, and poor macroeconomic management
Basic socioeconomic infrastructure is also unsuitable
Nigeria is a leading petroleum manufacturer and exporter
Nigeria is the thirteenth biggest petroleum producer in the World and the eighth largest exporter of petroleum
Nigeria has one of the biggest proven natural gas and petroleum reserves in the World.
Nigerian Government is implementing a strategic shift of the economy from excessive dependence on the capital-intensive petrol sector (20% of the gross domestic product, 95% of foreign exchange earnings and 65% of Nigerian budget
Nigeria has a vast international market
Nigeria is the most populous nation in Africa. Nigeria is the tenth biggest country in the world by population
Significant changes are taken to reform foreign direct investment environment and the facilitation to do business in the Federal Republic of Nigeria
Nigeria has strong informal trade with Benin through Port of Cotonou
Nigeria is vital for the European Union (EU). Nigeria exported to the European Union mainly agricultural products and petroleum
However, doing business in Nigeria is complex, and it is necessary to know how to negotiate in this country. Furthermore, the famous fraud “419,” now called Advance Fee Fraud has made the image of Nigeria abroad very negative