EENI-Business School

Doing Business in Nigeria

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

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

Nigerian Businessman:

  1. Alhaji Aliko Dangote
  2. Jim Ovia
  3. Folorunsho Alakija
  4. Dr Alhaji Muhammadu Indimi
  5. Hajia Bola Shagaya
  6. Tara Fela-Durotoye
  7. Adenike Ogunlesi
  8. Folake Folarin-Coker
  9. Dr Amina Odidi
  10. Dr Mike Adenuga
  11. Tony Elumelu
  12. Olufemi Otedola
  13. Orji Uzor Kalu
  14. Theophilus Yakubu Danjuma
  15. Adewale Tinubu
  16. Tunde Folawiyo
  17. Abdulsamad Rabiu

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

  1. To analyse the Nigerian economy and foreign trade
  2. To evaluate the business opportunities in Nigeria
  3. To explore Nigeria's trade relations with the country of the student
  4. To know Nigeria's Free Trade Agreements
  5. To examine the profile of the Nigerian Businessman
  6. To develop a business plan for the Nigerian Market
The Subject “Doing Business in Nigeria” is part of the following programs:
  1. Doctorates: Africa, Islamic Countries
  2. Masters (e-learning): International Business, Sub-Saharan Africa, BRICS-Nigeria, Frontier Markets, Muslims Countries
  3. Course: West Africa
  4. Bachelor's Degree in Inter-African Business

Recommendations for the Nigerian Students

Course learning materials in English or French Nigeria Portuguese Nigeria Spanish Nigeria

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

Area of Knowledge: Africa

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

Opening of the Hispano-African University of International Business

Hispano-African University of International Business

We Trust in Africa

Description of the Subject: Doing Business in Nigeria.

Folorunsho Alakija Nigerian Businesswoman

Nigeria: The largest African Economy. The first frontier market in the World

In 2050, 20% of the 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%).

  1. 40% of the population are Hausa, Ibo, and Yoruba, the three major ethnic groups in Nigeria
  2. Borders of the Federal Republic of Nigeria: Benin, Chad, Cameroon, and Niger
  3. Languages: English (official), Hausa, Yoruba, Igbo (Ibo), and Fulani
  4. The capital of Nigeria is Abuja; the largest city is Lagos

Religions in Nigeria:

  1. Islam (50% of Nigerian population, 64 million)
  2. Christianity:
    1. Catholicism (3 million)
    2. Protestants (34 million, 26% of Nigerian population)
      1. Methodists: 3 million
      2. Baptists: 2.5 million
  3. African Traditional Religions

Approximately between 64 and 88 million of the Nigerians are Sunni Muslims, representing roughly the 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 followers of African Traditional Religions. As a general rule; we could say that the 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 Nigerian states with a Muslim-majority.

Nigeria belongs to the West African Economic Area (African Civilisation).

Nigerian personalities:

  1. Wole Soyinka
  2. J. F. Ade Ajayi
  3. Akin Mabogunje

Nigerian Economy

  1. Nigeria the largest African economy (GDP: 522 billion dollars), followed by South Africa
  2. Nigeria is the first frontier market in the World
  3. Nigeria is the dominant economy in West Africa, with more than 76.5 percent of the population and 85.6 percent of the GDP of the region
  4. The Federal Republic of Nigeria is a petroleum-based economy, a sector that contributes about 20 percent of GDP, to 80 percent of the total revenues and 90 percent of foreign exchange earnings
  5. Petroleum revenues constitute about 60% of GDP and 90% of the Nigerian exports
  6. 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 macroeconomics management
  7. Basic socio-economic infrastructure is also unsuitable
  8. Nigeria is a leading petroleum manufacturer and exporter
  9. Nigeria is the thirteenth largest petroleum producer in the World and the eighth largest exporter of petroleum
  10. Nigeria has one of the largest proven natural gas and petroleum reserves in the World
  11. Nigerian Government is implementing a strategic shift of the economy from the excessive dependence on the capital-intensive petrol sector (20% of the gross domestic product, 95% of the foreign exchange earnings and 65% of the Nigerian budget)
  12. Nigeria has a vast international market
  13. Nigeria is the most populous nation in Africa. Nigeria is the tenth biggest country in the world by population
  14. Significant changes are taken to reform the foreign direct investment environment and the facilitation to do business in the Federal Republic of Nigeria
  15. Nigeria has strong informal trade with Benin through the Port of Cotonou
  16. Nigeria is vital for the European Union (EU). The Nigerian exports to the European Union are mainly the agricultural products and petroleum
  17. However, do 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

The Federal Republic of Nigeria has preferential market access to several Sub-Saharan Africa regional trade blocs.

  1. Economic Community of West African States (ECOWAS)
  2. West African Monetary Zone (WAMZ)
  3. Community of Sahel-Saharan States (CEN-SAD)
  4. Nigeria is a beneficiary of the Africa Growth and Opportunity Act (AGOA US)
  5. Africa-European Union Strategic Partnership (European Union)
  6. Free Trade Agreement (FTA) with India

Trans-African Highways:

  1. Algiers-Lagos Corridor
  2. Lagos-Mombasa Corridor
  3. Trans-Sahelian Highway
  4. N’Djamena-Djibouti Corridor
  5. Dakar-Lagos Corridor

Nigeria is a member of:

  1. Niger Basin Authority
  2. African Development Bank
  3. African Union (AU)
  4. Organisation of Islamic Cooperation (OIC)
  5. Islamic Development Bank
  6. Economic Commission for Africa (ECA)
  7. New Partnership for Africa's Development (NEPAD)
  8. Commonwealth
  9. United Nations (UN), World Trade Organisation (WTO), International Monetary Fund (IMF), World Bank (WB)

Samples - Business in Nigeria

Nigeria Import-export

Nigerian Economy and Foreign Trade

Mike Adenuga Nigerian Businessman

Hajia Bola Shagaya Nigerian Businesswoman

Port of Lagos Nigeria

Tunde Folawiyo Nigerian Businessman

Adewale Tinubu Nigerian Businessman

Tara Fela-Durotoye Nigerian Businesswoman

Adenike Ogunlesi

Nigeria Online Ecommerce

Orji Uzor Kalu Nigerian Businessman

Tony Elumelu Nigerian Businessman

Adenike Ogunlesi (Nigerian Businesswoman)

West African Monetary Zone (WAMZ)

Folake Folarin-Coker Nigerian Businesswoman

ECOWAS Economic Community of West African States

Lagos-Mombasa Trans-African Corridor

Jacob Festus Adeniyi Ajayi

(c) EENI- Business School