Business in Nigeria, Lagos

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Syllabus of the Subject: Foreign Trade and Business in Nigeria. 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 (Import, Export) of Nigeria
   1. Import/Export formalities
   2. Export processing (Free trade zones)
5. Foreign Direct Investment (FDI) in Nigeria
6. Case Study
   1. Transnational corporation
   2. Nigerian breweries
   3. Churchgate Group
   4. Starcomms
   5. Online Nigerian retail sites
7. Access to the Nigerian Market
8. Business Plan for Nigeria

1. Nigerian Ports. Port of Lagos
2. Trans-African Roads
   1. Algiers-Lagos Corridor
   2. Lagos-Mombasa Corridor
   3. Trans-Sahelian Highway
   4. N’Djamena-Djibouti Corridor
   5. Dakar-Lagos Corridor

Nigerian Businessman:

1. Alhaji Aliko Dangote
2. Jim Ovia
3. Folorunsho Alakija
4. Alhaji Muhammadu Indimi
5. Hajia Bola Shagaya
6. Tara Fela-Durotoye
7. Adenike Ogunlesi
8. Folake Folarin-Coker
9. Amina Odidi
10. 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

Nigerian personalities:

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

Nigerian Preferential Access and Free Trade Agreements

1. Nigeria and the West African Economic Area
2. Economic Community of West African States (ECOWAS)
   1. ECOWAS Regional Road Transport and Transit Facilitation Programme
3. West African Monetary Zone (WAMZ)
4. Community of Sahel-Saharan States (CEN-SAD)
5. African Continental Free-Trade Area (AfCFTA)
6. Nigeria is a beneficiary of the Africa Growth and Opportunity Act (AGOA) - US
7. Africa-European Union Strategic Partnership (Cotonou Agreement)
8. Trade Preferential System among the Member States of the Organisation of Islamic Cooperation (TPS-OIC)
9. Free Trade Agreement (FTA) with India
10. Niger Basin Authority

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

1. To analyse the Nigerian Economy and Foreign Trade (Import, Export, FDI)
2. To know the business opportunities in Nigeria
3. To explore the Nigerian trade relations with the country of the student
4. To know the Nigerian Free Trade Agreements
5. To examine the profile of the Nigerian Businessman
6. To develop a business plan for the Nigerian Market

Sample of the Subject - Doing Business in Nigeria:

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Description of the Subject: Doing Business in Nigeria.

In 2050, 20% of the African children's under eighteen will live in Nigeria. Nigerian population in 2100: 1,000 million 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. Nigerian population: 190 million inhabitants
2. 40% of the population are Hausa, Ibo, and Yoruba, the three major ethnic groups in Nigeria
   1. Fula
3. Borders of the Federal Republic of Nigeria: Benin, Chad, Cameroon, and Niger
4. The capital of Nigeria is Abuja
5. The largest Nigerian city is Lagos
6. The largest Nigerian cities are Abuja, Lagos, Kano, Ibadan, Kaduna, Maiduguri, and Port Harcourt
7. The total Nigerian area: 923,768 square kilometres
8. Independence of Nigeria: October 1960 from the United Kingdom
9. The currency of Nigeria is the Naira
10. English is the Nigerian official language
11. The main Nigerian languages are Hausa, Yoruba and Igbo (Ibo), and Fulani

More information about Nigeria (African Portal - EENI Global Business School).

Religions in Nigeria:

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

Approximately between 64 and 88 million of Nigerians are Sunni Muslims, representing roughly the half of the Nigerian population. The most followed school of law is Maliki, about 12% of Muslims are Shiites. The rest of the population is Christian and/or followers of the 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 Economy

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

1. Nigeria is 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 to 20 percent of the GDP, 80 percent of the total revenues and 90 percent of the foreign exchange earnings
5. Petroleum revenues constitute 60% of the GDP and 90% of the Nigerian exports
6. The Federal Republic of Nigeria is rich in natural resources (huge petrol and gas deposits, bitumen)
7. Nigeria has had the unpleasant experience of political unsteadiness, corruption, and poor Macroeconomics management
8. Basic socio-economic infrastructure is also unsuitable
9. Nigeria is a leading petroleum manufacturer and exporter
10. Nigeria is the thirteenth largest petroleum producer in the World and the eighth largest petroleum exporter
11. Nigeria has one of the largest proven natural gas and petroleum reserves in the World
12. The Nigerian Government is implementing a strategic shift of the economy from the excessive dependence on capital-intensive petrol sector (20% of the gross domestic product, 95% of the foreign exchange earnings and 65% of the Nigerian budget)
13. Nigeria has a vast local market
14. Nigeria is the most populous nation in Africa. Nigeria is the tenth largest country in the world by population
15. Significant changes are taken to reform the foreign direct investment environment and business facilitation in the Federal Republic of Nigeria
16. Nigeria has strong informal trade with Benin through the Port of Cotonou
17. Nigeria is vital for the European Union (EU). The Nigerian exports to the European Union are mainly agricultural products and petroleum

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.

Nigeria is a member of:

1. African Development Bank
2. African Union (AU)
3. Organisation of Islamic Cooperation (OIC)
4. Islamic Development Bank
5. Economic Commission for Africa (ECA)
6. New Partnership for Africa's Development (NEPAD)
7. Commonwealth
8. Convention Relating to Temporary Admission
9. United Nations (UN)
10. World Bank (WB)
11. World Trade Organisation (WTO)
12. International Monetary Fund (IMF)

❮ Samples - Business in Nigeria ❯

(c) EENI Global Business School (1995-2021)
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