Doing Business in Nigeria
EENI - Business School.
Subject (Course): International Trade and Business in Nigeria.
- Introduction to the Federal Republic of Nigeria (West Africa).
- The Nigerian Economy.
- The main sectors of the Nigerian economy:
- Petrol and gas
- Information and telecommunications
- International Trade of Nigeria
- Import-Export formalities.
- Export processing (Free trade zones).
- Nigerian Ports. Port of Lagos
- Doing Business and invest in Lagos and Abuja.
- Foreign Direct Investment (FDI) in Nigeria.
- Case Study
- Transnational corporation
- Nigerian breweries
- Churchgate Group
- Online Nigerian retail sites
- Access to the Nigerian Market
- Business Plan for Nigeria
- Alhaji Aliko Dangote
- Jim Ovia
- Folorunsho Alakija
- Dr. Alhaji Muhammadu Indimi
- Hajia Bola Shagaya
- Tara Fela-Durotoye
- Adenike Ogunlesi
- Folake Folarin-Coker
- Dr. Amina Odidi
- Dr. Mike Adenuga
- Tony Elumelu
- Olufemi Otedola
- Orji Uzor Kalu
- Theophilus Yakubu Danjuma
- Adewale Tinubu
- Tunde Folawiyo
- Abdulsamad Rabiu
Objectives of the subject “Doing Business in the Federal Republic of Nigeria”:
- To analyse the Nigerian economy and foreign trade
- To evaluate 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 Businessperson
- To develop a business plan for the Nigerian Market
Sample of the subject - Business in Nigeria:
Subject Description (Doing Business in Nigeria).
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
- 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.
- Wole Soyinka
- J. F. Ade Ajayi
- Akin Mabogunje
- 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 socio-economic 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
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
- 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.
The Federal Republic of Nigeria has preferential market access to several Sub-Saharan Africa regional trade blocks.
- Economic Community of West African States (ECOWAS)
- West African Monetary Zone (WAMZ)
- Community of Sahel-Saharan States (CEN-SAD)
- Nigeria is a beneficiary of the Africa Growth and Opportunity Act (AGOA US)
- Cotonou Agreement (European Union).
- Free Trade Agreement (FTA) with India
- Algiers-Lagos Corridor
- Lagos-Mombasa Corridor
- Trans-Sahelian Highway
- N’Djamena-Djibouti Corridor
- Dakar-Lagos Corridor
Nigeria is a member of:
- Niger Basin Authority
- African Development Bank
- African Union (AU)
- Organisation of Islamic Cooperation (OIC)
- Islamic Development Bank
- Economic Commission for Africa (ECA)
- New Partnership for Africa's Development (NEPAD)
- United Nations (UN), World Trade Organisation (WTO), International Monetary Fund (IMF), World Bank (WB)