Business in Nigeria

EENI- School of International Business

Subject Subject (Course): International Trade and Doing Business in Nigeria. Nigerian economy.


  1. Introduction to the Federal Republic of Nigeria (West Africa).
  2. The Nigerian Economy.
  3. The main sectors of the Nigerian economy:
    - Petrol and gas
    - Minerals
    - Agriculture
    - Information and telecommunications
    - Tourism
    - Manufacturing
    - Infrastructures.
  4. International Trade of Nigeria
      - Import-Export formalities.
      - 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
    - Transnational corporation
    - Nigerian breweries
    - Churchgate Group
    - Starcomms.
    - 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

Objectives of the subject “Foreign Trade and Doing Business in the Federal Republic of Nigeria”:

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


Subject “Doing Business in Nigeria” is studied...
  1. Doctorates: Africa, Islamic Countries
  2. Masters (e-learning): International Business, Sub-Saharan Africa, BRICS-Nigeria, Frontier Markets, and Muslims Countries
  3. Course: West Africa

Recommendations for 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 / 1.5 AC Credits
  2. Duration: three weeks

Area of Knowledge: Africa

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

We Trust in Africa

Description Subject Description (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%).

  1. 40% of the population are Hausa, Ibo, and Yoruba, the three major ethnic groups in Nigeria.
  2. Nigeria 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 the population, 64 million)
  2. 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.

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

Nigerian Economy.

  1. Nigeria the largest economy in Africa (GDP of 522 billion dollars), followed by South Africa.
  2. Nigeria is the first frontier market.
  3. 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.
  4. 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.
  5. Petroleum revenues constitute about 60% of GDP and 90% of its 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 macroeconomic management.
  7. Basic socio-economic infrastructure is also unsuitable.
  8. Nigeria is a leading petroleum manufacturer and exporter.
  9. Nigeria is the thirteenth biggest petroleum producer in the World and the eighth largest exporter of petroleum.
  10. Nigeria has one of the biggest proven natural gas and petroleum reserves in the World.
  11. 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.
  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 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 Port of Cotonou
  16. Nigeria is vital for the European Union (EU). Nigeria exported to the European Union mainly agricultural products and petroleum.
  17. 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.

  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. Cotonou Agreement (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

U-EENI University