Doing business in Nigeria - What it really means!
- Population of
over 120 million, the largest single country market in Africa
and the most populous black nation in the world.The 10th
most populous country in the world.
- Almost $10 billion
worth of Foreign Direct Investment (FDI) was invested in
Nigeria in 2005, a lot of it from the USA. Nigeria is one
of the top FDI destinations in Africa.
- The second largest
African economy according to the World Bank is Nigeria.
- The third largest
GDP is Nigeria according to the World Bank.
- In January 2006,
the country received its first credit rating (BB-) from
Fitch and Standard and Poor’s.
- Nigeria is the
International Finance Corporation’s (IFC) largest
country portfolio in Sub-Saharan Africa
- Nigeria accounts
for 47 percent of West Africa's population and 41 percent
of the region's GDP.
- 1st African country
to pay off it's external debt (primarily to the Paris Club).
- Nigeria is Africa's
leading oil producer and 10th largest oil producer in the
world.
- US exports to
Nigeria was second in all of Sub-Saharan African in 2003,
2004 & 2005 according to the US Dept of Commerce.
- US imports to
Nigeria was number one in all of sub-Saharan Africa in 2003,
2004 & 2005 according to the US Dept of Commerce.
- The US is the
major export and import partner of Nigeria.
- A lot of US and
International Companies have subsidiaries or partners in
Nigeria such as Citibank, Deloitte & Touche, PricewaterhouseCoopers,
General Motors, Nestle, Glaxo, Cadbury, Dunlop, Guinness,
Coca Cola, Mobil, Texaco, etc.
- Nigeria has a
very vibrant film industry called Nollywood.
- More than 60%
of the population is involved in Agriculture.
- Nigeria is the
fifth-largest oil exporter to the United States. Nearly
half of Nigeria's oil exports go to the United States.
- In 1996 and 1997,
IFC and Standard & Poor rated the NSE second among the
world's stock markets in terms of dividend yield
- In 1997, the International
Finance Corporation (IFC) rated the NSE second in the world,
based on its ROI.
- In 1999, IFC rated
NSE number one in the world on its ROI.
- In 2001, Standard
& Poor rated the NSE number one among upcoming markets
and number three in the world.
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