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• GDP: US$89.9 billion (2005).
• Main exports: Petroleum and related products, cocoa and rubber.
• Main imports: Machinery, chemicals, transport equipment, manufactured goods, food and live animals.
• Main trade partners: USA, Brazil, China (PR), UK, Spain, The Netherlands, France, Germany and Italy.
• Main exports: Petroleum and related products, cocoa and rubber.
• Main imports: Machinery, chemicals, transport equipment, manufactured goods, food and live animals.
• Main trade partners: USA, Brazil, China (PR), UK, Spain, The Netherlands, France, Germany and Italy.
Economy
Nigeria is Africa’s largest oil producer; the industry earns 90% of the country’s export income and has underpinned its economy for decades. Nigeria also has commercially viable quantities of tin, coal, iron ore, zinc and some uranium, plus substantial but as yet largely untapped reserves of natural gas and coal.
Agriculture occupies well over half of the population, who produce rice, maize, cassava, sorghum and millet as staples, as well as groundnuts, cocoa, palm oil and rubber as cash crops. Timber and livestock rearing have both developed during the last 20 years. Nonetheless, successive governments have failed to restore Nigeria’s one-time self-sufficiency in food.
Manufacturing was established during the 1960s, principally with oil money, and now includes food processing and the production of vehicles, textiles, pharmaceuticals, paper and cement.
Per capita GDP is around US$690 annually, which is improved but still not desirable. The country is weighed down by a massive foreign debt. Reduction negotiations have been completed with the ‘Paris Club’ of leading creditors. As a condition of the rescheduling, the government has begun to put into effect economic reforms, including the sale of major state-owned industries.
Recent economic performance has been determined mainly by the state of the world oil market. Governmental deregulation of fuel prices and the privatisation of Nigeria's four oil refineries in 2003, coupled with the rise in oil production, meant that recent GDP growth has been good, estimated at around 6.2% in 2005.
Nigeria is the dominant member of the West African economic cooperation organisation, ECOWAS, as well as a leading member of the oil producers’ cartel, OPEC.
Agriculture occupies well over half of the population, who produce rice, maize, cassava, sorghum and millet as staples, as well as groundnuts, cocoa, palm oil and rubber as cash crops. Timber and livestock rearing have both developed during the last 20 years. Nonetheless, successive governments have failed to restore Nigeria’s one-time self-sufficiency in food.
Manufacturing was established during the 1960s, principally with oil money, and now includes food processing and the production of vehicles, textiles, pharmaceuticals, paper and cement.
Per capita GDP is around US$690 annually, which is improved but still not desirable. The country is weighed down by a massive foreign debt. Reduction negotiations have been completed with the ‘Paris Club’ of leading creditors. As a condition of the rescheduling, the government has begun to put into effect economic reforms, including the sale of major state-owned industries.
Recent economic performance has been determined mainly by the state of the world oil market. Governmental deregulation of fuel prices and the privatisation of Nigeria's four oil refineries in 2003, coupled with the rise in oil production, meant that recent GDP growth has been good, estimated at around 6.2% in 2005.
Nigeria is the dominant member of the West African economic cooperation organisation, ECOWAS, as well as a leading member of the oil producers’ cartel, OPEC.
Business Etiquette
English is spoken in business circles. It is common for business meetings to take place without a prior appointment, although these should be made for government visits. Business deals will often progress at a slower pace than is common in Europe. Owing to the prevalence of commercial fraud targeting foreigners, business travellers should contact both their local Nigerian Embassy and Chamber of Commerce before travelling to Nigeria.
Office hours: Mon-Fri 0800-1600 (government offices); 0830-1700 (private businesses). However, offices in the northern states may close at 1300 as Muslim workers take part in Jumat services at 1400; business resumes after this.
Office hours: Mon-Fri 0800-1600 (government offices); 0830-1700 (private businesses). However, offices in the northern states may close at 1300 as Muslim workers take part in Jumat services at 1400; business resumes after this.
Business Contacts
Nigerian High Commission's Nigerian Information Service Center in the UK
9 Northumberland Avenue, London WC2N 5BX, UK
Tel: (020) 7839 1244.
Website: www.nigeriahc.org.uk
9 Northumberland Avenue, London WC2N 5BX, UK
Tel: (020) 7839 1244.
Website: www.nigeriahc.org.uk