Diversifying the economy has always been on the Nigerian governments agenda. With the falling of oil prices and decreased inflow of oil revenues, the need to do so is arriving with a great urgency […]

Nigeria imports most of the foods it could be producing domestically. The success of the domestic cement industry is considered a result of non-issuing cement import licenses, resulting in the country wishing to extend the cement industries success to other sectors. The most talked about import tariff is the rice tariff. Nigeria is one of the world’s biggest rice importers. Most of the rice come from Thailand where it can be produced two times cheaper than in Nigeria and the Thai rice is considered better tasting than Nigerian rice […]

Area – 923,768 km2
Coastline – 853 km
Agricultural land – 78%
Arable land – 37.3%

Population – 181,562,056
Population growth rate – 2.45%
Urban – 47.8%
Urbanization rate – 4.66%
Labour force – 54,970,000
Unemployment rate – 23.9%
Population below poverty line – 70%

GDP (nominal) – $573,652 billion
Rebasing exercise – GDP increase by 89% in April 2014
GDP per capita – $6,000
$1 – NGN199.35

Debt – $22.01 billion […]

The economic growth is driven by the services sector of the economy as well as rapid urbanization. Nigerian people have a very entrepreneurial spirit – 38% of the middle class that work in the private sector run their own business. The government is promoting entrepreneurship and information is increasingly becoming available […]

Nigeria’s government is facing a lot of pressing matters in its economy, there is a need to free-up resources. This has led to privatization of the transportation assets. These assets are expensive to maintain, the Federal Ministry of Transportation has estimated the costs at N500bn ($2.5bn at the current rate) annually to reconstruct or build the road network to international standards. Investors can make returns by tolling the roads as there is a demand for well-maintained roads, considering the domestic logistics industry […]

Nigeria should have a world class infrastructure considering how much oil revenues it has had. This is not the case however, Nigeria has the lowest energy per capita production of any of the frontier markets. The roads are facing maintenance problems, railways see very little commercial volume due to their bad condition and the electricity shortages have become a part of daily life […]

Industries in Nigeria have a tendency to grow and evolve in unseen industry growth patterns. An industry in Nigeria can simply expand purely based on tackling the informal aspect of it […]

Africa’s industries and businesses differ from the developed world and the common industry growth patterns in these countries. An example is the informal sector – a lot of business is done informally and an industry eventually enters the formal stage as it grows, this was seen in the Nigerian lottery sector […]