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WHY NIGERIA​

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1. Abundant Resources: Nigeria has enormous resources, most of which are yet to be fully exploited. They include mineral, agricultural and human resources.

2. Large Market: Nigeria offers the market in sub-Saharan Africa, with a population of about 230 million people. The Nigerian market potential also stretches into the growing West African sub-region.

3. Political Stability: Nigeria offers stable political environment.

4. Free Market Economy: The Government has created a favorable climate for business and industrial ventures. Administrative and bureaucratic procedures have been greatly streamlined. The Government has put in place policies and programmes that guarantee a free market economy.

5. Robust Private Sector: The country has a dynamic private sector, which has assured greater responsibilities under the new economic environment.

6. Free Flow of Investment: Exchange control regulations have been liberalized to ensure free flow of international finance. There is now unrestricted movement of investment capital.

7. Attractive Incentives: A comprehensive package of incentives has been put in place to attract investment.

8. Fast Growing Financial Sector: There is well-developed banking and financial sector. The investor has easy access to working capital and other credit facilities.

9. Skilled and Low Cost Labour: There is an abundance of skilled labour at an economic cost, resulting in production costs, which are among the lowest in Africa.

10. Infrastructure: Rapid development of physical and industrial infrastructure, in terms of transportation, communications, electricity and water supply.

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Nigeria is Africa’s foremost business destination second only to South Africa. Its currency is the Naira. $1.00 USD is approximately N840. The country operates a market economy dominated by crude oil exports with the revenue earnings from the sector accounting for 90% of forex earnings and 65% of budgetary revenues. Other exports are cocoa, palm oil, groundnuts, cotton, timber and rubber.

Nigeria’s imports are in the region of $14.54billion USD. Import commodities include machinery, chemicals, transport, equipment, manufactured goods and live animals.

In recent times, focus is being directed at non oil exports and agriculture, which presently accounts for 30% of the GDP, to diversify the economic base. Opportunities exist for the exploitation and export of natural gas, bitumen, limestone, coal, tin, columbite, gold, silver, lead-zinc, gypsum, glass sands, clays, asbestos, graphite, and iron ore, among others.

The Government has been pursuing economic reforms marked by the privatization and deregulation which seek to transfer state ownership of institutions to the private sector and so engender efficiency n the productive sectors of the economy .These are well articulated in The NEEDS programme. The reforms have led to an explosive growth in the telecoms sector after years of stagnation. The GSM has transformed the economic terrain creating employment and oiling the operations of businesses in Nigeria. The country is traversed by a network of primary and secondary roads, and has 4 international airports, and 6 seaports. It also boasts 12 Television stations and 25 National newspapers. Its internet country code is .ng Nigeria, officially the Federal Republic of Nigeria, is a country in West Africa and the most populous country on the African continent.

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