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British influence and control over what would become Nigeria and Africa's most populous country grew through the 19th century. A series of constitutions after World War II granted Nigeria greater autonomy. After independence in 1960, politics were marked by coups and mostly military rule, until the death of a military head of state in 1998 allowed for a political transition. In 1999, a new constitution was adopted and a peaceful transition to civilian government was completed. The government continues to face the daunting task of institutionalizing democracy and reforming a petroleum-based economy, whose revenues have been squandered through corruption and mismanagement. In addition, Nigeria continues to experience longstanding ethnic and religious tensions. Although both the 2003 and 2007 presidential elections were marred by significant irregularities and violence, Nigeria is currently experiencing its longest period of civilian rule since independence. The general elections of April 2007 marked the first civilian-to-civilian transfer of power in the country's history and the elections of 2011 were generally regarded as credible. The 2015 election is considered the most well run in Nigeria since the return to civilian rule, with the umbrella opposition party, the All Progressives Congress, defeating the long-ruling People's Democratic Party that had governed since 1999.

Location

Western Africa, bordering the Gulf of Guinea, between Benin and Cameroon

Natural Resources

natural gas, petroleum, tin, iron ore, coal, limestone, niobium, lead, zinc, arable land

Population - distribution

largest population of any African nation; significant population clusters are scattered throughout the country, with the highest density areas being in the south and southwest

154000000
English (official), Hausa, Yoruba, Igbo (Ibo), Fulani, over 500 additional indigenous languages
Lagos 13.123 million; Kano 3.587 million; Ibadan 3.16 million; ABUJA (capital) 2.44 million; Port Harcourt 2.343 million; Benin City 1.496 million (2015)
Conventional long form
Federal Republic of Nigeria
Conventional short form
Nigeria
Local long form
Local short form
federal presidential republic
Name
Abuja
Geographic coordinates
9 05 N, 7 32 E
Time difference
UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Nigeria is one of Sub Saharan Africa’s largest economies and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Following the 2008-09 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Since then, Nigeria’s economic growth has been driven by growth in agriculture, telecommunications, and services. Economic diversification and strong growth have not translated into a significant decline in poverty levels; however, over 62% of Nigeria's 170 million people still live in extreme poverty.
Inflation
15.697%
External debt stocks
US$ 29,029,206,000
Total tax rate (% of commercial profits)
34.3%
Real Interest Rate
6.654%
Manufacturing, value added (% of GDP)
8.763%
Current Account Balance
US$ -15,763,233,056
Labor Force, Total
58,672,107
Employment in Agriculture
30.57%
Employment in Industry
14.15%
Employment in Services
55.28%
Unemployment Rate
5.01%
Imports of goods and services
US$ 50,475,462,162
Exports of goods and services
US$ 51,146,640,721
Total Merchandise Trade
17.73%
FDI, net inflows
US$ 3,128,591,679
Commercial Service Exports
US$ 2,729,544,157
cocoa, peanuts, cotton, palm oil, corn, rice, sorghum, millet, cassava (manioc, tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish
crude oil, coal, tin, columbite; rubber products, wood; hides and skins, textiles, cement and other construction materials, food products, footwear, chemicals, fertilizer, printing, ceramics, steel
Commodities
petroleum and petroleum products 95%, cocoa, rubber (2012 est.)
Partners
India 17%, Netherlands 8.9%, Spain 8.5%, Brazil 8.5%, South Africa 5.6%, France 5.4%, Japan 4.7%, Cote dIvoire 4.3%, Ghana 4.2% (2015)
Commodities
machinery, chemicals, transport equipment, manufactured goods, food and live animals
Partners
China 25.9%, US 6.5%, Netherlands 6.1%, India 4.3% (2015)
Country Risk Rating
D
A high-risk political and economic situation and an often very difficult business environment can have a very significant impact on corporate payment behavior. Corporate default probability is very high.
Business Climate Rating
D
The business environment is very difficult. Corporate financial information is rarely available and when available usually unreliable. The legal system makes debt collection very unpredictable. The institutional framework has very serious weaknesses. Intercompany transactions can thus be very difficult to manage in the highly risky environments rated D.
  • Leading African power in GDP terms and the most populous country in Africa
  • Large oil and gas reserves and major agricultural potential
  • Low public and external debt levels
  • Heavy reliance on oil revenues (90% of exports, 75% of tax receipts)
  • Insufficient energy production/distribution capacities
  • Ethnic and religious tensions
  • Insecurity and corruption place a strain on the business climate

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