Tank up before you go

D3

SENSITIVE RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Updated in June 2023.

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GDP USD440.78bn (World Ranking 30, World Bank 2021)
Population 211.40mn (World Ranking 7, World Bank 2021)
Form of state Federal Republic
Head of government President Bola Tinubu
Next elections 2027, general elections
  • Dominant economy in Africa in terms of population, GDP and crude oil production
  • A vibrant civil society accustomed to dealing with the cyclical nature of the economy
  • Vast mining potential, and investors are likely to be granted considerable incentives to develop the sector
  • Terrorism, insurgency, kidnapping and violent crime are major and growing deterrents to business operations in many parts of the country. Deep ethnic, religious and subnational divisions are risks to systemic stability.
  • Structural imbalances caused by a dependence on the import of refined products and generalized fuel subsidies
  • Long history of economic mismanagement and corruption continue to affect perceptions of doing business in the country

Trade structure by destination/origin

(% of total, 2021)

Exports Rank Imports
India 19.0%
1
32.6% China
Spain 11.0%
2
7.5% India
France 5.8%
3
7.4% United States
United States 5.8%
4
7.3% Netherlands
China 5.5%
5
6.1% Belgium

Trade structure by product

(% of total, 2021)

Exports Rank Imports
Petroleum, petroleum products and related materials 75.1%
1
24.6% Petroleum, petroleum products and related materials
Gas, natural and manufactured 12.7%
2
7.1% Road vehicles
Other transport equipment 3.7%
3
5.5% Other industrial machinery and parts
Coffee, tea, cocoa, spices, and manufactures thereof 1.5%
4
4.3% Cereals and cereal preparations
Metalliferous ores and metal scrap 1.0%
5
4.1% Textile yarn and related products
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