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 January 2024.

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GDP USD477.4bn (World ranking 31, World Bank 2022)
Population 218.5mn (World ranking 6, World Bank 2022)
Form of state Federal Republic
Head of government Bola Tinubu (President)
Next elections 2027, Presidential and legislative
Strenghts
  • 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
Weaknesses
  • 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
  • Vast mining potential, and investors are likely to be granted considerable incentives to develop the sector

Trade structure by destination/origin

(% of total, 2022)

Exports Rank Imports
India 18.0%
1
25.4% China
Spain 11.5%
2
14.0% Belgium
France 6.7%
3
9.0% United States
Netherlands 6.7%
4
7.1% India
United States 6.1%
5
5.1% Norway

Trade structure by product

(% of total, 2022)

Exports Rank Imports
Petroleum, petroleum products and related materials 70.7%
1
29.8% Petroleum, petroleum products and related materials
Gas, natural and manufactured 20.1%
2
7.4% Road vehicles
Fertilizers other than group 272 1.7%
3
5.1% Other industrial machinery and parts
Other transport equipment 11.1%
4
4.8% Cereals and cereal preparations
Metalliferous ores and metal scrap 0.8%
5
3.5% Specialised machinery
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