Tank up before you go
D3
SENSITIVE RISK for enterprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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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%
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1 |
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Spain
11.0%
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2 |
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France
5.8%
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3 |
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United States
5.8%
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4 |
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China
5.5%
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5 |
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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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