Recovering from challenging times
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 December 2021.
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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 Muhammadu Buhari |
Next elections |
2023, General elections |

- Dominant economy in West Africa in terms of population and GDP and now the continent’s largest economy.
- Hydrocarbons resource base, with 2.2% of global oil reserves (11th in global rankings and 43 years of additional extraction at current rates) and 2.7% of natural gas reserves (9th and over 100 years).
- High oil prices in 2011-2014 boosted export earnings, provided current account surpluses and accumulation of international reserves (import cover markedly in excess of the international comfort benchmark of three months).
- External debt ratios are again deteriorating but remain comfortable.

- With oil and gas accounting for over 90% of export revenues, the economy is susceptible to volatility in global markets and to large swings in energy prices.
- The federal government is hampered by the strength of state and tribal authorities. Deep ethnic, religious and regional divisions provide risks to systemic stability.
- Personal and corporate security is high risk.
- Long history of economic mismanagement and corruption continue to affect perceptions of doing business in the country.
- Data provision remains poor for a country of such size and strategic importance.
- Weak investment level.
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
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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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