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 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 |
Strengths & Weaknesses
![Strenghts](/en_global/economic-research/country-reports/Nigeria/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-0-par/wrapper_copy_copy/wrapper/image.img.82.3360.png/1720687529774/plus.png)
- 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](/en_global/economic-research/country-reports/Nigeria/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-1-par/wrapper_copy/wrapper/image.img.82.3360.png/1720687542983/minus.png)
- 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
Economic Overview
Trade structure by destination/origin
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
India
18.0%
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1 |
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Spain
11.5%
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2 |
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France
6.7%
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3 |
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Netherlands
6.7%
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4 |
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United States
6.1%
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5 |
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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
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Gas, natural and manufactured
20.1%
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2 |
7.4%
Road vehicles
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Fertilizers other than group 272
1.7%
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3 |
5.1%
Other industrial machinery and parts
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Other transport equipment
11.1%
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4 |
4.8%
Cereals and cereal preparations
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Metalliferous ores and metal scrap
0.8%
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5 |
3.5%
Specialised machinery
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