Nigeria | Slovenia Nigeria Chamber of Commerce

Nigeria is the most populous black nation on Earth. It is home to the second largest film industry on the globe whilst also being the fashion, technological and creative hub in Africa. Nigerians are known for their vibrant and friendly energy expressed through diverse creative expressions.

COUNTRY PROFILE

Nigeria, an African country on the Gulf of Guinea, has many natural landmarks and wildlife reserves. Protected areas such as Cross River National Park and Yankari National Park have waterfalls, dense rainforest, savanna and rare primate habitats. One of the most recognizable sites is Zuma Rock, a 725m-tall monolith outside the capital of Abuja that’s pictured on the national currency.

Capital: Abuja
Dialing code: +234
Population: 219,697,926 million (2022) NBS
Currency: Nigerian naira
Official language: English

A brief history

Nigeria, officially Federal Republic of Nigeria, Country, western Africa.

Area: 356,669 sq mi (923,768 sq km).

Population: (2022 est.) 219,697,926.

Capital: Abuja. There are more than 250 ethnic groups, including Hausa, Fulani, Yoruba, and Igbo.

Languages: English (official), Religions: Christianity (Protestant, other Christians, Roman Catholic), Islam, traditional beliefs.

Currency: naira.

Nigeria consists of plateaus and the lowlands between them, which are major river basins fed especially by the Niger River. It has a developing mixed economy based largely on petroleum production and agriculture; manufacturing is growing in importance. Services, trade, and transportation employ more than two-fifths of the workforce. Nigeria is a federal republic with two legislative bodies; its head of state and government is the president.
Inhabited for thousands of years, the region was the centre of the Nok culture from 500 BCE to 200 CE and of several precolonial empires, including Kanem-Bornu, Benin, and Oyo. Visited in the 15th century by Europeans, it became a centre for the trade in enslaved people. The area began to come under British control in 1861 and was made a British colony in 1914. Nigeria gained independence in 1960 and became a republic in 1963. In 1991 the capital was moved from Lagos to Abuja. The government’s execution of Ken Saro-Wiwa in 1995 led to international sanctions, and civilian rule was finally reestablished in 1999 with the election of a president.
Nigeria is bordered to the north by Niger, to the east by Chad and Cameroon, to the south by the Gulf of Guinea of the Atlantic Ocean, and to the west by Benin. Nigeria is not only large in area—larger than the U.S. state of Texas—but also Africa’s most populous country.

Nigeria’s Political System

Nigeria is a federal republic composed of 36 states and the Federal Capital Territory
modelled after the United States, with executive power exercised by the President. The president is both head of state and head of the federal government; the president is elected by popular vote to a maximum of two four-year terms.

Nigeria’s Regions: Nigeria’s states are spread across six geopolitical zones, with some having more states than others. Additionally, the regions have varying economic, political, strategic, and governance structures. We look at the six geopolitical zones and their states.

North-East: The North-East region is among the largest geopolitical zones in Nigeria in terms of physical size and population. The region covers nearly a third of the entire Nigerian landmass. This zone has two major ecological regions, the tropical savanna in the west and the semi-desert ecological region in the east.

North-West: The North-West region, as its name suggests, is located in northwest Nigeria. It is among the largest geographical zones in Nigeria and is primarily comprised of the savanna ecological region. Much of the region is in Hausaland, which is the indigenous homeland of the Hausa people. The Hausa make up the largest ethnic group in northwest Nigeria. Still, there are a few residents from the Fulani minority.

North Central: (Middle Belt) The Middle Belt Zone is home to Nigeria’s Federal Capital Territory. This zone stretches across the country’s width, from its border with Benin to where it borders Cameroon. The region’s primary ecological zone is the Guinean forest-savanna mosaic, with a small western portion falling in the savanna ecoregion.

South-East: The South-East region is bounded by the Cross River to the east, the flat North Central to the north, the riverine Niger Delta to the south, and the river Niger to the west. The main ecological regions include the forest-savanna mosaic in the north and the tropical forest to the south. Culturally, the South-East region falls within the indigenous homeland of the Igbo people, often known as Igboland. The Igbo people comprise the largest ethnic group in southeast Nigeria, accounting for close to 90% of the region’s population. While this region is the smallest in terms of landmass, it is among the largest contributors to the country’s economy. The region is endowed with vast natural gas and oil reserves, as well as a remarkably industrialized economy.

South-South: (Niger Delta) The Niger Delta region stretches across the Atlantic seaboard from the Bight of Bonny coast in the east all the way to the Bight of Benin coast in the west. This region is crucial for the country’s economic development, given the numerous natural resources found in its waters and soil. Geographically, this region occupies a mere 5% of the country’s landmass. Still, it is home to some of Nigeria’s largest oil and natural gas deposits.

Nigeria’s Economy

Nigeria has the largest economy in Africa. The country’s re-emergent manufacturing sector became the largest on the continent, and it produces a large proportion of goods and services for the region of West Africa.

Nigeria, in economic terms, is a mixed economy with a growing and much-needed capitalist input.

The structure of Nigeria’s economy has changed significantly. Its economy has transformed from one mainly based on agriculture to manufacturing and services. Around 52% of Nigeria’s GDP now comes from manufacturing and services. Manufacturing and services have grown as a result of Nigeria’s increased political stability. Countries such as China, the USA and South Africa have heavily invested in Nigeria. There has also been considerable growth in the service sector, particularly in IT services.

The oil and gas industry has been very important to the Nigerian economy. Nigeria is the largest oil producer in Africa, and the fifth largest in the Organization of Petroleum Exporting Countries (OPEC). Oil for the past three decades has provided 90 percent of the foreign exchange earnings of Nigeria, financing 80 percent of total government revenue.

Why Nigeria?

Nigeria has the largest market in Africa. The most obvious and compelling reason for doing business in Nigeria is the country’s size. Nigeria is the most populous country and the largest economy in Africa

It is a safe haven for foreign capital and offers investors fiscal incentives, investment guarantees, stable political and legal environment. Nigeria offers a low corporate tax regime, VAT rate and flexible labor market conditions, and simple procedures for establishing a business.

Nigeria is recognized to have significant growth potentials, which have attracted great investments over the years. This is based on its population size and the presence of natural resources.

From the South which is blessed with oil and other natural resources to the north which is blessed with gold and other resources, Nigeria is full of opportunities for anyone willing to invest.

With so many opportunities for growth, PwC has projected Nigeria among the top world economies in 2050 ahead of Italy, Canada, South Korea, Spain, Netherlands, Australia and others.

There are numerous government incentives including tax holidays, duty drawbacks, investment allowances, tax exemptions, export development funds, double taxation reliefs and many more.

There are influx of investors from all over the world into Nigeria. Nigerians are also waking up to invest in their country.

Nigerian Investment Promotion Commission was established by Nigerian Investment Promotion Act Chapter N117 Laws of the Federation of Nigeria 2004 to encourage, promote and co-ordinate investments in the Nigerian economy.

One-Stop Investment Centre (OSIC)

The One-Stop Investment Centre (OSIC) brings together relevant government agencies to one location to provide fast-tracked services to investors. The Centre is coordinated by the NIPC.

Services at OSIC – Specifically OSIC provides the following services:

• Granting of business entry approvals, licenses and authorizations within the shortest possible time;
• Provision of general information on the Nigerian economy, investment climate, legal and regulatory framework, as well as sector and industry-specific information to aid existing and prospective investors in making informed business decisions; and
• Facilitation and follow-up services on behalf of investors in all government ministries, departments and agencies.
• The objective of the Centre is to simplify business entry processes by removing administrative and regulatory bottlenecks pertaining to doing business in Nigeria.

Explore the website to learn more. https://www.nipc.gov.ng

The Nigeria-Slovenia Chamber of Commerce LTD/GTE is a single point of contact for Slovenian businesses and investors looking for new oppourtunites in Nigeria. It is a non-governmental, bi-lateral organization created with the aim to build, promote and facilitate trade and investment activities between Slovenia and Nigeria.

Our focus is to help business men and women in Nigeria and Slovenia develop and grow international business opportunities, as well as to address related legislative, financial, travel, export, import, trade/market issues and interest.

The value of our Chamber, apart from its continuous strive to provide a reliable and trusted partners located and connected in a member sector, the Chamber is committed and poised to make your entrance or transition to Nigerian or Slovenian market a delightful experience, reduce your stress to a minimum and mainly secure your interest whenever and wherever possible.

Explore the website to learn more about us. https://slovenia-nigeria.eu

The Nigeria-Slovenia Chamber of Commerce LTD/GTE is a single point of contact for Slovenian businesses and investors looking for new oppourtunites in Nigeria. It is a non-governmental, bi-lateral organization created with the aim to build, promote and facilitate trade and investment activities between Slovenia and Nigeria.
Our focus is to help business men and women in Nigeria and Slovenia develop and grow international business opportunities, as well as to address related legislative, financial, travel, export, import, trade/market issues and interest.
The value of our Chamber, apart from its continuous strive to provide a reliable and trusted partners located and connected in a member sector, the Chamber is committed and poised to make your entrance or transition to Nigerian or Slovenian market a delightful experience, reduce your stress to a minimum and mainly secure your interest whenever and wherever possible.

Explore the website to learn more about us. https://slovenia-nigeria.eu

The Nigeria-Slovenia Chamber of Commerce LTD/GTE is a member of Slovenia Business Club

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