PROFILE

• Area: 923,768 sq km (356,700 sq mi)
• Population: 140 million (2005 census)
• Capital City: Abuja (6 m)
• Other Major Cities: Lagos ( 15 m), Ibadan (5 m), at least 8 other cities with a population of over 1 million
• People: Hausa/Fulani, Yoruba, Igbo, Ijaw and some 250 ethno-linguistic groups
• Language(s): English (official) but Hausa, Yoruba, Igbo are also used in the National Assembly
• Religion(s): Muslim,(50%), Christian (40%), traditional (10%)
• Legal system: based on English common law, Islamic law (in 12 northern states), and traditional law
• Government type: Federal Republic
• Head of State: Umaru Musa Yar'Adua (elected May 2007)

ECONOMY

• GDP per capita GDP: US$89.9 bn (2005) : US$ 640 (est 2005)
• GDP - real growth rate: 5.3% (2006 est.), 8.2% (2007 IMF proj.), 6.7% (2008 IMF proj.)
• GDP - composition by sector: agriculture: 17.3% industry: 53.2% services: 29.5% (2006 est.)
• Inflation: 10% (2005)
• Major economic sectors: Oil, Gas as LNG.
• Major trading partners: exports - US 52.5%, Spain 8.2%, Brazil 6.1% (2005). Imports - China 10.4%, US 7.3%, UK 6.7%, Netherlands 6%, France 5.9%, Brazil 4.3%, Germany 4.2% (2005).
• Currency: Naira (N)

FOREIGN DIRECT INVESTMENT

• FDI: Foreign direct investment, net inflows (BoP, current US$) 2000-05: 1,140,138,000 1,190,632,000 1,874,042,000 2,005,390,000 1,874,033,000 2,013,367,000

BUSINESS

• Corporate income tax: 30%
• Value added tax (VAT): 5%

ECONOMY (extended)

Nigeria's economy is highly dependent on the oil/gas sector.

Oil accounts for 95% of exports by value and 80% of government revenue.

With a current output of 2.3 m bpd, set to rise to 4 m bpd by 2010, Nigeria is the world's 8th largest exporter of oil.

Some $15 billion is expected to be invested in further exploration over the next 5 years.

Since 1999, Nigeria is also a producer of LNG (Liquified Natural Gas).

Current output, at 10m tonnes, is set to quadruple to 40m tonnes by 2010, with the commission of 2 further plants.

With the largest known gas reserves in sub-Saharan Africa, revenue from LNG is expected to surpass that from oil in the next decade.

By 2009 Nigeria is set to earn US$12 bn pa from LNG.

Gas flaring, which in 2001 represented a quarter of the world's flaring, is set to cease by 2008.

Anti-corruption measures have also been put in place with the establishment of Economic Financial Crimes Commision. See www.efccnigeria.org

INVESTMENTS AND TRADE OPPORTUNITIES IN NIGERIA

• Agribusiness & Agri-processing equipment
• Automotive assembly & Spare parts
• Airport upgrade
• Access Control & Identification Equipment
• Business services
• Building and Construction
• Energy
• Earth-Moving Equipment
• Environmental Technology
• Farming & Animal husbandry
• Fast-food Business
• Franchising
• Fruit Juice Processing/Packaging Equipment
• Gas as per LNG
• Health Technology
• Insurance
• Movie Production/Post-production equipment
• Maritime
• Port Management
• Public transport & Haulage
• Real Estate
• SME-Business Advisory
• Security & Safety ( Fleet tracking & management equipment)
• Solid Minerals
• Telecommunication

Most of the listed opportunities are classified as Pioneer Status by Nigeria government which offers long tax-free period, subsidized interest on loans and other incentives backed by Nigeria Federal and State governments.

Please email us: info@octoberfirst.com.au for a FREE detailed information pack on any listed sector.