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Nigeria Country Profile 2011
Oxford Business Group, July 2011, Pages: 273
Nigeria, Africa's most populated country, is the continent's top oil producer and second-largest economy after South Africa. The country has a varied landscape, biodiversity and rich multiethnic culture, as well as a relatively stable political system. Nigeria is divided into 36 states and demonstrates a widely varied ethnic mix with more than 250 distinct ethnic groups. Its government is modeled after the US system, with a bicameral legislature, a judicial branch and a president elected by universal suffrage. Nigeria's many strengths have helped it to position itself in recent years as a centre for cultural and economic activity.
This new in-depth report provides comprehensive insight into Nigeria, covering:
- Politics
- Energy
- Industry
- Economy
- Ecowas
- Capital markets
- Banking
- Real estate
- Construction
- Agriculture
- Telecoms & It
- Interviews
Country Profile:
A diverse population with different languages and religions. The growing economy sets a sound base for development Federal democracy employs bicameral legislature Substantial mineral reserves in addition to hydrocarbons
A young democracy of 12 years, Nigeria stands at the forefront of sub-Saharan growth and development. With the largest population in Africa, the country boasts the continent's second-largest economy after South Africa and is first in terms of oil production.
With a real growth rate of 5.3% in 2009 and 5.6% in 2010, it is among the N-11 nations, recognised by Goldman Sachs as having the highest potential, along with the BRIC countries, of becoming the world's top economies in coming years.
Positioned between Central and West Africa, Nigeria benefits from a significant proportion of arable land (roughly 90%), and a relatively stable political system despite a politically tumultuous post-colonial past. It is also known for its varied landscape, biodiversity and rich multiethnic culture. Characterised by and embracing this diversity, Nigeria has positioned itself in recent years as a centre for cultural and economic activity.
Key Research Insights:
Untapped Potential
The re-election of President Goodluck Jonathan in April 2011 continues a process of political and economic reform begun in the late 1990s. A new federal law makes it a crime to deny free access to information or to obstruct enquiries into public sector activities, helping the fight against corruption. Closer ties with the world's most dynamic economies, including the US and the EU, are a good sign for the long term.
Greater than the Sum
The combined potential of the 15 members of ECOWAS is enormous, with its massive labour pool, deposits of natural resources and huge tracts of land. A series of trade deals and projects have paved the way forward and the bloc is set to benefit from regional cooperation.
Prime Development
Despite market turbulence in 2010, which resulted in a decline in property values and a reduction in credit, new housing projects are moving forward, helping to address the shortfall in supply. The growing urban population is driving demand for high-quality, mixed-use residential and commercial developments, which both federal and state authorities are working to provide.
Infrastructure on the Way
Two new submarine cables have led to growing activity and bandwidth increases that should raise data speeds and lower connectivity costs. The six planned ICT parks will require ongoing infrastructure development, with this presenting opportunities for private investors, while cloud computing is enabling technology firms to bundle software with PC services.
Performance Over Potential
The industrial sector holds a central position in the government's long-term strategy for economic development. Certain segments, including cement, have done well in recent years, benefitting from new investment. Free trade zones provide a draw for investors and are potential centres for further growth, with the OK and Lekki zones looking especially promising.
Primary Care
While general health indicators are low by most metrics, state-sponsored initiatives, along with international funding and growing private spending, are leading to the expansion of medical facilities. Counterfeit drugs, issues of access and the heavy burden of treating malaria remain key challenges, however.
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