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Nigeria Country Profile

Basic Facts

Area: 923,768 Km2

Geographic Location: Located in West Africa, bordering Benin in the west, Chad and Cameroon in the east, and Niger in the north. Its coast in the south lies on the Gulf of Guinea in the Atlantic Ocean

Natural Resources: Crude oil, natural gas, tin, iron ore, coal, limestone, niobium, lead, zinc

Population (2015): 182,201,962 inhabitants

President: Muhammadu Buhari

Capital City: Abuja

Official Language: English (official), Hausa, Yoruba, Igbo (Ibo), Fulani, over 500 additional indigenous languages

Population Administrative Division: 36 states and the Federal Capital Territory


National Investment Promotion Agency:

Source: AfDB Socio Economic Database, United Nations Conference on Trade and Development (UNCTAD), Nigerian Investment Promotion Commission

Economic Indicators


GDP (current USD, 2015): 575.4 billion

GDP per capita (current USD, 2015): 3,158

Global competitiveness index (2015): 124 (world rank out of 140 countries, 2014-2015)

Annual growth rate of GDP per capita (constant prices, 2015): 2.26%

Consumer price index (annual variation rate, 2015): 8.25%

Monetary System

Denomination (ISO): Nigerian Naira (NGN)

Source: UNCTAD

Foreign Exchange Evolution
Average for PeriodUSD/NGNEUR/NGN
2011 153.862 213.889
2012 157.499 202.364
2013 157.311 208.868
2014 158.553 210.358
Social Indicators

Population (2015)92,910,881 inhabitants

Population growth (annual rate, 2015): 2.66%

Literacy rate (2010): 61.34%

Life expectancy (2015): 53.06 years

Urban population (2015): 48.12%

Human development index (2014): 152 (position in the world rank, 186 countries)

Quality of life:


Foreign Trade

Main Exports and Imports by geographic location (percent)

(Graph 1: Main export destinations)

(Graph 2: Main exports by Product)

(Graph 3: Main suppliers of imports)

(Graph 4: Main imports by Product)

Total exports (USD, 2014): 97 billion

Tax Regime

Income tax: 24%

Corporate tax: 30%

Value-added tax (VAT): 5%

Minimum capital requirement:

Time required to start a business (days): 30.8

Source: KPMG, World Bank

Strategic Sectors

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