30 \ Destination \ April 2013
www.GatewayToAfrica.com
DESTINATION:
Nigeria Nigerian Economy
Currency: Nigerian Naira Population: 162.4 Million GDP based on PPP: $2,290 GDP growth (2011): 7.36% Head of Government: Goodluck Jonathan Finance Minister: Ngozi Okonjo-Iweala Central Bank Governor: Mallam Sanusi Lamido Sanusi
Nigerian Business
Language: English, Yoruba, Ibo, Hausa World Bank Doing Business rank: 131 World Economic Forum Global Competitiveness rank: 115 Investment agency: Nigerian Investment Promotion Commission Public sector opening hours: 0730 – 1530 Private sector opening hours: 0830 – 1700 Legal system: A mixed legal system of English common law, Islamic law (in 12 northern states), and traditional law.
Getting There
Airlines: British Airways, South African Airways, Virgin Atlantic and Arik Air Visas: UK - Single entry visa costs £50 Hotels: £65 - 250
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Nigeria is a former British colony that was one the first countries to be granted independence in Africa. Since Nigeria’s independence in 1960, Benin the country has been plagued by military rule, corruption and ethnic and religious tensions. However, Nigeria has enjoyed civilian rule since 2003 - the longest period in their history. The 2007 elections marked the first civilian-to-civilian transfer of power. Despite the challenges, Nigeria has enormous potential to grow into an economic powerhouse as it is Africa’s largest oil-producer as well as its most populous nation. In addition, President Jonathan has created an economic ministry that aims to create greater transparency, diversify the economy and modernise the banking system. The result of this has been GDP growth between 6.4 per and 7.3 per cent since 2003. Unlike most African countries, oil, rather than agricultural produce, is the main export of Nigeria, responsible for 80 per cent of the budget revenues. A lack of infrastructure has hamstrung the country’s development, but the government is working towards developing stronger public-private partnerships for roads, agriculture, and power and recently, it privatised five of
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Niger
Chad
NIGERIA Abuja
Cameroon
its power stations. Nigeria is ranked 153rd in the human development index with a per-capita income of $2,290 in 2012. Abuja, the capital, was built in the 1980s, to replace Lagos. It now has a population of around 2,245,000 and the airport is served by regular international and domestic flights.
Lagos This is the largest city in Nigeria and the economic hub of the country with a population of 7,937,932. Major corporations and banks have their headquarters here, and the city boasts a port which is one of the largest and busiest in Africa. The airport has regular international flights as well as domestic flights.
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