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Economy of Nigeria and business opportunities

 

Economy of Nigeria

Nigeria is a middle income, mixed economy and emerging market, with expanding financial, service, communications, technology and entertainment sectors. It is ranked as the 21st largest economy in the world in terms of nominal GDP, and the 20th largest in terms of Purchasing Power Parity. It is the largest economy in Africa; its re-emergent, though currently underperforming, manufacturing sector is the third-largest on the continent, and produces a large proportion of goods and services for the West African subregion. Nigeria recently changed its economic analysis to account for rapidly growing contributors to its GDP, such as telecommunications, banking, and its film industry.

Nigerian GDP at purchasing power parity (PPP) has almost tripled from $170 billion in 2000 to $451 billion in 2012, although estimates of the size of the informal sector (which is not included in official figures) put the actual numbers closer to $630 billion. Correspondingly, the GDP per capita doubled from $1400 per person in 2000 to an estimated $2,800 per person in 2012 (again, with the inclusion of the informal sector, it is estimated that GDP per capita hovers around $3,900 per person).

Although much has been made of its status as a major exporter of oil, Nigeria produces only about 2.7% of the world's supply (Saudi Arabia: 12.9%, Russia: 12.7%, USA:8.6%). To put oil revenues in perspective: at an estimated export rate of 1.9 Mbbl/d (300,000 m3/d), with a projected sales price of $65 per barrel in 2011, Nigeria's anticipated revenue from petroleum is about $52.2 billion (2012 GDP: $451 billion). This accounts about 11% of official GDP figures (and drops to 8% when the informal economy is included in these calculations). The largely subsistence agricultural sector has not kept up with rapid population growth, and Nigeria, once a large net exporter of food, now imports a large quantity of its food products, though there is a resurgence in manufacturing and exporting of food products. In 2006, Nigeria successfully convinced the Paris Club to let it buy back the bulk of its debts owed to the Paris Club for a cash payment of roughly $12 billion (USD).

Sectors

Agriculture

Nigeria ranks sixth worldwide and first in Africa in farm output.

Agriculture has suffered from years of mismanagement, inconsistent and poorly conceived government policies, neglect and the lack of basic infrastructure. Still, the sector accounts for over 26.8% of GDP and two-thirds of employment. Nigeria is no longer a major exporter of cocoa, groundnuts (peanuts), rubber, and palm oil. Cocoa production, mostly from obsolete varieties and overage trees, has nevertheless increased from around 180,000 tons annually to 350,000 tons.

Agricultural products include cassava (tapioca), corn, cocoa, millet, palm oil, peanuts, rice, rubber, sorghum, and yams. In 2003 livestock production, in order of metric tonnage, featured eggs, milk, beef and veal, poultry, and pork, respectively.

Oil

In 2000, oil and gas exports accounted for more than 98% of export earnings and about 83% of federal government revenue.

Nigeria's proven oil reserves are estimated to be 35 billion barrels (5.6109 m3); natural gas reserves are well over 100 trillion cubic feet (2,800 km3). Nigeria is a member of the Organization of Petroleum Exporting Countries (OPEC). The types of crude oil exported by Nigeria are Bonny light oil, Forcados crude oil, Qua Ibo crude oil and Brass River crude oil.

Services

Nigeria ranks 63rd worldwide and fifth in Africa in services' output. Low power generation has crippled the growth of this sector.

Nigeria's banking sector has witnessed significant growth over the last few years as new banks enter the financial market.

Transport

Nigeria's publicly owned transportation infrastructure is a major constraint to economic development. Principal ports are at Lagos (Apapa and Tin Can Island), Port Harcourt (Onne), and Calabar. Of the 80,500 kilometers (50,000 mi.) of roads, more than 15,000 kilometers (10,000 mi.) are officially paved, but many remain in poor shape.

Overseas remittances

Next to petrodollars, the second biggest source of foreign exchange earnings for Nigeria are remittances sent home by Nigerians living abroad. In 2014, 17.5 million Nigerians lived in foreign countries, with the UK and the USA having more than 2 million Nigerians each.



This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Nigeria"

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201 Results.

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Summary:
Strengthening Phcs Through Capacity Building Of Health Care Workers To Respond To Gender Based Violence (gbv) Survivors In The Federal Capital Territory.
Sector:
Services
Country:
Nigeria
 
Notice Type:
Prequalification
Deadline:
30 Dec 2022
View Details
Summary:
Strengthening Phcs Through Capacity Building Of Health Care Workers To Respond To Gender Based Violence (gbv) Survivors In Ebonyi State
Sector:
Services
Country:
Nigeria
 
Notice Type:
Prequalification
Deadline:
30 Dec 2022
View Details
Summary:
Simultaneous Interpretations, Translation Services & Hiring Of Interpretation And Hybrid Meeting Equipment%s
Sector:
Services
Country:
Nigeria
 
Notice Type:
Prequalification
Deadline:
06 Jan 2023
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Summary:
Promotional Materials, And Publications.
Sector:
Printing and publishing
Country:
Nigeria
 
Notice Type:
Prequalification
Deadline:
06 Jan 2023
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Summary:
Transport And Travel Related Services
Sector:
Consultancy - Travel and Tourism
Country:
Nigeria
 
Notice Type:
Prequalification
Deadline:
06 Jan 2023
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Summary:
Supply And Maintenance Of Ups Equipment, Automatic Voltege Regulates/stabilizers And Accessories. Ability To Supply And Support. Amcow Is Not Brand Specific.
Sector:
Energy, Power and Electrical
Country:
Nigeria
 
Notice Type:
Prequalification
Deadline:
06 Jan 2023
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Summary:
Supply And Maintenance Of Deep Cycle Batteries And Accessories, Inverter And Solar Equipment. Ability To Supply And Support. Amcow Is Not Band Specific.
Sector:
Energy, Power and Electrical,Renewable Energy
Country:
Nigeria
 
Notice Type:
Prequalification
Deadline:
06 Jan 2023
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Summary:
Supply And Maintenance Of Networking Equipment Eg., Lan Cabling Osco Equipment , Routers And Other Accessories. Amcow Accessories Requires Networking Equipment And Solutions. Suppliers Should Be Able
Sector:
Technology Hardware and Equipment
Country:
Nigeria
 
Notice Type:
Prequalification
Deadline:
06 Jan 2023
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Summary:
Provision Of It Support Services At Amcow Secretariat Supplier Should Have Qualified People And Ability%s To Respond Quickly To Demands.
Sector:
Technology Hardware and Equipment ,Software Services
Country:
Nigeria
 
Notice Type:
Prequalification
Deadline:
06 Jan 2023
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Summary:
Repair And Maintenance Of Servers, Personal Computers And Laptops.
Sector:
Technology Hardware and Equipment
Country:
Nigeria
 
Notice Type:
Prequalification
Deadline:
06 Jan 2023
View Details