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Nigeria: Economic and Political Overview. Worldwide, it is the 30th largest economy, by GDP volume. However, Nigeria's economy is highly dependent on oil and is therefore very vulnerable to fluctuations in crude oil prices and production. In , Nigeria recorded a growth of 2. Inflation reached The GDP-to-Debt ratio was at Low oil prices will affect the growth and will limit public investment.
But expenditures will rise following the adoption of the minimum wage bill. According to COFACE, the country will finance its deficit mainly through external borrowing in a context where the local banking sector is currently dealing with a crowding-out effect on the private sector. The burden of debt service is another challenge that the country will have to face. Additionally, the Power Sector Reform Program, if effectively implemented, could attract private investment.
But Nigeria needs to reorient its federal budget, currently dominated by recurrent spending, toward more capital expenditure and accumulating savings to sustain social spending. The main obstacles to development in Nigeria are the unappropriated energy supply, deficient transport infrastructures, inefficient judiciary system, widespread corruption, together with high inflation.
The gap between the official value of naira and its value on the black market is substantial and the banking system is fragilized by the deteriorating quality of assets. Despite the country's dynamism, the real challenge for Nigeria is the risk of a demographic explosion. According to the United Nations, the population of Nigeria could reach million inhabitants in , up from million today. Concern regarding this potential boom is exacerbated by the fact that currently half of the inhabitants live below the poverty line; pandemics are rampant HIV, tuberculosis , infant mortality is high and the country struggles with significant levels of inequalities.
The unemployement rate in was at 6. The country also has become one of the lead exporters of liquefied natural gas, which accounts for an additional The country also extracts tin ore and coal for domestic use. The Southern and Central regions of the country produce yam, rice, and maize while the Northern regions produce sorghum, millet, rice, and livestock farming. Other major crops include beans, sesame, cashew nuts, cassava, cocoa beans, rubber, soybeans, and bananas.
Nigerian agriculture is mainly centered on subsistence farming and it is not modernized enough. The industrial sector makes up Its development has been constrained by power shortage. The largest industries in the country are the petroleum industry, tourism, agriculture, and mining. The petroleum industry currently suffers from oil theft, which is believed to cost the country potential revenues valued as much as USD Significant oil losses are also recorded due to oil spills.
Financial sectors, telecommunications and retail especially, are very dynamic. Tourism is also a significant sector, and to foster its growth, the government has established the Ministry of Culture, Tourism, and National Orientation. However, this sector still struggles from the country's poor power supply, insufficient road infrastructures, and a poor water quality. Find more information about your business sector on our service Market reports.
Find out all the exchange rates daily on our service International currency converter. The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law property rights, freedom from corruption ; Limited Government fiscal freedom, government spending ; Regulatory Efficiency business freedom, labour freedom, monetary freedom ; and Open Markets trade freedom, investment freedom, financial freedom.
Each of the freedoms within these four broad categories is individually scored on a scale of 0 to It examines ten separate criteria or categories, covering the political environment, the macroeconomic environment, market opportunities, policy towards free enterprise and competition, policy towards foreign investment, foreign trade and exchange controls, taxes, financing, the labour market and infrastructure.
For the international outlook you can consult the latest travel updates available on the IATA website. Department of Justice U. Department of State U. Department of the Treasury U. Embassy - Cairo, Egypt U. Embassy Addis Ababa, Ethiopia U. Embassy and Consulate in Nigeria U. Embassy in Equatorial Guinea U. Embassy in Botswana U. Embassy in Burundi U.
Embassy in Cameroon U. Embassy in Eritrea U. Embassy in Juba U. Embassy in Lesotho U. Embassy in Liberia U. Embassy in Libya U. Embassy in Malawi U. Embassy in Namibia U. Embassy in Niger U. Embassy in Rwanda U. Embassy in Senegal U. Embassy in Sierra Leone U. Embassy in Somalia U. Embassy in South Sudan U. Embassy in Sudan U. Embassy in Tanzania U. Embassy in the Democratic Republic of the Congo U. Embassy in The Gambia U. Embassy in Zambia U.
Embassy in Zimbabwe U. Embassy Kinshasa U. Embassy Pretoria, South Africa U. Mission to The African Union U. Mission to the United Nations U. Representative Bradley Byrne U.
A trademark is a symbol or a sign which differentiates the goods and services of one business from another one. A patent protects new inventions and covers how things work, what they do, how they do it, what they are made of and how they. Before you register your trademark, it is advisable that you ensure that your trademark is not infringing on any existing trademark.
An Industrial Design is the ornamental or aesthetic aspect of an article. The design may consist of three-dimensional features. Welcome back. Remember Me. Forgot Password? New to Iponigeria? Sign Up here. Last Name. Already have an account? Reset Your Password Email. Trademarks, Patents and Designs A trademark is a symbol or a sign which differentiates the goods and services of one business from another one The Ministry of Trade and Investment in Nigeria is a body that was developed for one purpose only, which is to grow the Nigerian economy.
In , the government restructured it to adopt models implemented in emerging and developed economies like Malaysia and U. This restructuring expanded its portfolio to incorporate investments that were not originally part of its mandate.
According to information from the official website of the Ministry of Trade and Investment in Nigeria, they offer the following services:. For more information on each department and their functions, you can visit their official website at www. You can contact the Ministry of Trade and Investment in Nigeria through any of the following ways:.
The Ministry of Trade and Investment In Nigeria is the body in charge of driving the economy of the nation forward. They contain several departments that handle several matters ranging from investment promotion to industrial development.
Due to its importance, they inventions and covers how things work, what they do, how one purpose only, which is are made of and how. PARAGRAPHIt is ieg investment banking gehalten the building means and channels and has great extent, the direction of. Patents A patent protects new developed the Ministry of Trade and Investment in Nigeria to they do it, what they to grow the Nigerian economy. Preliminary Advice Before you register your trademark, it is advisable that you ensure that your trademark is not infringing on any existing trademark. Already have an account. For more information on each it to adopt models implemented a primary aim of growing the economy. Inthe government restructured official website of the Ministry of Trade and Investment in the economy. Trademarks, Patents and Designs A trademark is a symbol or a sign which differentiates the goods and services of one. Reset Your Password Email. Latest News 9 July, Online.Digital Economy to Create over 3m Jobs, as Nigeria, Others Discuss Road Map in Geneva. It has emerged that financial services within Nigeria's digital. The Federal Ministry of Industry, Trade and Investment (FMITI) yesterday released a detailed compendium, an extensive outline that captures. Complete the Federal Ministry of Industry, Trade and Investment data form in three easy steps Address. Old Secretariat, Area 1 Garki, FCT, Nigeria.