Dwelling on Africa: Country Report “Nigeria”

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Nigeria Flag
Nigeria Flag

The Federal Republic of Nigeria with its official name is located in the west of the African continent. Niger, Chad, Cameroon, and Benin are the country’s border neighbors. The capital of the country is Abuja.

Nigeria has a surface area of 923,768 km² and Challap Waddi (2,419 m height) is the highest point in the country. Known as “the Giant of Africa” because of its large population and economy, it is the seventh most populous country in the world. It is a promising country with the world’s third-largest young population after India and China.

As of 2015, Nigeria has become the 20th largest economy in the world. Its GDP is $ 500 billion and its purchasing power parity is $ 1 trillion. It is defined by the World Bank as a “developing market” and recognized as a regional power in the African continent.

Nigeria is a founding member of the African Union and a member of several other international organizations including the United Nations, Commonwealth of Nations and OPEC.

Nigeria – Turkey Relationship

Historically, Nigeria had good relations with the Ottoman Empire. Post-colonial relations between the two countries began to be stronger with the opening of the Turkey embassy in 1962, in Nigeria. Approximate 50 Turkish companies operate in Nigeria with an investment of $ 419 million.

Background at Nigeria

Nigeria has been home to many kingdoms and countries for thousands of years. The current modern state was born after British colonial rule in the 19th century. In 1914, with the merger of the South Nigerian Protector and the North Nigerian Protector, it occurred in its present regional shape. Nigeria, which gained its independence in 1960, suffered a civil war lasting three years, seven years after that independence.

Economical in Nigeria

Nigeria is the largest economy in Sub-Saharan Africa. The main inflow of foreign currency is obtained from petroleum and its products. Following the 2008-2009 global crisis, the banking sector was recapitalized and developed. Through this initiative, Nigeria’s economic growth, agriculture, telecommunications, and services are growing.

Although oil-rich, economic developments not rapid due to lack of infrastructure, lack of legal reforms, inefficient property registration systems, and restrictive trade policies.

Buhari, elected in 2015, established an economic council of ministers and began to increase transparency. With the fight against corruption, protectionist economic approaches, homogeneous economic distribution studies, it has become a promising country.

General Informations of Nigeria

Climate: Step Climate.
Population: 109.9 Million (2017)
Ethnic Groups: Hausa, Yoruba, Igbo, Ijaw, Kanuri, Fulani, Ibibio
Languages: English (official), Hausa, Yoruba, Igbo
Religions: Islam (50%), Christianity (40%)

Natural Resources of Nigeria

Iron, Aluminum, Oil (7th oil producer)

Agricultural Products of Nigeria

Cocoa, palm oil, corn, rice, millet, cassava, potato, rubber, cattle, sheep, goat, pig, timber, fish

Industry in Nigeria

Steel, coal, iron, motor vehicle assembly, tobacco products, petroleum refining

Exports Partners of Nigeria

India, Netherlands, Spain, France, South Africa

Imports – Partners of Nigeria

China, Italy, America, Ghana

Currency of Nigeria

Naira (NGN)

Power Sector in Nigeria

The power market in Nigeria is expected to grow by approximately 12.39% CAGR in the 2019-2024 forecast period. Roughly 40% of the population does not have access to electricity and those connected to the grid are experiencing power outages. To stimulate the energy sector, the government, in partnership with the World Bank, launched an Energy Sector Recovery Program (PSRP) to support the sector.

Oil and Gas Sector in Nigeria

Crude oil production in Nigeria is expected to decline by approximately 7.93% in the 2018-2025 forecast period. In Nigeria, oil and gas production has declined in recent years due to militants attacking the oil and gas infrastructure. Lack of infrastructure, uncertainties in regulations and security concerns have led Nigeria to undermine its refining capacity, thus making the country an importer of refined petroleum products. Also, the country is constantly moving away from oil and is exploring different ways to replace oil consumption with gas and energy.

Clinical Laboratory Services in Nigeria

The Nigerian clinical laboratory services market is expected to register a CAGR of 5.56% during the forecast period. The market mainly stems from the increasing incidents of chronic diseases and the increasing demand for accurate diagnosis, as well as the government’s focus on public-private partnership. However, the lack of medical laboratories, advanced diagnostic equipment, and inadequately trained laboratory personnel limit market growth.

Cosmetics Sector in Nigeria

It is estimated that the global cosmetics sector will increase to the US $ 85 billion in 2024 (2019-2024). Furthermore, increasing awareness of cosmetic and cosmetic products such as anti-aging, sun care, and hair care products is expected to increase growth potential shortly. This growth will also affect Nigeria.

CENTER FOR AFRICAN STUDIES

Center for Africa Studies (AFRAM) which located in Ankara, is an organization facilitating under the administration of African Affairs Council (AFAC). It makes various researches about Africa to enhance economic and cultural bounds between Africa and Turkey. AFRAM’s publishings has been shared with different institutions as they require to obtain.

AFRICA OBSERVATORY

Africa Observatory is one the publishing of AFRAM and it has been published each two weeks. It has been delivered to different institutions via e-mail.