The Country Nigeria
Location: Africa’s largest country on the West Coast of Africa and lies between latitudes 4 and 14 North of the Equator and Longitudes 3 E and 15 E of the Greenwich Meridian.
Federal Capital: Abuja
Main Commercial Centre: Lagos
Clock: GMT + 1hr
Currency: Naira (N) (For currency exchange rate, go to Cenbank.org)
Area: 924,000 Square Kilometres
Population: More than 160 million people
States: 36 States + Federal Capital Territory, Abuja
Language: English is the official language, Hausa, Yoruba and Igbo widely spoken as major local languages
Climate: Tropical but vegetation changes progressively from the rain forest of the coastline to the Arid Sahed of the North. Rainfall decreases from 1,500mm in the South to 500mm in the North Temperature ranges from 22° and 35°.
Weight and Measures: Metric
The increasing attractiveness of Nigeria ‘s Investment climate and the growing confidence in the economy was brought about largely by the pragmatic economic reform agenda being implemented since 1999. The reforms have resulted in transparency, accountability and openness in the way businesses are transacted coupled with the adoption of liberal and market oriented reforms. The Private Sector has been stimulated for increased participation while bureaucratic obstacles which hitherto hindered Private Sector participation and long term profitable business operations are being removed.
Main features of Nigeria Economy
- Openness, transparency and accountability in all transactions
- Abolition of restrictions on foreign ownership of business as well as cumbersome investment approval system
- No restrictions on the movement of investment capital, profits and foreign exchange transactions
- To ensure efficient market operations in the economy, Government is divesting from most areas where the Private Sector is likely to do better